Tax Blog

Our tax blog is dedicated to CFOs, Tax Directors and Business Owners looking to improve profitability, grow their business or implement a succession plan. At Armanino, we see the tax function as a key strategic tool—as nothing less than a vital means of moving you and your company forward. While we excel in making sure our clients meet regulatory requirements—both domestic and global—that just scratches the surface of what we do.

April 14, 2020

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.

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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. …

CARES Act Summary for Nonprofits

President Trump recently signed a $2 trillion legislative package to combat the coronavirus pandemic, bringing much needed economic relief to employers and employees impacted by the COVID-19 virus. The House of Representatives overwhelmingly approved the legislation, which was passed by a unanimous vote by the Senate. This third coronavirus relief package, the Coronavirus Aid, Relief, …

March 31, 2020

CARES Act Summary

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 and employees impacted by the COVID-19 virus. Here are the highlights… Business Changes Employee retention credit for employers: The CARES Act …

March 29, 2020

The CARES Act and SBA Economic Disaster Loans

The primary purpose of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, as it relates to government financial assistance programs, is the introduction of the Paycheck Protection Program and a continuation of the SBA’s Economic Injury Disaster Loan (EIDL) program. In addition, Title IV brings government-provided relief funds (loans and grants).  These separate assistance …

March 26, 2020

IRC Section 165(i) Opportunity

The COVID-19 crisis has resulted in, and continues to result in, a myriad of available benefits via the Internal Revenue Code (IRC). One specific code section, IRC Section 165(i), is usually only available for taxpayers in specific geographical areas as a result of a natural disaster such as a hurricane or fire. However, it is …

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