USA, McDermott Will & Emery updates

Corporate Tax

Contributed by McDermott Will & Emery
Section 965 statutes of limitations for partnerships
  • USA
  • 03 July 2020

The Internal Revenue Service (IRS) recently issued guidance on the period of limitations for Section 965 of the Internal Revenue Code transition tax-related adjustments of partnerships. Typically, pursuant to Section 6501, the IRS has three years to assess a tax liability for a tax year. However, Section 6501(e)(1)(C) states that if the taxpayer omits from gross income an amount properly includible in income under Section 951(a), the tax may be assessed at any time within six years after the return was filed.

California bill would make taxpayer information available to public
  • USA
  • 19 June 2020

A concerning bill is pending in the California Senate which would require the California state controller's office to make taxpayer information publicly available. The bill would require that the controller post on its website a list of all taxpayers subject to the California corporation tax with gross receipts of $5 billion or more and information about each taxpayer, including tax liability and the amount of tax credits claimed in the previous calendar year.

IRS flexes its administrative summons power in recent tax case
  • USA
  • 05 June 2020

A recent US Court of Appeals for the 10th Circuit decision underlines the Internal Revenue Service's ability to obtain information that it needs to examine taxpayers' returns using its powerful summons tool. To be successful in defending against a summons, taxpayers must ensure that they have a strong case – for example, non-disclosure based upon a privilege claim.

CARES Act refund claim guidance
  • USA
  • 17 April 2020

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) provides relief to taxpayers in certain situations. Some of these provisions may generate refunds for prior years, such as the relaxation of restrictions on the use of net operating losses and interest deductions, as well as the retroactive availability of additional depreciation relating to qualified improvement property.

Supreme Court tackles tax-related cases
  • USA
  • 06 March 2020

The latest developments from the Supreme Court should be noted by taxpayers and practitioners. As with the highly contested opinion in Kisor v Wilkie, it is clear that many justices are uncomfortable with granting a high level of deference to government agencies. Deference issues continue to be at the forefront of several tax cases and will likely continue to be highly relevant in forthcoming challenges to many regulations in the wake of tax reform in 2017.


Employment & Immigration

Contributed by McDermott Will & Emery
COVID-19 reopening plans
  • USA
  • 05 August 2020

States have imposed their own obligations on employers as part of their reopening plans. Employer requirements and best practices depend on the employer's locations of operation and type of business but, at a high level, there are general trends with respect to state-imposed employer obligations, including maintaining safe working conditions and monitoring employee health, undertaking sanitisation efforts, requiring the use of personal protective equipment and promoting telework.

COVID-19 safety plans: what employers need to know
  • USA
  • 22 July 2020

COVID-19 safety plans are a way for employers to demonstrate to their employees, the public (for public-facing businesses) and, in certain cases, state governments that they have considered the risks associated with COVID-19 in their respective workplaces and have developed a response to these concerns. This article answers FAQs for employers regarding COVID-19 safety plans, including whether state-specific guidance exists and when such plans should be updated.

Preparing for battle: how to build your litigation defences now
  • USA
  • 15 July 2020

The employment and business decisions made by employers under the spectre of the unprecedented COVID-19 pandemic are now being tested by opportunistic plaintiffs' lawyers. Employers of all sizes should expect a flood of employment litigation alongside ever-changing conditions, constantly updated guidance and, at times, conflicting state and local guidance. Litigation avoidance will require a team effort and proactive communication – both internally and externally.

Preparing for the unknown: how to anticipate and address future workplace problems
  • USA
  • 08 July 2020

The COVID-19 pandemic has put unprecedented strain on organisations of all sizes across all industries. The uncertainty of the new normal is leading some employers to consider extreme, and often unnecessary, new policies in anticipation of the eventual return to work. This article focuses on strategies for employers to anticipate and address future workplace problems which may arise once employees return to work.

Preparing your responses: how to tackle opening-day obstacles
  • USA
  • 01 July 2020

The COVID-19 pandemic has put unprecedented strain on organisations of all sizes across all industries. The uncertainty of the new normal is leading some employers to consider extreme, and often unnecessary, new policies in anticipation of the eventual return to work. This article focuses on preparedness for the opening-day obstacles that employers are likely to face as they bring their employees back to work.


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