April 20, 2020
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
Nonprofit Update: CARES Act Charitable Contribution Changes
On March 27, the president signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act. The $2 trillion legislative package to combat the coronavirus pandemic brings much needed economic relief to employers, employees and individuals impacted by the COVID-19 virus. This legislation made several changes to charitable contribution limitation rules for individuals and …
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 3, 2020
新型コロナウイルス対策の最新税関連情報 CARES法の概要
Armanino works with a significant number of individuals and business owners who converse in Japanese. As a service to these clients, we have translated our recent CARES Act Alert.
April 2, 2020
Nonprofit FAQ: Disaster Relief Payment under Code Section 139
On March 13, 2020, the COVID-19 pandemic was designated as a national emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. This designation provides the opportunity for employees to exclude certain “qualified disaster relief payments” from their gross income under Section 139 of the federal tax code. Such qualified payments are deductible …
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 …
Converting Traditional IRA to ROTH with Charitable Contributions
With traditional IRAs at depressed values, consider converting the IRA to a ROTH IRA in combination with an increase in your charitable contributions. The result could be zero tax on the conversion. Summary A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA. …