COVID-19 tax news and information

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July 30, 2020

IRS to allow faxing of automatic method change requests

The IRS announced that, beginning Friday, in response to the coronavirus pandemic, it is temporarily accepting duplicate copies of Form 3115, Application for Change in Accounting Method, sent by fax instead of mail.

July 29, 2020

IRS issues business interest expense limitation guidance

The IRS issued a package of related guidance on the business interest expense limitation enacted in the law known as the Tax Cuts and Jobs Act and amended by the CARES Act.

July 27, 2020

Guidance on recapture of excess employment tax credits

The IRS issued temporary and proposed regulations on how it will recapture excess credits taken by employers under recent coronavirus relief legislation.

July 9, 2020

How to report coronavirus paid sick leave and family leave to employees

The IRS issued guidance on how employers should report qualified sick and family leave paid to employees under the Families First Coronavirus Response Act.

July 6, 2020

Consolidated groups get NOL guidance

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.

July 1, 2020

IRS says PPP expenses nondeductible, but AICPA disagrees

The IRS issued guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities, and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program.

July 1, 2020