Insights

The Coronavirus Aid, Relief, and Economic Security (CARES) Act introduced several changes to the limitations on business interest expense deductions under Internal Revenue Code (IRC) §163(j).

Under the Economic Impact Payment stimulus, taxpayers who filed tax returns for either 2018 or 2019 tax years will receive a payment up to $1,200 for individuals or $2,400 for married couples.

This article is part of a continuing series updating our clients regarding the effects on state tax filings due to COVID-19.

The spread of the coronavirus has forced governments across the globe to enact far-reaching stimulus measures in an attempt to blunt the unfolding economic slowdown.

n a previous Thought Leadership article (see CARES Act – Income Tax Refund Opportunities for Corporations), we analyzed two provisions contained in the Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748).

The nation waited anxiously to see what the legislative response to the coronavirus would be and even the most optimistic observers were not disappointed.

On April 9, 2020, the Department of Treasury and the Internal Revenue Service issued Notice 2020-23 updating Notice 2020-18-Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic which automatically postponed filing federal income tax returns and making federal income tax payments to July 15, 2020.

The IRS has released Notice 2020-23, extending return and payment due dates between April 1, 2020 and July 15, 2020 to July 15, 2020.

By Benjamin Beskovic, CPA, Partner, Christopher Johnson, JD, MBA, CPA, Senior Manager, JP Kavanaugh, CPA, Manager, and Kerry Buscaglia, CPA, […]

In a Press Release (IR-2020-66), issued on April 9, 2020, the U.S. Treasury Department, Office of Public Affairs, announced relief for tax-exempt organizations as follows: