The Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”) was signed into law by President Trump on June 5, 2020. The PPPFA intends to provide flexibility for businesses making use of Paycheck Protection Program (“PPP”) funds by:
- extending the “covered period;”
- increasing the amount of loan forgiveness that may be attributable to non-payroll costs;
- extending the date by which employers must restore full-time employee (“FTE”) levels;
- creating a new safe harbor for inability to restore FTE levels;
- extending the loan repayment period to five years; and
- deferring payroll tax.
Robert M. Russell quoted in Bloomberg Tax article entitled "IRS Fixes to Foreign Tax Credit Rules Could Boost New Virus Perk"
In a recent Bloomberg Tax article by Siri Bulusu entitled "IRS Fixes to Foreign Tax Credit Rules Could Boost New Virus Perk," Robert M. Russell discussed how benefits, such as a net operating loss carry back provision, restored in response to the COVID-19 crisis could affect and interact with prior deductions and perks.
Robert Russell participated in the panel entitled "Outbound Tax Developments," at the Federal Bar Association's 2020 Tax Law Conference
The TCJA made significant changes to how income of controlled foreign corporations is taxed. The operation of the new Global Intangible Low-Taxed Income (GILTI) continues to be molded as guidance is released related to foreign tax credits, previously taxed earnings and profits and foreign-derived intangible income.
Caroline D. Ciraolo and Robert Russell Participated on the Panel "What Every Estate Planner Needs to Know About International Tax and Reporting and the Government's Enforcement and Initiatives" at the 2019 Meeting of the California Tax Bar
Caroline D. Ciraolo and Robert Russell participated on the panel "What Every Estate Planner Needs to Know About International Tax and Reporting, and the Government's Enforcement and Initiatives" at the 2019 Annual Meeting of the California Tax Bar & California Tax Policy Conference in San Diego, CA.
Robert M. Russell participated on the Panel entitled "Everything You Need to Know About the Application of Section 163(j) to Financial Institutions," at the ABA Tax Section 2019 Fall Meeting on October 4, 2019
Robert M. Russell participated in a panel about the influence which new regulations will have on financial institutions. On 26 November 2018, Treasury and IRS released proposed regulations under section 163(j), which was modified in December 2017 by TCJA. Section 163(j) and the regulations thereunder have significant impact on financial institutions. This panel reviewed the potential application of the rules to financial institutions and put forth policy considerations and planning points.
Robert Russell participated in a panel titled "Diversity in Tax Law" presented by the Federal Bar Association's Section on Taxation
On September 27, Kostelanetz & Fink’s Washington D.C. office hosted the Federal Bar Association’s Diversity in Tax Law event. The event included a moderated panel that explored diversity and inclusion in the practice of tax law followed by a networking reception. The panel was moderated by Bloomberg Tax’s Siri Bulusu and included speakers from different parts of the tax community who discussed their career experiences and the value of a variety of perspectives in tax practice.