Doug Badger, former Deputy Assistant to the President and misguided Phillies fan, talks COVID-19, what needs to happen for the economy to reopen, and the prospects for baseball to return in our latest “Talking Taxes in a Truck” podcast. Recorded on June 26, 2020 — 23 minutes.
You can access the podcast on Libsyn by clicking here.
Advocates defending the CARES Act NOL-Loss Limitation relief had a busy week. First, more than 75 national and local trade groups signed a letter in favor of keeping the relief intact. The broad number of signatories on the letter, drafted by our friends at the National Mining Association, makes clear arguments that the provision was “snuck” into the CARES Act or would only benefit a “narrow” sliver of industries are wholly meritless. As the letter states:
The ability to carryback NOLs is a critical component of a well-operating income tax system. Indeed, NOL carryback provisions have long been …
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When Treasury released its initial Section 4960 guidance last year (Notice 2019-09), S-Corp warned the rules would force many family businesses to dissolve their related charities and/or private foundations to avoid the new tax. Those concerns remain under the proposed rules published last week, but they are dramatically reduced, so that’s progress. Here’s the good and the bad on Section 4960.
To recap, tax reform created a new excise tax on million-plus salaries earned by executives at non-profits, or applicable tax-exempt entities (ATEOs). The targets were the high salaries earned by CEOs at charity hospitals and football coaches …
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S-Corp has a defense of the CARES Act NOL/Loss Limitation rules in today’s Washington Examiner. The piece begins:
For weeks, we’ve heard that the net operating loss and loss limitation relief included in the CARES Act is a “massive” tax break for “hedge funds” that was “snuck” into the bill at the last moment. Those of us who advocated for this provision know none of this is true. Here are the key facts readers need to know.
First, the policy at issue is important, even though it may not seem exciting. It gives businesses suffering net operating …
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David Winston, President of the Winston Group, a super smart strategic policy and research firm based in Washington DC, says there are three phases to the COVID-19 response. Which one are we in now? Find out by listening to our latest “Talking Taxes in a Truck” podcast. We cover the effects of the coronavirus shutdown on businesses and consumers and where things are headed. Will it be new normal or business as usual? Recorded on May 28, 2020 — 22 minutes.
You can access …
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