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Identifying obscure but potentially costly tax issues is a skill. Solving them in the context of our client’s goals is an art, and one that Paul, Weiss practices at the highest level. Working closely with the Corporate and Bankruptcy Departments, our tax lawyers help clients solve problems, avoid pitfalls and uncover hidden value in all types of transactions.
CARES Act Update: Internal Revenue Service Disallows Deduction of Certain Expenses Funded with PPP Loan Proceeds
The IRS recently issued a notice specifying that taxpayers that receive a loan under the CARES Act’s Paycheck Protection Program may not deduct business expenses funded with PPP loan proceeds to the extent the PPP loan is forgiven.
IRS Issues Final Regulations Providing Guidance on Taxation of Carried Interest from Investment Partnerships under Section 1061
The IRS and the Treasury Department recently released final regulations on the scope and applicability of Section 1061 of the Internal Revenue Code.
Paul, Weiss is advising funds managed by Ares Management Corporation in their pending purchase, alongside Providence Equity Partners LLC, of $400 million in newly issued convertible preferred stock in OUTFRONT Media Inc.
Paul, Weiss is representing the ad hoc group of noteholders in connection with the chapter 11 cases of LSC Communications Inc. and 21 affiliates.
Paul, Weiss advised Carnival Corporation & plc in three recent equity and debt offerings. The transactions included a registered offering of $575 million of common stock, a Rule 144A offering of $2.0125 billion principal amount of 5.75% convertible senior notes due 2023, and a Rule 144A offering of $4 billion principal amount of 11.5% first-priority senior secured notes due 2023.
CARES Act: Federal Income Tax Relief for Individuals and Businesses in Response to the Coronavirus Pandemic
The CARES Act makes a number of significant changes to the federal income taxation of both individual taxpayers and businesses that are generally intended to provide near-term liquidity and economic relief.
Internal Revenue Service Postpones April 15 Federal Income Tax Payment and Tax Return Filing Deadlines
On March 20, the Internal Revenue Service issued Notice 2020 18 postponing the April 15 federal income tax payment and tax return deadline to July 15, 2020. The Notice supersedes the relief previously issued in Notice 2020-17 described in our prior alert, which had provided more limited relief.
On March 18, the IRS announced that individual taxpayers would be allowed to defer up to $1 million and corporations would be allowed to defer $10 million of federal income tax payments (including federal estimated income tax payments) due on April 15 for up to 90 days without penalties or interest.
Paul, Weiss advised the special committee of the board of directors of Pattern Energy Group Inc. in its approximately $6.1 billion all-cash acquisition by Canada Pension Plan Investment Board (CPPIB).