Please refer to the following list of recent tax and tax controversy-related COVID-19 alerts in addition to original articles for insight and guidance pertaining to updates from the Biden Administration. For a comprehensive list of related thought leadership, please refer to the COVID-19 landing page.
In Bloomberg Tax, tax associates Isabelle Farrar, Alec Oveis, Phillip Popkin, and Joshua Thomas evaluate new IRS guidance regarding employee retention credits which are included in various legislative pandemic relief packages. The tax attorneys summarize the IRS notices, explaining guidance on how businesses can simultaneously take advantage of both Paycheck Protection Program (PPP) loans
On June 10, 2021, the IRS’s Large Business and International Division (“LB&I”) announced a broad compliance campaign targeting “financial service entities engaged in a U.S. trade or business.” Through issue-based audits, the LB&I campaign will examine “whether foreign investors were subject to U.S. tax on effectively connected income from lending transactions engaged in through a
Litigation & enforcement partner Dan Ward, benefits partner Josh Lichtenstein, and benefits consulting principal David Kirchner co-hosted a webinar on May 25 focused on the recent wave of retirement plan litigation focused on not-for-profits and how to mitigate risk for employers and plan sponsors. Plaintiffs’ firms are aggressively targeting 403(b)/401(k) retirement plan sponsors in a
The U.S. Department of Treasury’s recent tax compliance proposals include measures that would ramp up reporting for large cryptocurrency transactions, likely streamlining tax enforcement around digital assets. Tax partner Kat Gregor discusses the proposals in a recent Law360 article. Please click here to read the full article.
Tax partner Kat Saunders Gregor has been elected to the prestigious American College of Tax Counsel as a fellow. The College recognizes leading members of the Bar who have made significant contributions to the understanding and improvement of the U.S. tax system. Membership in the College is by nomination from a current fellow and an
Tax authorities around the globe have focused on combatting tax evasion and other financial crimes associated with cryptocurrency in recent years. More recently, investigative efforts have broadened to include the FinTech industry. In late March 2021, the Joint Chiefs of Tax Enforcement—or the J5—held a coordinated international tax investigation into the FinTech industry and cryptocurrency.
In this fourth episode of Ropes & Gray’s podcast series addressing emerging issues for fiduciaries of 401(k) and 403(b) retirement plans to consider as part of their litigation risk management strategy, ERISA & benefits partner Josh Lichtenstein speaks with Ed McNicholas, co-chair of the data, privacy & cybersecurity practice, and David Kirchner, a principal in
In this episode of Ropes & Gray’s podcast series Disputing Tax, Isabelle Farrar, an associate in the tax controversy group, is joined by Kat Gregor, a tax partner and tax controversy group co-founder, and Elizabeth Smith, counsel in the tax controversy group, to examine some potential areas of focus for IRS enforcement efforts in