Relief on Substantial Presence and Treaty Day-Count Tests.
On May 30th, the IRS issued Revenue Procedure 2020-20 which provides non-U.S. individuals present in the U.S. some limited relief from the day-count tests for U.S. tax residency and for eligibility for certain treaty benefits. The relief comes in the form of the “COVID-19 Medical Condition Travel
Tax
Updated IRS Guidance Addressing COVID-19 Relief Employer Tax Credits
The IRS recently published guidance on the new refundable employment tax credits available under the Families First Coronavirus Response Act (the “FFCRA”) and the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).
Both the FFCRA and the CARES Act provide refundable tax credits to employers for qualified wages paid to employees under circumstances…
IRS Issues FAQs Addressing Deferral of Employment Tax Deposits
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) allows employers to defer the deposit and payment of their share of Social Security taxes (OASDI, but not Medicare) and self-employed individuals to defer a portion of their self-employment taxes. The IRS recently published FAQs addressing specific questions about deferral of these taxes.
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Code Section 1031 Like Kind Exchange Deadlines Extended
By John Crisp
On April 9, 2020, the IRS issued Notice 2020-23 (the “Notice”) which expands the filing and payment deadline relief announced by the Internal Revenue Service (“IRS”) in March. The March announcement gave taxpayers until July 15, 2020 to file their federal income tax returns and to pay federal income taxes, each of which were originally…
COVID-19 Related Expenses
Businesses, employees, and other taxpayers are incurring new and often significant expenses as they adapt and respond to the changes brought on by the COVID-19 pandemic. Several tax provisions may help to mitigate the impact of those costs, including new provisions enacted as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act as…
The CARES ACT – Tax Relief
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, or the “CARES Act” to provide nearly 2 trillion dollars in aid and relief to individuals, businesses, and other entities in the wake of the spread of COVID-19. Included in the CARES Act are tax and loan provisions…
Updated: Treasury and IRS Extend Time to both File and Pay Federal Income Taxes to July 15th; States Taking Their Own Approaches on Income and Similar Taxes
As part of the federal government’s efforts to soften the economic effects from the Covid-19 pandemic, on Wednesday the IRS issued Notice 2020-17 announcing that federal income tax payments for the 2019 tax year otherwise due on April 15th may be postponed until July 15th 2020 without incurring interest or penalties on the amount due. …