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Tax

relief package

Coronavirus Relief Package Signed into Law with Tax Relief, Stimulus Funds

March 28, 2020

The President has signed into law an unprecedented $2 trillion relief package designed to prop up U.S. citizens, hospitals and businesses during the coronavirus crisis. The 800+ page  “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act)”  includes: various tax... Read More

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CARES Act | Senate Relief Act Alert

March 24, 2020

Updated March 23, 2020 On March 19, 2020, a bill was introduced in the Senate, known as the “Coronavirus Aid, Relief, and Economic Security Act” or “CARES Act,” to further assist in the ongoing COVD-19 crisis. In addition to safety/health... Read More

Understanding Coronavirus Medical Leave and Tax Credits

March 23, 2020

Extended medical leave for employees and offsetting tax credits to pay for it are the focus of bipartisan legislation signed into law by President Trump on March 18, 2020. The “Families First Coronavirus Response Act” addresses the coronavirus outbreak by... Read More

Partnership Can Deduct Worthless Interest in Family Partnership

March 12, 2020

When it comes to basic principles of federal taxation, I tell my students to start with these truths: Everything is income unless it isn’t, and nothing is deductible unless it is. In a recent Tax Court case, MCM Investment Management,... Read More

Double Taxed on Repatriated Earnings? IRS Offers Relief

March 12, 2020

Corporations that have been paying the Sec. 965 repatriation tax may get further tax relief for those earnings. The IRS has determined that, in some circumstances, it may be appropriate to provide relief from double taxation when the same earnings... Read More

IRS Delays Regs on Loss Limits That Apply to Corporate Ownership Changes

March 12, 2020

When a significant number of tax groups and businesses comment on regulations, the IRS appears to listen. Six months ago, the IRS proposed regulations on computing built-in gains and losses for the Sec. 382 loss limitation that applies after a... Read More

real estate

More Rental Real Estate Businesses Can Qualify for QBI Deduction

February 11, 2020

In December 2019, the IRS created a safe harbor for rental real estate businesses to qualify for the 20% qualified business income (QBI) deduction. Now the IRS has issued new FAQs that explain how real estate companies that do not... Read More

Final Details for Opportunity Zones

February 11, 2020

The IRS has completed its guidance on implementation of the Opportunity Zones tax incentive. Opportunity Zones offer capital gains tax relief for investments in almost 9,000 economically distressed areas certified by the Treasury Department. The final rules provide clarity in... Read More

IRS Delays Tax Basis Reporting of Partnership Capital Accounts Until 2020

February 11, 2020

The IRS has provided relief from the requirement that partners’ shares of partnership capital be reported on the tax basis method for 2019. The IRS’s draft 2019 forms required tax basis reporting, which triggered numerous comments expressing concern about the... Read More

Alternative Fuel Tax Credit: Do You Qualify?

January 27, 2020

An update to the alternative fuel tax credit was among the many changes to tax passed in the December 2019 government funding bill. With this update a taxpayer that uses or sells alternative fuel for use in motor vehicles, motorboats,... Read More

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