COVID-19 tax news and information

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June 5, 2020

Qualified opportunity zone rules are relaxed

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.

June 4, 2020

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

Practitioners must carefully review Notice 2020-23 to understand the full scope of filing relief granted by the IRS in response to hardships caused by the coronavirus pandemic.

June 3, 2020

IRS permits remote signatures for 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.

June 1, 2020

IRS issues Form 7200 for advance payment of employer tax credits, explains employee retention credit

The IRS issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic.

June 1, 2020

Responding to the pandemic crisis and calls from practitioners, IRS issues broader tax deadline relief

The IRS granted relief for a broad array of tax filing and payment deadlines that fall between April 1 and July 15, expanding on previous relief, as requested by the AICPA.

June 1, 2020

Partnerships can file amended returns to get CARES Act benefits

To allow those partnerships to take advantage of the beneficial tax provisions in the Coronavirus Aid, Relief, and Economic Security Act, the IRS is allowing partnerships to file amended returns for 2018 or 2019.

June 1, 2020

A guide to changing previously filed partnership returns

This article explains the procedures for making adjustments to previously filed partnership returns, a process that changed significantly with the creation of the centralized partnership audit regime.

May 21, 2020

Quirks spurred by COVID-19 tax relief

This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.

May 18, 2020

IRS mobilizing 3,500 phone operators to answer stimulus questions

With many taxpayers still having problems using the Internal Revenue Service’s “Get My Payment” website, the IRS announced that it is mobilizing 3,500 telephone representatives to answer some of the most common questions about economic impact payments.

May 8, 2020

Taxpayers must act soon for direct deposit of stimulus payments

The IRS announced that taxpayers for whom the Service does not have direct deposit information should go to its “Get My Payment” website and enter that information by noon on Wednesday, May 13, so they can receive their stimulus payments electronically.