Category Archives: Federal Tax

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Federal Government Responds to Coronavirus with Tax Measures

The federal government has enacted two tax measures to combat the financial downturn resulting from the coronavirus pandemic. The President signed into law a bill that includes a 100 percent payroll tax credit for certain employers providing COVID-19 related sick and family leave wages for employees. In addition, the IRS has issued an extension for … Continue Reading

Tax Reform: Auto Dealers Rejoice Over Preservation of 100% Floor Plan Financing Interest Deduction

The Tax Cuts and Jobs Act (Act) made significant changes to the Internal Revenue Code. One such change significantly restricts business interest deductions, which were fairly broad under the old law. However, significant carve outs remain in place for the complete deduction of floor plan financing interest. Revised Code § 163(j) states that the deduction … Continue Reading

Ambitious Tax Reform Takes Center Stage

The Trump Administration and certain members of Congress recently released an ambitious, conceptual plan for tax reform that would drastically alter current U.S. tax law, affecting a wide array of taxpayers. The plan (called the Unified Framework for Fixing our Broken Tax Code), much like President Trump’s plan released earlier this year, does not contain … Continue Reading
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