The Internal Revenue Service is often a significant creditor in a bankruptcy proceeding, frequently taking priority over other creditors. In this episode, McGlinchey Tax attorney Douglas Charnas (Washington, DC) and Financial...more
12/8/2020
/ Bankruptcy Court ,
Chapter 11 ,
Chapter 7 ,
Commercial Bankruptcy ,
Creditors ,
Debtors ,
Federal Taxes ,
Income Taxes ,
IRS ,
Tax Debt ,
Tax Liability
In recently released Revenue Ruling 2020-27, the IRS addressed the following two fact patterns:
•First, Maria received a PPP loan in 2020 that she used to pay “Covered Expenses.” Maria meets the requirements for...more
The Internal Revenue Service has announced that it will be issuing proposed regulations clarifying that certain state or local income taxes imposed on and paid by a partnership and/or an S corporation will not be subject to...more
IRS Announcement 2020-12 notifies lenders that they should not file IRS Form 1099-C with the IRS or furnish it to borrowers to report the amount of qualifying forgiveness with respect to covered loans made under the Paycheck...more
The Internal Revenue Service has issued a temporary regulation and a proposed regulation (pursuant to authority granted in the Families First Act and the CARES Act) to allow the agency to administratively recapture any excess...more
The 2017 Tax Cut and Jobs Act (TCJA) limited like-kind exchanges occurring after 2017 to “real property held for productive use in a trade or business or investment if such real property is exchanged for real property of a...more
To address the adverse economic consequences to businesses and employees caused by the coronavirus, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was enacted. It amends Section 7 of the Small Business...more
Before the enactment of the 2017 Tax Cuts and Jobs Act (TCJA), qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property had a 15-year recovery period for depreciation...more
6/16/2020
/ Bipartisan Budget Act ,
CARES Act ,
Coronavirus/COVID-19 ,
Depreciation ,
Filing Deadlines ,
IRS ,
K-1 ,
Partnerships ,
Property Improvements ,
Revenue Procedures ,
Tax Cuts and Jobs Act ,
Tax Returns
The CARES Act temporarily suspends retroactively changes made to the treatment of net operating losses by the 2017 Tax Cuts and Jobs Act (the “2017 Tax Act”). It also suspends retroactively the limitation on excess business...more
Treasury and IRS announced earlier this week that the time for paying taxes will be extended 90-days. See “IRS Does Not Extend Time to File Tax Returns, But Does Extend Time to Pay Taxes.” Today, Treasury Secretary Mnuchin...more
On Wednesday, March 18, 2020, the IRS issued Notice 2020-17, which grants taxpayers a 90-day extension to pay the taxes due on their 2019 tax returns. The Notice does not extend the time to file tax returns. Of course, as is...more