Recently, the Treasury Department and IRS released final regulations (89 Fed. Reg. 231) on the allocation of partnership recourse liabilities and related-party rules under Section 752 (the Final Regulations). The Final...more
In new guidance, the IRS clarified that a taxpayer that received a Paycheck Protection Program (PPP) loan may not deduct expenses if, at the end of the tax year, the taxpayer reasonably expects the PPP loan to be forgiven,...more
On June 4, 2020, in response to the ongoing COVID-19 pandemic, the IRS issued Notice 2020-39 to provide relief regarding various deadlines applicable to the federal opportunity zone program....more
6/8/2020
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Community Development ,
Deadlines ,
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Opportunity Zones ,
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Tax Deferral ,
Tax Incentives ,
Tax Planning ,
Tax Relief
Late on April 30, 2020 the IRS provided rather unwelcome guidance to Paycheck Protection Program (PPP) loan borrowers and potential borrowers. IRS Notice 2020-32 provides that no deduction will be allowed for otherwise...more
On March 27, 2020, Massachusetts Governor Charlie Baker announced that Massachusetts will extend the due date to file and pay Massachusetts personal income tax from April 15, 2020 to July 15, 2020, conforming to the federal...more
On March 21, 2020, in response to the coronavirus pandemic, the U.S. Treasury Department and Internal Revenue Service announced that the federal income tax filing and payment deadline has been extended to July 15, 2020. The...more
The IRS recently announced that it is ending its Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. ...more