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

Corporate Tax Proposals in House Ways and Means Committee Summary

Posted on September 13, 2021 at 5:05 PM

Introduction; Summary of Proposed Tax Reforms. On September 13, 2021, the Ways and Means Committee of the United States House of Representatives released a section-by-section summary (“Summary”) of revenue provisions accompanying a $3.5 trillion budget plan released by Senate Democrats on August 9, 2021.  The tax-increase provisions would be under Subtitle I of a forthcoming budget reconciliation bill that Congressional Democrats intend to approve witho...

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FinCEN Compliance with Corporate Transparency Act of 2020

Posted on August 11, 2021 at 11:40 AM


Introduction. On January 1, 2021, the Corporate Transparency Act of 2020 (“CTA”) was enacted into law as part of H.R. 6395, the National Defense Authorization Act, 2021 (“NDAA”). The CTA added Section 5336 to the Bank Secrecy Act, 31 U.S.C. sections 5311 et seq., originally enacted in 1970 (“BSA”). On April 5, 2021, the United States Department of Treasury (“Treasury”) and Financial Crimes Enforcement ...

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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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U.S.-Swiss Tax Treaty Benefits for Dividend Payments to IRAs Under the 2021 CAA

Posted on July 29, 2021 at 5:40 PM

Introduction. On June 7, 2021, the IRS published in Announcement 2021-11, 2021-23 I.R.B. 1196 the new Competent Authority Arrangement (“CAA”) of May 6, 2021, by and between the competent authorities of the United States and Switzerland (“Authorities”) regarding pension or other retirement benefits that may be eligible for tax relief under paragraph 3 of Article 10 (Dividends) of the U.S. – Switzerland bilateral tax treaty (“Treaty&#...
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IRS Confirms Temporary Full Deduction for Employee Virtual Business Meals

Posted on April 8, 2021 at 11:45 AM


On April 8, 2021, the IRS issued Notice 2021-25 (the "Notice") confirming availability of a temporary 100-percent deduction under section 274 of the Internal Revenue Code of 1986, as amended ("Code") for meals ordered by employees for virtual events from restaurants. Code section 274(n) recently was amended by coronavirus relief legislation under section 210 of the Taxpayer Certainty and Disaster Relief Tax Act of 2020 (the "Taxpayer Certainty Act"). The provision permitted empl...

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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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Excluding High-Taxed Foreign Income Under Final GILTI HTE Regulations and Proposed Section 954(b)(4) Regulations

Posted on August 24, 2020 at 4:05 PM

Background


On July 20, 2020, Treasury and the IRS issued proposed regulations (“Proposed Regulations”) under section (“Section”) 954(b)(4) of the Internal Revenue Code of 1986, as amended (“Code”) conforming the rules for electing into a high-tax exception (“HTE”) for “subpart F” income and a high-tax exclusion from global intangible low-taxed income (“GILTI”) (“GILTI HTE”). As part ...

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Overview of Proposed Carried Interest Regulations Under Code Section 1061

Posted on August 4, 2020 at 8:20 PM

Background


On July 31, 2020, Treasury and the IRS issued proposed regulations, REG-107213-18 ("Proposed Regulations") under section (“Section”) 1061 of the Internal Revenue Code of 1986, as amended (“Code”) regarding taxing gain from certain carried interests held less than three years as short term capital gain (“STCG”). Section 1061 was enacted under section 13309 of Pub. L. No. 115-97, 131 Stat. 2054 (2017) (the "Tax ...

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Extension of PPP, Discontinued EIDL Advances Offer Limited Tax Planning Opportunities for Employers in Financing Payroll

Posted on July 12, 2020 at 2:45 PM

On July 4, 2020, legislation introduced in the Senate on June 30, 2020, initially the last date for submitting an application under the Paycheck Protection Program (PPP), was signed into law.  The bill, S. 4116, titled, "A bill to extend the authority for commitments for the paycheck protection program and separate amounts authorized for other loans under section 7(a) of the Small Business Act, and for other purposes" extended the covered period for the federal relief p...
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PPP Flexibility Act Approaches Tax Parity Between Loan Forgiveness and Employee Retention Credits

Posted on June 28, 2020 at 2:50 PM

Section 1102 of the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. No. 116-136 (2020) (CARES Act) sets forth requirements for loans issued to small business employers, including nonprofit organizations under the Paycheck Protection Program (PPP) administered by the United States Small Business Administration (SBA).  Under CARES Act section 1106, a PPP loan amount for costs and payments incurred during the covered period beginning on the originati...
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