As discussed in our post on March 31, 2020, the federal law enacted on March 27, 2020 retroactively fixed a drafting error related to qualified improvement property in the Tax Cuts and Jobs Act of 2017. Qualified improvement property is eligible for bonus depreciation retroactively effective to January 1, 2018. In addition, also retroactively effective to January 1, 2018, the depreciable life ...
On April 9, 2020, the IRS issued Notice 2020-23, which postpones many tax-related due dates that had not been addressed in previous guidance. As a result, tax return or payment due dates that originally fell between April 1 and July 15, 2020 are generally postponed until July 15, 2020. Second quarter estimated income tax payments for individuals for the 2020 tax year, which were originally due...
As is in our post on April 9, 2020, individuals who received Social Security benefits and who are not required to file a federal income tax return will generally receive a recovery rebate without having to take any action. For other individuals who are not required to file a federal income tax return, the IRS has set up a portal for such individuals to provide information needed to receive a rec...
As discussed in our post on March 31, 2020, the new law signed on March 27, 2020 establishes the paycheck protection loan program, which provides that loans made to certain employers will be forgiven if the employers retain their employees for at least eight weeks after the loan occurs and the employers provide the required documentation that payroll payments were made to the employees or for ce...
In Notice 2020-20, the IRS announced that the postponement of the income tax filing due date from April 15 to July 15, 2020 also applies for federal gift tax returns and any payments due for gift tax or generation-skipping tax.
As discussed in our post on March 31, 2020, the new law signed on March 27, 2020 provides for recovery rebates to be sent to certain taxpayers. The IRS has indicated that they will begin making direct deposits of recovery rebates to taxpayers during the week of April 13, 2020. After that, the IRS plans to issue paper checks beginning in May of 2020. The IRS has indicated that this process ...
