On June 4, 2020, the IRS released Notice 2020-39, which provides five key relief provisions for qualified opportunity funds (QOFs) and their investors in response to the ongoing COVID-19 pandemic:
At long last, the IRS has proposed regulations governing expanded tax credits for capturing carbon oxide (CO) before it enters the atmosphere.
On May 4, 2020, the Internal Revenue Service (“IRS”) released Revenue Procedure 2020-19, which temporarily increases to 90% the percentage of stock certain real estate investment trusts (“REITs”) may issue in an elective cash/stock distribution and receive a dividends paid deduction (a “Qualifying Distribution”).
On April 30, 2020, the IRS released guidance disallowing deductions for otherwise deductible expenses if payment of the expense results in forgiveness of a covered loan under the CARES Act.
The roughly $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) passed on March 27, 2020 includes temporary modifications to the Internal Revenue Code intended to provide economic relief and increased liquidity to those affected by the COVID-19 pandemic.
On April 8, 2020, the IRS issued guidance allowing partnerships to claim tax benefits provided under the CARES Act immediately, placing such partnerships on similar footing as corporations. Revenue Procedure 2020-23 gives BBA partnerships a temporary window to file amended returns (instead of administrative adjustment requests) for their 2018 and 2019 tax years. Amended returns must be filed by September 30, 2020.
Employers faced with difficult decisions about whether to lay off employees have been focusing their attention primarily on two relief measures in the recently enacted CARES Act: (1) the availability of forgivable Paycheck Protection Program (“PPP”) loans for employers who retain their employees on the payroll for eight weeks; and (2) the temporary expansion of unemployment benefits for workers who have lost their jobs because of the COVID-19 pandemic.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law…
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed by President Trump. The CARES Act includes various tax provisions, and this update summarizes some of those key provisions related to employee and retirement benefit plan matters.
As a result of COVID-19, the markets have been in turmoil and businesses — and thus, tenants and borrowers — have been struggling. Real estate investment trusts (“REITs”) are facing, and will continue to face, additional challenges complying with the REIT tax requirements.