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A recent case, Morrissette, addressed a complex intergenerational split dollar (ISGD) life insurance plan and handed a costly defeat to the taxpayer.

To embed, copy and paste the code into your website or blog: At last week’s ABA May Tax Meeting, government attorneys from both the Internal Revenue Service National Office Income Tax & Accounting division (IT&A) and the Department of the Treasury provided updates to taxpayers and practitioners on the status of guidance projects, and offered clarification regarding certain recent legislative proposals. IT&A leadership acknowledged that while during the onboarding of a new administration the guidance process tends to slow, the Biden Administration came in quickly with experienced leadership...

To print this article, all you need is to be registered or login on Mondaq.com. On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (the " Rescue Plan"). 1 This post reviews Section 9641 of the Rescue Plan, which makes available tax credits to certain employers who voluntarily provide paid time sick leave and family and medical act leave to employees for absences occasioned by the pandemic, from April 1, 2021 through September 30, 2021. Section 9641 of the Rescue Plan is based on the paid sick leave and paid family and medical leave ...

To print this article, all you need is to be registered or login on Mondaq.com. This is a Supplement to our post on March 24, 2021 regarding Section 9641 of the American Rescue Plan Act of 2021 (the "ARPA"). This Supplement addresses state and local governmental employers. Section 9641 of the Rescue Plan makes available tax credits to offset the costs borne by certain employers who voluntarily provide emergency paid sick leave and emergency paid family leave to employees for certain types of covered absences occasioned by the pandemic, from April 1, 2021 through Septem...

To print this article, all you need is to be registered or login on Mondaq.com. In a prior article, we explained Senate Bill 95, which requires employers with more than 25 employees in California to provide COVID-19 Supplemental Paid Sick leave.  You can read it here.  SB 95 creates California Labor Code Sections 248.2 and 248.3.  It goes into effect on March 29, 2021, and  applies retroactively to January 1, 2021.  This new COVID-19 Supplemental Paid Sick Leave law allows covered employees to take up to an  additional 80 hours of paid COVID-19 related sick le...