On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (“Rescue Plan”). The Rescue Plan contains numerous provisions to help alleviate the impact of the COVID-19 pandemic on individuals and businesses. This article highlights a few provisions affecting employer-provided benefits, which may be of interest to individuals and employers alike.

A&M Managing Director Allison Hoeinghaus is featured in the CFO Dive article “Stimulus includes surprise expansion of executive pay curb” discussing the tax strategy companies should consider regarding the tax deduction cap. 

A&M Restructuring & Turnaround associate Katie Montague recently sat down with a leading women’s career site to talk about her education and recent experience with A&M during the time of Covid.

Opportunities exist both to retroactively claim payroll tax refunds in 2020 and to realize further savings prospectively in 2021. For 2021 opportunities, companies can further accelerate the receipt of savings by filing a Form 7200 with the IRS to request a refund advance payment. The ERC could provide a cash recovery of up to $5,000 per employee for 2020 and $14,000 for 2021. Companies should assess qualifications for a 2021 ERC in conjunction with the second draw PPP (“PPP2”) loan program, as careful planning and coordination are necessary to maximize the benefits of both programs.

Yesterday, the IRS and Treasury announced in a news release that they will issue guidance that provides a 32-day postponement, to May 17th, for certain individuals to either file or extend their 2020 income tax return and pay their 2020 income tax liability.

The Reward and Employment Tax practice have extensive experience helping companies to prepare for the upcoming changes, share market practices, and tips as the deadline approached. 

Biosimilar new entry was expected to shake up the pharmaceuticals market, leading to lower prices and increased access to drugs. However, market access has been slower than many predicted, with some citing concerns around anti-competitive practices limiting entry and expansion.

In healthcare and life sciences, this April, we will reflect on the 15th anniversary of the first biosimilar to be approved in Europe.

We are aware of an increase in the number of enquiries into the tax treatment of carried interests HMRC are raising at a House level, as well as at an individual level. These enquiries are typically aimed at several investment management professionals, and we expect this scrutiny to grow in light of the Budget.

A&M’s latest insight article “The three components of a perfect data breach”, brings together the key learnings from the webinar, outlining details of a robust response and how, when done effectively, it can help companies preserve critical data and intellectual property while safeguarding brand reputation.

An insightful look at two recent tax court decisions and the key technical issues raised in the cases.

The Executive Compensation Services practice Managing Director, David Tuch and Director, Samantha Lenox discussed key issues Company Secretaries need to consider and implement when making grants under executive share plans.