May 17, 2020
House Passes HEROES Act, Steep Challenges Expected in Senate
On May 15 the House passed, with some Democratic dissent, the $3 trillion Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act. The HEROES Act returns certain elements taken away by the 2017 Tax Cuts and Jobs Act (TCJA) and adjusts for elements within the CARES Act. Highlights include $1 trillion in state and local …
May 12, 2020
DAC6 Reporting Requirement for All Cross-Border Tax Arrangements Postponed
DAC6 is an EU Council Directive 2011/16 in relation to reporting requirements for all cross-border tax arrangements. It has been in force since June 25, 2018, promoting transparency and fairness in taxation. DAC6 applies to cross-border tax arrangements that meet one or more specified characteristics (hallmarks) and that concern either more than one EU country …
April 27, 2020
Additional Stimulus and Changes to SBA FAQ Amid Concerns Over “Need” for PPP loans
On Friday April 24, 2020, President Trump signed legislation providing additional funding.
April 20, 2020
Revenue Procedure 2020-24 and International Tax Considerations
Background Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) modified section 172 by adding a new section 172(b)(1)(D)(i) which provides that net operating losses (“NOL”) arising in tax years beginning after December 31, 2017, and before January 1, 2021 may be carried back to each of the five tax years preceding the taxable year …
Recent Impacts on Venture- and PE-backed Entities
The CAREs Act introduced the PPP and continued the EIDL program. But VC- and PE-backed firms have limitations to apply.
April 15, 2020
Recent Tax Developments Affecting Real Estate
There are a number of recent tax developments affecting the real estate sector. Below, we outline items where we’re seeing the greatest impact: Extended deadline for like-kind exchanges: If the 45-day identification period or the 180-day replacement period for like-kind exchanges ends between April 1, 2020 and July 15, 2020, those deadlines are extended to July …
April 14, 2020
Main Street Lending Program: A New Path to Sustain Liquidity
Often overlooked in the PPP hysteria of the past two weeks has been Title IV, Section 4003 of the CARES Act, which outlined a $454 billion lending program to larger businesses than those in the PPP. The Treasury Department and Federal Reserve have now provided initial guidance on the loans that will be available under …
Filing Deadlines Are Upon Us … or Are They?
Here, you’ll find a quick reminder and recap of recent events to assist you in your tax extension and payments requirements. The IRS and Treasury Department significantly expanded relief measures for tax return filings and payments in response to the coronavirus pandemic. Notice 2020-23 stipulates all taxpayers with a filing or payment deadline falling on or …
April 8, 2020
H.R. 748 CARES Act Tax Provisions Impacting Real Estate Industry
On March 27, 2020, President Trump signed H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) into law. The CARES Act contains a number of tax provisions that will likely impact the real estate industry and its owners, investors, and operators, including: Modification of Net Operating Loss (“NOL”) carryback and utilization rules …
April 2, 2020
Deadline Extended for Filing Gift Tax and Generation Skipping Transfer Tax
July 15, 2020 is now the deadline to file Gift Tax and Generation Skipping Transfer Tax Returns for 2019. Background On March 27, Treasury issued Notice 2020-20, which provides an automatic extension of time until July 15, 2020, to file 2019 Gift Tax and Generation Skipping Transfer (GST) Tax Returns (Form 709) and an extension …