COVID-19 tax news and information

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September 1, 2020

Coronavirus pandemic prompts IRS to extend deadlines, relax QOZ rules

In response to the COVID-19 pandemic, the IRS further postponed the 180-day deadline to invest in a qualified opportunity fund from July 15, 2020, to Dec. 31, 2020, extended other deadlines, and relaxed some qualified investment rules.

September 1, 2020

Diagnosing the SALT effects of COVID-19: Part 1

The coronavirus pandemic raises several key state tax issues.

September 1, 2020

IRS permits leave-based donation programs during pandemic

The IRS announced that employers may make donations this year to charitable organizations that provide relief to COVID-19 pandemic victims in exchange for personal leave that their employees forgo.

September 1, 2020

Recent developments in individual taxation

This semiannual update of recent developments in the area of individual taxation includes cases on conservation easements, discharge of student loan debt, net operating loss deductions, and real estate professional status.

September 1, 2020

Regulation package defines NOL rules for consolidated groups

The IRS issued proposed and temporary regulations explaining how consolidated groups should apply the changes to the net operating loss rules enacted by the CARES Act.

August 31, 2020

IRS temporarily allows e-signatures on some forms

The IRS identified a dozen forms for which is will accept e-signatures for the rest of the year. The forms covered include Form 8879, IRS e-file Signature Authorization, used for e-filing individual income tax returns.

August 28, 2020

Guidance issued on payroll tax deferral

The IRS issued guidance on the payroll tax deferral ordered by President Donald Trump on Aug. 8. The notice requires employers to withhold deferred taxes during the period from Jan. 1 to April 30, 2021.

August 27, 2020

Tools to help nonfilers receive economic impact payments

The IRS provided information and tools that tax practitioners can use to inform individuals who are eligible to receive economic impact payments but did not receive one automatically.

August 24, 2020

IRS stops sending balance-due notices, corrects payroll tax penalties

The IRS has stopped sending balance-due notices to taxpayers as it works to process its backlog of unopened mail. It is also working to correct certain erroneous penalties for some employers who reduced their payroll tax deposits to claim COVID-19 relief-related credits.

August 17, 2020

IRS posts information about check processing backlog and incorrect notices

As the IRS works through its backlog of correspondence, it has posted information about checks it hasn’t cashed yet and notices that went out with incorrect dates.