The Supreme Court overturned a long-standing common law rule that federal courts had used to decide consolidated group refunds. 

The IRS has issued a new form as well as instructions related to the three tax credits that were created to assist employers and businesses cope with the current pandemic. This article discusses the three different credits, Qualified Family Leave Credit, Qualified paid sick leave and the Employee retention credit, as well as guidance on filling out the required form. 

In a recent decision, the Minnesota Supreme Court addressed a Section 1031 exchange and noted that this unique type of transaction provides certain tax benefits that enable property owners to defer the recognition of capital gains or losses. Therefore, absent evidence indicating that the Section 1031 exchange was at market levels, the Minnesota Supreme Court could not conclude the Tax Court properly relied on the transaction to determine the market value of the property.

The CARES Act was signed into law on March 27, 2020, and it includes a significant number of tax items applicable to individuals and businesses. 

I am hopeful that something good can and will emerge from our shared ordeal  It is with this in mind that I’m excited to announce a new social media campaign started by the Women and the Law Division Executive Committee – Find the Good. The goal of this campaign is to highlight IndyBar members who are finding good in life during this extraordinary time.

In order to get the word out about COVID-19 tax relief, the IRS has compiled information in a variety of formats, including graphics and social media posts. Information is also provided in Spanish and other languages.

During this extraordinary time and beyond, the IndyBar is committed to bringing you the information, tools and resources you need to stay informed, stay connected and succeed in the legal profession.

During this challenging time, the IndyBar is dedicated to making many of our services, resources and tools available to members online so that you can keep thriving in your practice, even from home!

The Treasury Department and the Internal Revenue Service launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll.