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IRS Issues Final Carry Regulations

On January 7, 2021 Treasury and the IRS released final regulations (the “Final Regulations”) on the “three-year carry rule” enacted in 2017 pursuant to Section 1061.

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Phase 4 Stimulus Package—Highlight of Certain Key Tax-Related Provisions in the Phase 4 Stimulus Package

Practices: Tax

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On December 21, 2020, a bipartisan agreement was reached on the Consolidated Appropriations Act 2021 (Phase 4 Stimulus), in furtherance of the fourth phase of the federal government’s response to the COVID-19 crisis. (The bill was passed on December 21, 2020 by both the House of Representatives and the Senate.) The key tax provisions of the Phase 4 Stimulus are summarized in this Alert, and include an expansion of the employee retention credit, an additional deferral of payroll taxes, additional economic impact payments for individuals, and a second round of the Paycheck Protection Program (PPP). 

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