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Davis Rosser

As seen in: Mondaq
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Articles by Davis Rosser

New York City Council Renews Emerging Biotech Tax Credits

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By Davis Rosser
| Mondaq
To keep emerging technology companies in New York, the New York City Council renewed the biotechnology tax credit for tax years beginning after January 1, 2023 and before January 1, 2026. 1 The biotechnology credit allows qualified emerging technology companies (QETCs) engaged in biotechnologies to claim up to $3 million in annual tax credits. 2 The NYC Department of Finance will undergo a rulemaking process to determine how the credit should be allocated among eligible taxpayers.
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Employee Retention Credit Alert: Navigating The IRS's New Withdrawal Process

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By Davis Rosser
| Mondaq
The Employee Retention Tax Credit ("ERC") is a refundable tax credit for businesses that continued paying employees during the COVID-19 pandemic while their business operations were suspended due to a government order. 1 While beneficial to many, the IRS noted that ERC Mills, looking to take advantage of well-meaning business and organizations, caused many aggressive if not incorrect claims to be filed, causing many businesses to have second thoughts about their claims.
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Treasury And IRS Propose Regulations Requiring Brokers To Report Exchanges Of Digital Assets And Withholding On Certain Payments

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By Michelle S. Kabel, Moish E. Peltz, Davis Rosser
| Mondaq
On August 25, 2023, the Treasury Department and the Internal Revenue Service (the "IRS") issued proposed regulations (REG–122793–19) that would extend the definition of a broker and existing information reporting and backup withholding rules to certain brokers of digital assets, including many DeFi Protocols and other exchanges.
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