COVID-19 tax news and information

TOPICS

August 16, 2020

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.

August 13, 2020

AICPA requests guidance on payroll tax deferral

The AICPA has asked Treasury and the IRS for guidance on the recently announced executive order that defers some employee payroll taxes that would be due between Sept. 1 and Dec. 31.

August 13, 2020

R&D tax credits: A valuable cash infusion for businesses

R&D tax credits can be a very effective and controllable way for businesses to replenish valuable dollars spent on new and innovative products or processes.

August 10, 2020

Executive action delays workers’ payroll tax payments

President Donald Trump issued an presidential memorandum to defer the withholding, deposit, and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020.

August 4, 2020

AICPA continues to ask Congress to include PPP deductibility in upcoming legislation

In a letter dated Aug. 4, 2020, the AICPA joined over 170 organizations to urge Congress to “include a technical correction addressing the tax treatment of loan forgiveness under the Paycheck Protection Program (PPP)” in its next round of legislation addressing the coronavirus pandemic.

August 1, 2020

The CARES Act and opportunities to implement changes on previously filed returns

The following discussion mostly focuses on the ability of partnerships to file amended returns and
the QIP technical correction under the guidance issued in Rev. Procs. 2020-23 and 2020-25, respectively.

August 1, 2020

Remote signatures allowed temporarily on plan loan consents

In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.

August 1, 2020

Interplay between NOL carrybacks and the AMT

This discussion focuses on how the AMT rules impact the NOL rules under the CARES Act.

August 1, 2020

Professional responsibilities in the virtual age

As the COVID-19 pandemic forces firms to accelerate the adoption and overall use of virtual
communication tools, practitioners need to be aware that the foundational principles of ethics and best practices still apply when using these
technologies.

August 1, 2020

Mergers and acquisitions during the COVID-19 pandemic

A host of new issues have arisen in merger-and-acquisition transactions because of
the unpredictable business environment caused by changes in the law in response
to the COVID-19 pandemic. This article discusses some of the pandemic-related
concerns buyers and sellers will have in M&A transactions, and the additional safeguards
and procedures participants should take to deal with these concerns.