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.
COVID-19
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.
Tax savings opportunities from the CARES Act
This article summarizes business and individual tax provisions of the CARES Act, emergency legislation designed to speed relief to employers and individuals who are struggling due to the COVID- 19 pandemic.
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.
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.
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.
Understanding the filing relief for ‘time-sensitive acts’ in Notice 2020-23
Carefully review Notice 2020-23 for the full scope of filing relief granted by the IRS in response to hardships caused by the coronavirus pandemic.
Liquidity and cash management strategies during a pandemic
The CARES Act creates several opportunities for businesses to shore up cash flow.
Partnerships, a pandemic, and Rev. Proc. 2020-23
Partnerships must weigh the benefits of amending returns now that administrative hurdles have been removed.
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.
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.
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.
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.
Guidance on how to take CARES Act distributions from qualified plans
The IRS released guidance on how taxpayers can take coronavirus-related distributions from qualified retirement plans as authorized by the CARES Act.
IRS provides temporary relief from audit and collection activities
The People First Initiative provides taxpayers relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions.
Leave-based donation program available 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.
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.
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.
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.
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.
