COVID-19 tax news and information

TOPICS

July 1, 2020

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

Partnerships must weigh the benefits of amending returns now that administrative hurdles have been
removed.

July 1, 2020

Qualified improvement property change should prompt taxpayers to act

Taxpayers with qualified property must act to take advantage of changes to the treatment of qualified improvement property, which is now eligible for bonus depreciation. Here are some considerations for taxpayers and their advisers.

July 1, 2020

Foreclosure of principal residence and DOI income

Taxpayers can exclude from gross income a discharge of qualified principal residence indebtedness before Jan. 1, 2021; under the CARES Act, certain taxpayers may also request forbearance from foreclosure on their residence.

July 1, 2020

Liquidity and cash management strategies during a pandemic

The CARES Act creates several opportunities for businesses to shore up cash flow.

June 30, 2020

IRS will not postpone July 15 deadline

The IRS announced that it will not further postpone federal tax filing and payment deadlines beyond July 15.

June 25, 2020

Top 10 business income tax planning ideas for the pandemic

Right now, some basic tax planning ideas can make a significant difference in reducing income tax, thereby increasing cash flow and even creating tax refund opportunities.

June 23, 2020

Rollover relief for required minimum distributions

The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.

June 19, 2020