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Expenses Paid With Proceeds of Forgiven PPP Loans Are Not Deductible

The IRS issued Notice 2020-32 explaining that otherwise deductible business expenses paid for with the proceeds of a forgiven PPP loan are not deductible for federal income tax purposes. This means that when a taxpayer pays...more

IRS Provides Procedures for Taking Retroactive Bonus Depreciation on QIP

The IRS issued Rev. Proc. 2020-25 providing much-anticipated guidance for how taxpayers may take advantage of the retroactive change in the tax rules allowing for expensing of Qualified Improvement Property (QIP)....more

IRS FAQs Provide Additional COVID-19 Related Tax Deadline Guidance

The IRS released FAQs addressing the Treasury’s decision to move Tax Day (for both filing and payment) from April 15 to July 15, 2020....more

District of Columbia Extends Tax Deadlines in Conformity With Federal Extension

The D.C. Office of Tax and Revenue announced on March 23, 2020 that, in step with the federal deadline extensions announced by the IRS on March 20, 2020, the deadline for taxpayers to file and pay their 2019 individual,...more

Utah Tax Deadlines Continue to Automatically Follow Federal Guidance

Pursuant to Utah state statute, the individual income tax return filing deadline will continue to mirror the Federal deadline. According to Utah State Tax Commission (STC) Chair John Valentine, Utah thus automatically...more

Georgia Extends Income Tax Deadlines to Align With IRS

The Georgia Department of Revenue (DOR) extended tax filing and payment deadlines for Georgia income taxes due on April 15, 2020, which makes Georgia another state to conform with the federal tax filing and payment...more

New York State Extends Tax Filing Date in Lockstep with Federal Deadline Extension

Following U.S. Treasury Secretary Steve Mnuchin’s announcement via Twitter on Friday, March 20, that Treasury would be moving Tax Day from April 15 to July 15, New York Governor Andrew Cuomo’s Budget Director Robert Mujica...more

IRS Announces Extension of Payment Deadlines, But Not Filing Deadlines; Several Unanswered Federal and State Tax Questions Remain

As a result of the ongoing coronavirus disease (COVID-19) pandemic, the IRS granted taxpayers a limited extension to pay income taxes that are due on April 15, but there is no extension of the April 15 filing deadline. Tax...more

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