Ideas & Insights

Notice 2020-32 disallows deductions for expenses paid with loan proceeds from the PPP when loan forgiveness occurs.

The CARES Act adds to the complexity of state tax conformity to qualified improvement property. Learn how states approach the issue.

The Coronavirus Aid, Relief and Economic Security Act has led to significant tax changes and relief for real estate owners and operators.

The ability to revoke elections and file amended returns means partnership may have more than one option to benefit from CARES Act.

Procedures provide guidance for the retroactive expensing of qualified improvement property and reconsidering of elections.

Provides more time to elect out of 163(j) interest deduction limitation for taxpayers with certain real property or farming businesses.

The IRS provided long-awaited guidance for taxpayers anxious to take advantage of the NOL provisions in the CARES Act.

Recent guidance provides that certain deadlines, including the allowable time to invest in a QOF, are now extended because of COVID-19.

The IRS issued guidance extending the time for taxpayers to file certain Form 3115s and Form 1128s to July 15, 2020.

Notice 2020-23 extends deadlines for like-kind exchanges under section 1031 and involuntary conversion replacements under section 1033.

Immediate and retroactive expensing of qualified improvement property creates tax saving opportunities for taxpayers.