AICPA Tax Insider (Apr. 2, 2020): COVID 19 Updates and AICPA Tax Document Summaries

CARES Act tax provisions aim to stabilize pandemic-ravaged economy The $2 trillion stimulus bill, which became law on March 27, contains many tax provisions. Here's a look at them, which range from credits to temporary changes to retirement plan rules. Practitioner Priority Service, other IRS help lines suspended due to coronavirus The IRS announced that, … Continue reading AICPA Tax Insider (Apr. 2, 2020): COVID 19 Updates and AICPA Tax Document Summaries

COVID-19 Tax Update (March 31, 2020): employee retention credit FAQs; Notice 2020-22 penalty relief for employment tax deposits; Draft form 7200 for advance employer COVID-19 credits and forms; IRS to temporarily accept / transmit documents by email

The following is a list of COVID 19 tax updates for March 31, 2020: Treasury Delays Tax and Reporting Due Dates for Alcohol, Tobacco, Firearms and Ammunition Businesses Hit by COVID-19IRS FAQs: Employee Retention Credit available for many businesses financially impacted by COVID-19Notice 2020-22: Penalty relief, reduced federal employment tax deposits in anticipation of tax … Continue reading COVID-19 Tax Update (March 31, 2020): employee retention credit FAQs; Notice 2020-22 penalty relief for employment tax deposits; Draft form 7200 for advance employer COVID-19 credits and forms; IRS to temporarily accept / transmit documents by email

Kitces Report: Jeffrey Levine, Analyzing The CARES Act: From Rebate Checks To Small Business Relief For The Coronavirus Pandemic (Mar 27, 2020)

Jeffrey Levine has published an in depth article on the CARES Act on the Kitces Report. The Executive Summary is as follows: In response to the unfolding COVID-19 global pandemic (as the US this week surpassed China as the country with the most confirmed cases in the world), the US Senate has passed the Coronavirus … Continue reading Kitces Report: Jeffrey Levine, Analyzing The CARES Act: From Rebate Checks To Small Business Relief For The Coronavirus Pandemic (Mar 27, 2020)

KPMG Summary of State COVID-19 Tax Extensions/Modifications as of March 30, 2020

KPMG has published its table, which provides a summary of published guidance on extensions of time to file various state tax returns in light of the novel coronavirus COVID-19. Please note that there will likely be additional developments that are released after this publication date or otherwise not captured here. This document does not express … Continue reading KPMG Summary of State COVID-19 Tax Extensions/Modifications as of March 30, 2020

Haneman, Tax Incentives for Green Burial

Victoria Haneman has made available for download her research paper, Tax Incentives for Green Burial. The Abstract is as follows: Every living being is doomed to decay and die and decay some more. Death is inevitable, and the disposal of our dead is a fundamental global activity with the potential to have significant environmental impact. … Continue reading Haneman, Tax Incentives for Green Burial

NY Times: Treasury Considers Delaying April 15 Tax Day Over Coronavirus

According to The NY Times and other news sources, the Treasury Department is considering delaying tax payments beyond the April 15 deadline, according to a person familiar with the plans, as taxpayers and the Internal Revenue Service brace for economic disruption from the spread of the coronavirus. See at following links: New York Times: Treasury … Continue reading NY Times: Treasury Considers Delaying April 15 Tax Day Over Coronavirus

Deloitte – IRS Insights – March 2020: Tax Court Denial of Conservation easement; Enforcement Developments

Tax Court Tentatively Disallows Conservation Easement Deduction Due to Omitted Required Basis Information The Tax Court disallowed a conservation easement charitable contribution deduction because the taxpayer’s return omitted the cost or adjusted basis of the donated property from the appraisal summary and rejected the taxpayer’s argument that it strictly or substantially complied with the regulatory … Continue reading Deloitte – IRS Insights – March 2020: Tax Court Denial of Conservation easement; Enforcement Developments