Novel Coronavirus (COVID-19) Impact and Risk Response Guide

About This Guide

This guide aims to provide insights into the relevant impacts of COVID-19. It gives general risk response guidance for companies to consider when deploying business continuity planning (BCP) measures to combat the pandemic and, more importantly, to maintain the agility to overcome the difficulties faced.

We understand that a...

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IRS Releases COVID-19 Payment Relief

On March 18, 2020, the Internal Revenue Service released Notice 2020-17, formal guidance describing relief provided to taxpayers for federal income tax payments due April 15, 2020.  Notice 2020-17 is available here.

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Employers Can Immediately Provide Tax-Free Qualified Disaster Payments To Employees

Employers are scrambling to find ways to help their employees who are impacted by the novel coronavirus (COVID-19). Help is available. Now that the COVID-19 has been declared a national emergency, [1]  Internal Revenue Code Section 139 can be used to allow employers to make tax-free payments or reimbursements to employees as “qualified disaster...
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High-deductible Health Plans Can Cover Coronavirus Costs

The Internal Revenue Service today advised that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA).   

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Regulations Reflect Changes to Entertainment and Meal Deductions

Proposed regulations reflect the significant changes that the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) made to the Code Sec. 274 deduction for travel and entertainment expenses. For most expenses paid or incurred after 2017, TCJA:

  • repealed the "directly related to a trade or business" and the business-discussion exceptions to the general...
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Updated 2020 Inflation-Adjusted Items for Individuals’ Tax Planning

The IRS released the inflation-adjusted items for 2020 for various provisions of the Internal Revenue Code. Read on for highlights on the updated 2020 amounts as well as the respective 2019 figures for comparison (skip to the end for 2019 and 2020 federal income tax rates). Rates that stayed the same from 2019 to 2020 are not included in the...

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2020 Standard Mileage Rates Released

The IRS has released the optional standard mileage rates for 2020. Most taxpayers may use these rates to compute deductible costs of operating vehicles for business, medical, and charitable purposes.

2020 Standard Mileage RatesTaxpayers may use the standard mileage rates, instead of their actual expenses, to calculate certain deductions. The...

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Small Farmers Can Revoke Election Out of Capitalization Rules

The IRS will allow a farmer that is exempt from the uniform capitalization (UNICAP) rules by reason of having average annual gross receipts of $25 million or less to revoke a prior election out of the UNICAP rules made under Code Sec. 263A(d)(3) with respect to pre-productive plant expenditures. The guidance also explains how a farmer may...

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IRS Provides Procedures to Claim Fuel Credits

Summary

The IRS has provided a process for eligible taxpayers to make a one-time claim for the credits and payments allowed under Code Secs. 6426(c), 6426(d) and 6427(e) for biodiesel (including renewable diesel) mixtures and alternative fuel sold or used during calendar years 2018 and 2019. These credits had expired after 2017 but were...

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Cybersecurity Considerations for New Electronic Disclosure Rule

By Greg Garrett, Beth Lee Garner, and Mary EspinosaThe U.S. Department of Labor (DOL) announced a proposed new rule in October 2019 that would allow retirement plan sponsors to post plan disclosures online, rather than having to deliver this information via physical mail. While the DOL has emphasized that the proposed rule should result in...

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