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The Internal Revenue Service (“IRS”) issued Notice 2020-23 on Thursday April 9, granting additional tax relief to taxpayers that have payment and filing deadlines from April 1, 2020 to July 15, 2020. The relief applies to individuals, trusts, estates, corporations, and other noncorporate tax filers.
As taxpayers and practitioners spent the past two weeks parsing the various items of retroactive tax relief provided by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), partnerships were left ruing the Centralized Audit Regime implemented by the Bipartisan Budget Act of 2015 (the “BBA”), which precluded them from obtaining current relief.
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), providing a measure of relief to businesses and individual taxpayers affected by economic fallout from the Coronavirus. Among its myriad provisions, the CARES Act repeals Section 461(l), the limitation on non-corporate taxpayer excess business losses for taxable years beginning after...
On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Phase 3 COVID-19 emergency relief bill aimed at providing much-needed assistance to individuals, small businesses and not-for-profit organizations.
The Internal Revenue Service Issued Notice 2020-18 (The “Notice”), which supersedes the limited relief issued in Notice 2020-17 (See our Alert “IRS Issues Guidance Regarding Extension of Tax Payment Deadline”). The Notice also provides guidance on the extension of time to file tax returns that was previously announced by Treasury Secretary Steven Mnuchin (See our Alert “Tax Filing Deadline Extended...
The Internal Revenue Service issued Notice 2020-17 (the “Notice”) providing further explanation of and guidance on the extension of time to make tax payments due April 15, 2020 that was previously announced by Treasury Secretary Steven Mnuchin (see our alert Treasury Extends April 15th Payment Deadline).
Treasury Secretary Steven Mnuchin announced today during the White House’s daily coronavirus briefing that individuals and corporations can defer certain tax payments for up to 90 days.
The State of Connecticut (CT) has implemented several tax law changes for tax year 2019 that affect pass-through entities and C corporations, as well as individuals. This Alert addresses the major changes in each of these categories.
In December 2019, The Further Consolidated Appropriations Act of 2020 reinstated several fuel tax credits, including retroactively extending the alternative fuel tax credit, which expired in 2017. On January 15, 2020, the Internal Revenue Service issued Notice 2020-8 (the “Notice”), which provides a process for eligible taxpayers to make a one-time claim for the credits and payments allowed for alternative...
On June 11, 2020, the Internal Revenue Service (“IRS”) issued proposed regulations under Section 1031 (REG-117589-18) in response to the changes under the Tax Cuts and Jobs Act (“TCJA”) for like-kind exchanges. They provide guidance and clarity on what is considered real property that is eligible for a like-kind exchange under Section 1031 and include a safe harbor for transfers of real property...
On June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act (“the Act”) to provide business owners with more flexibility and time to use the funds eligible under the program for loan forgiveness.
The IRS recently issued proposed regulations (REG-113295-18) under Internal Revenue Code (IRC) Sections 67(g) and 642(h)(2). These clarified that certain deductions are allowed to an estate or non-grantor trust because they are not miscellaneous itemized deductions and also explain how to determine the character, amount, and allocation of deductions in excess of gross income that a beneficiary succeeds...
As a result of travel restrictions and stay-at-home orders in the United States and across the world, many individuals have found themselves stranded in unexpected locations. This has led to potential cross-border and multi-state income tax consequences and compliance obligations for individuals and businesses in unanticipated jurisdictions.
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) that was signed into law March 27, 2020 included many taxpayer-friendly amendments to the Internal Revenue Code (“IRC”) affecting both corporations and individuals. New York recently became the first state to address some of the changes enacted by the CARES Act. Governor Cuomo signed New York’s 2020-2021 budget which impacts...
The House of Representatives passed a $484 billion relief package for small businesses, hospitals, and expanded testing. The President signed the bill today, April 24, 2020.
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law on March 27, 2020. Among the relief provisions in the CARES Act was, what is commonly referred to as the ‘retail glitch fix,’ which corrected a previous error in the tax law, essentially providing a 15-year recovery period to Qualified Improvement Property (“QIP”), rendering it eligible for bonus depreciation...
The Internal Revenue Service issued Frequently Asked Questions(“FAQs”) clarifying an employer’s ability to defer the deposit and payment of the employer’s social security taxes provided under section 2302 of the Coronavirus, Aid, Relief and Economic Security (“CARES”) Act. The FAQs can be found in the link below.
In its ongoing effort to help American taxpayers, the Internal Revenue Service (“IRS”) announced a program called the People First Initiative (“PFI”) to provide additional relief from a variety of matters ranging from easing payment guidelines to postponing compliance actions. The temporary relief offered by the PFI includes postponing Installment Agreements, Offer in Compromise payments, and stopping...
On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Phase 3 COVID-19 emergency relief bill aimed at providing much-needed assistance to individuals, small businesses and not-for-profit organizations.
Recently, both the Internal Revenue Service (“IRS”) and the New York State Attorney General’s Charities Bureau provided guidance on the imminent tax due dates for not-for-profit organizations.
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