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July 2020 - The Tax Adviser

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  2. July 2020
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LEGISLATION

Tax savings opportunities from the CARES Act

This article summarizes business and individual tax provisions of the CARES Act, emergency legislation designed to speed relief to employers and individuals who are struggling due to the COVID-
19 pandemic.

PERSONAL FINANCIAL PLANNING

Recovery rebates: Tax planning pitfalls and opportunities

The CARES Act enacted a recovery rebate tax credit to help individual taxpayers through the economic disruption caused by the coronavirus pandemic. This article discusses strategies to lower a taxpayer’s 2020 AGI to avoid a phaseout of the credit and other strategies for maximizing the credit a taxpayer receives.

TAX CLINIC

corporations & shareholders

Characterizing multistep transactions: Form can make the difference

FOREIGN INCOME & TAXPAYERS

Reducing GILTI liability using CFC accounting method change procedures

partners & partnerships

Sec. 743(b) adjustments: Shortcuts and surprises

procedure & administration

Does substantial authority provide penalty protection?

TAX ACCOUNTING

ASC Topic 842 changes financial, but not tax, accounting for leases

UNICAP: Changing to the modified simplified production method

COLUMNS

NEWS NOTES

IRS says PPP expenses nondeductible, but AICPA disagrees

Qualified improvement property change should prompt taxpayers to act

Farmers and real property trades or businesses can withdraw interest elections

UBTI silo rule regs. are issued in proposed form

PTIN fees proposed to be lower when reinstated

DC CURRENTS

Understanding the filing relief for ‘time-sensitive acts’ in Notice 2020-23

TAX PRACTICE & PROCEDURES

Partnerships, a pandemic, and Rev. Proc. 2020-23

Liquidity and cash management strategies during a pandemic

Beware the personal holding company tax

CASE STUDY

Foreclosure of principal residence and DOI income

50TH ANNIVERSARY

50 years ago in The Tax Adviser

TAX TRENDS

Full value of GRAT includible in estate

Taxpayer avoids Sec. 954(d)(1) Scylla but not Sec. 954(d)(2) Charybdis

INDIVIDUALS

Current Developments in Taxation of Individuals: Part 1

This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.

Tax Clinic

Planning for domestication transactions

Planning for new charitable contribution limits

Effect of the new pro rata share rules

Determining when a debt instrument has zero basis

Structuring partnership mergers