Tax

Payroll Tax Credit for Qualified Emergency Paid Sick Leave and Emergency FMLA

03/23/2020Hemphill, Geoffrey G.

The Department of Labor issued a release giving details on the payroll tax credits for qualified emergency paid sick leave (EPSL) and emergency Family and Medical Leave Act (FMLA) leave under the Families First Coronavirus Response Act (FFCRA).  More guidance will follow. Eligible employers who pay qualifying EPSL or emergency FMLA leave can retain an amount of the payroll taxes equal to the amount of… Read more »

Extensions for Tax Returns and Payments

03/23/2020Hemphill, Geoffrey G.

Federal Income Taxes Pursuant to the President’s emergency declaration, the Treasury Department and the IRS issued Notice 2020-18.  The due date for filing Federal income tax returns and making Federal income tax payments due April 15, 2020, is automatically postponed to July 15, 2020.  Taxpayers (including individuals, corporations, trusts, estates, partnerships, associations, or companies) can… Read more »

THE NEW TAX ACT AND MY ESTATE PLANS: NOW WHAT?

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12/18/2018Herman, Patrick W.

Great news: the new “Tax Cut and Jobs Act” (“TCJA”), doubles the estate tax exemption amount from $5.49 million per individual (the 2017 exemption amount) to $11,180,000 million. (For convenience, this article will use the $5.6 million projected exemption amount for 2018 before TCJA and $11.2 million).  The new higher number will be adjusted for inflation…. Read more »

Joint Ventures & Double BPOL

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05/16/2013Hemphill, Geoffrey G.

Authored by attorney Geoffrey G. Hemphill There are many reasons to use a joint venture to bid on a construction project. One potential negative consequence seen recently is the threat of paying the business license tax twice. And as Seinfeld taught us, double dipping is bad and should be avoided. The Virginia Business Professional and… Read more »