Insights on Tax

The American Rescue Plan Act of 2021 (ARPA) allows employers with fewer than 500 employees to claim refundable tax credits to offset the cost of providing COVID-19-related paid sick and family leave to employees, including leave taken by employees to receive or recover from COVID-19 vaccinations.

On April 1, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit comments from the public on issues relevant to the implementation of the Corporate Transparency Act (CTA). The CTA was enacted into law as part of the National Defense Authorization Act for Fiscal Year 2021.

The proposals in the Framework echo many of the themes set forth in the Made in America Tax Plan.

Schiff Hardin LLP is pleased to announce that Partner Susan Bart served as one of the compiling editors for the American College of Trust and Estate Counsel (ACTEC) Pocket Tax Tables guide.

On March 31, 2021, President Biden presented an infrastructure spending plan coupled with a tax reform plan that seeks to raise corporate income taxes (the “American Jobs Plan” and the “Made in America Tax Plan”).

The Employee Retention Tax Credit (ERTC) has been expanded and extended further, providing relief to small and large employers affected by COVID-19 business disruptions. As we approach the one-year anniversary of its original enactment, employers should take a fresh look at their eligibility for the

At $1.9 trillion, the American Rescue Plan Act of 2021, signed into law by President Biden on March 11, 2021, is the largest aid package passed by Congress since the start of the pandemic.

Schiff Hardin represented its long-standing client Tuthill Corporation, in the sale of its Tuthill Vacuum and Blower Systems division to Ingersoll Rand Inc. for $184 million dollars, completed January 31, 2021.

Schiff Hardin LLP is pleased to announce that 28 attorneys have been recognized on the 2021 Illinois Super Lawyers and Rising Stars lists.

Schiff Hardin LLP is pleased to announce Melisa Seyhun’s article, “Life Insurance: What Attorneys and Trustees Should Know,” has won Best Overall Article in the Trust & Estate category in the 2020 Excellence in Writing Awards.

Many corporations, limited liability companies, and other similar entities will soon be required to disclose their beneficial owners to the United States government.

The highly anticipated coronavirus relief package was passed by Congress late on December 21, 2020, and is expected to be signed into law in the coming days. 

To change its method of accounting, a taxpayer must receive consent from the IRS and should provide evidence showing the change in business activity, so that the IRS can confirm that the change in method of accounting will accurately reflect income.

On Monday, December 14, Senator Joe Manchin (D-WV) and Senator Susan Collins (R-Maine) introduced the “Emergency Coronavirus Relief Act of 2020,” which would provide another round of relief to combat the economic fallout resulting from COVID-19.

The Paycheck Protection Program (PPP) established under the CARES Act was among the tools used to assist small businesses suffering from the COVID-19 pandemic.

The District of Columbia is one of the few state or local jurisdictions in the country to impose a franchise tax on “unincorporated businesses.”

Twenty-four Arent Fox LLP practices have been recognized in the 2021 “Best Law Firms” rankings that are published annually by US News & World Report and Best Lawyers.

Schiff Hardin LLP has received 46 top-tier rankings in the 2021 edition of U.S. News – Best Lawyers® “Best Law Firms,” nationally recognizing the firm’s premier practices.

Schiff Hardin LLP is pleased to announce that 59 attorneys have been listed in the 2021 edition of The Best Lawyers in America, with six attorneys also being named a “Lawyer of the Year” in their respective areas of practice and location.

Fifty-three Arent Fox LLP attorneys have been rated as leaders in their profession by The Best Lawyers in America 2021.

Following stalled negotiations about a fifth round of coronavirus relief in Congress, President Trump signed an executive order on August 8, 2020 directing the US Treasury to suspend the obligations of employers to withhold and deposit the employee share of Social Security taxes.

Credit provides incentives for investors funding early-stage life science, research and development, commercialization, and manufacturing.

The tax provisions of the HEALS Act would expand upon and modify several provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act, including the employee retention tax credit, while also introducing additional tax relief to individuals and businesses.

Draft term sheets issued by the Federal Reserve Board announce a proposed expansion of the Main Street Lending Program to certain Nonprofit Organizations.

The 2020 edition of Legal 500 US has rated 43 Arent Fox LLP attorneys as national leaders in their field. In addition, 14 of the firm’s practice areas were ranked among the best in the country.