Leave-Based Donation Programs

Guidance on Leave-Based Donation Programs

June 12, 2020

The IRS issued Notice 2020-46 which provides guidance for employers that offer leave-based donation programs to aid victims of the Coronavirus pandemic. Under these programs, employees may elect to relinquish vacation days, sick days, or personal leave in exchange for cash donations the employer makes to eligible charities that help victims of the pandemic. The…

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tax deadline

FAQs on Carrybacks of Net Operating Losses for Certain Exempt Organizations

June 11, 2020

The IRS issued new FAQs on carrybacks of net operating losses (NOLs) for exempt organizations. Under the CARES Act, any net operating loss arising in a taxable year beginning after December 31, 2017, and before January 1, 2021, may be carried to the five taxable years preceding the taxable year of such loss, which includes…

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coronavirus-related scams

Watch Out for Coronavirus-Related Scams

June 10, 2020

The IRS is reminding taxpayers to be careful of scammers trying to take advantage of unsuspecting people during the Coronavirus pandemic. The IRS Criminal Investigation division has seen many types of Coronavirus-related scams over the past few months. Be on the lookout for communications that may be: Economic Impact Payment schemes to steal personal information…

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qualified opportunity funds

Relief for Qualified Opportunity Funds

June 9, 2020

The IRS released Notice 2020-39 which provides relief for Qualified Opportunity Funds (QOFs) and their investors due to the Coronavirus pandemic. 180-day investment requirement Taxpayers who sold property for an eligible gain and who would have had 180 days to invest in a QOF to defer that gain now have more time to do so.…

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Paycheck Protection Program Flexibility Act: What Small Businesses Need to Know

June 8, 2020

A new bill that provides flexibility for the Paycheck Protection Program (PPP) was signed by President Trump on June 5, 2020. The Paycheck Protection Program Flexibility Act includes several changes to help small businesses that have received PPP loans. Here are highlights of the Paycheck Protection Program Flexibility Act. Extension of the covered period from…

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tax deadline

FAQs on the People First Initiative

June 3, 2020

The IRS released FAQs on the People First Initiative, which provides compliance relief for taxpayers facing hardship due to the Coronavirus pandemic. The People First Initiative includes modifications to: existing and new installment agreements offers in compromise field collection activities, liens and levies private debt collection certifications of delinquent tax liabilities to the State Department…

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