MARINA VISHNEPOLSKAYA, ESQ., P.C.

Providing sophisticated legal solutions
to address your corporate and tax
business needs.

Providing sophisticated legal solutions 
to address your corporate and tax 
business needs

Tax & Benefits Blog

Update - Suspension of IRS Form 990 Schedule B Disclosure Rules by NYS AG following Americans for Prosperity v. Bonta

Posted on August 2, 2021 at 10:50 AM


On July 29, 2021, the Office of the New York State (NYS) Attorney General (AG), Charities Bureau announced suspension of the IRS Form 990 Schedule B disclosure requirement by tax-exempt organizations as part of Form CHAR500 filing required under NYS charitable solicitation laws, Exec. L. Article 7-A (or "Announcement").  The Announcement follows the July 1, 2021, Supreme Court decision (or "SCOTUS") in Americans for Prosperity v. Bonta, 594 U.S. __ (2021), in which the...

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Schedule B Contributor Disclosure by Charities After Americans for Prosperity Foundation v. Bonta

Posted on July 12, 2021 at 3:40 PM

Introduction.  After more than a decade of litigation, the California Attorney General's ("AG’s") IRS Form 990, Schedule B disclosure requirement was struck down by the United States Supreme Court in Americans for Prosperity Foundation v. Bonta, Case No. 19-251 (July 1, 2021) (“Bonta”). The Bonta decision affects U.S. jurisdictions that require charities to disclose Schedule B to the state AG pursuant to the charitable solicitation laws of th...

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COBRA Premium Assistance Requirements for Exempt Employers

Posted on June 7, 2021 at 10:30 AM

 

On April 7, 2021, the United States Department of Labor (“DOL”) issued guidance interpreting the premium assistance requirements for employers providing group health plan continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). On May 18, 2021, Treasury and the IRS published Notice 2021-31 containing interpretive tax guidance for COBRA premium assistance, including the employment tax credit av...

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Compliance Items for Foreign Investors Under the Corporate Transparency Act of 2020

Posted on January 6, 2021 at 4:20 PM


Introduction. On January 1, 2021, the United States Senate passed H.R. 6395, the National Defense Authorization Act, 2021 (“NDAA”) over the Presidential veto. The NDAA is slated to be enacted. Division F of the NDAA incorporates the Corporate Transparency Act of 2020 (“CTA”). An earlier version of the CTA, H.R. 2513, was passed by the House of Representatives in 2019. The CTA substantially revised and expanded H.R. 2513. The CTA ad...

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Payroll Tax Deferral Under Notice 2020-65, FFCRA and CARES Act

Posted on September 4, 2020 at 7:25 AM


Introduction

On August 8, 2020, the President of the United States issued an executive order, 85 Fed. Reg. 49,857 (Aug. 13, 2020) (“Presidential Memorandum”) directing the United States Secretary of the Treasury (“Treasury”) to authorize deferral by employers, generally deemed affected by Covid-19, a Presidentially declared disaster pursuant to section 501(b) of the Stafford Act, 42 U.S.C. 5121 et seq (“Affected Taxpayers”), of with...

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Covid-19 Leave-Based Donation Program Necessitates Strict Compliance With Safe Harbor

Posted on July 27, 2020 at 11:45 AM

On June 11, 2020, the IRS issued Notice 2020-46 (the “Notice”) permitting employers to claim a charitable contribution deduction under Section 170(c) of the Internal Revenue Code of 1986, as amended, for cash payments to charities amounting to paid leave donated by employees. Alternatively, even if the requirements for a Section 170(c) deduction are met, an employer may deduct the payment as an ordinary and necessary business expense under Section 162(a). ...
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Bill Passed by Senate Provides Further Allocations for PPP Loans

Posted on April 21, 2020 at 11:55 PM

Today, the Senate passed the bill, Paycheck Protection Program and Health Care Enhancement Act (“PPP and HCE Act”), which provides generally $484 billion in new coronavirus aid to small businesses and hospitals. The PPP and HCE Act includes a further allocation for the PPP administered by the Small Business Association (“SBA”), following initial $349 billion funding under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The PPP funds,...

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Federal Paid Leave Tax Credits for Religious Employees Affected by Coronavirus

Posted on April 5, 2020 at 1:35 PM

Paid Leave requirements and tax credits under the Families First Coronavirus Response Act (the "Act"), as amended by the CARES Act, apply generally to private sector and not-for-profit employers, including religious organizations, that are under 500 employees, and to self-employed individuals. MInisterial workers employed by religious organizations generally are subject to self-employment tax on their earnings under section ("Section") 1402(a)(8) of the Internal Revenue...
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IRS Notice 2020-22 Offers Guidance on Retaining Withheld Taxes in Anticipation of Payroll or Employee Retention Tax Credits

Posted on April 1, 2020 at 5:35 PM

IRS Notice 2020-22, issued on March 31, 2020, offers guidance with respect to the payroll credits under the Families First Coronavirus Response Act sections 7001 or 7003, or the employee retention credit under the Coronavirus Aid, Relief, and Economic Security ("CARES") Act section 2301 for avoiding a failure to deposit penalty under section 6656 ("Section 6656") of the Internal Revenue Code of 1986, as amended ("Code").  The refundable tax credits, respectively, w...
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IRS Notice 2020-21 Confirms Effective Date of H.R. 6201 Payroll Tax Credit

Posted on March 30, 2020 at 9:05 PM

H.R. 6201, the Families First Coronavirus Response Act ("Act"), signed by President Trump into law on March 18, 2020, generally provides for employer payroll credits against the social security portion of FICA taxes owed by an employer providing required paid sick leave or paid family leave to employees affected by coronavirus. Self-employed individuals may qualify for similar credits against income tax liability for the tax year, for which the credit was claimed due to inab...
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