First and foremost, we wish our extended Cadwalader family good health and the psychological fortitude to make it through this trying time.

The COVID-19 pandemic is ushering in the most significant economic transformation since the 2007-2008 financial crisis. Market participants are rapidly shifting their strategies to unwind, work out, or otherwise address troubled assets and to explore new distressed investment opportunities that did not exist just a few days ago.

Meanwhile, legislatures and agencies are moving quickly to mitigate market disruption. Recent tax developments covered in this BrassTax issue include deferrals in tax deadlines and legislative proposals to roll back some of the measures introduced by 2017 tax reform.

We at Cadwalader are carefully monitoring the constant stream of news to keep you abreast of important developments and best serve you, our clients. Please reach out to me or any member of our team any time and let us know how we can help. 

Stay well.

Linda Z. Swartz
Chair, Tax Group

Notice 2020-18 delays tax day until July 15, 2020.

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On March 19, Senate Majority Leader Mitch McConnell, R-Ky., introduced the Coronavirus Aid, Relief, and Economic Security Act, which would roll back some measures implemented as part of 2017 tax reform and introduce other fiscal stimuli.  The proposal failed to clear the Senate Sunday night.  Another vote is expected later today.

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State legislatures are focusing on the tax treatment of carried interests.

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The IRS will exempt certain U.S. citizens and residents from certain reporting requirements relating to owning or transferring money to tax-favored foreign retirement trusts. 

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In a recent article, Cadwalader examines key tax provisions in the UK's 2020 budget. Read it here.

In a recent article, Cadwalader examines why it may make sense to set up more CLOs onshore. Read it here.