Ideas & Insights

Companies should reflect the changes in tax law under the CARES Act in the period of enactment for financial statements.

Today, the House of Representatives passed the CARES Act on a voice vote and the President signed the bill enacting it into law.

The LB&I Division of the IRS announced that it would suspend the enforcement of information requests sent during audits.

Act contains broad relief for individuals and businesses; includes funding vehicles, recovery payments, and modifications to TCJA provisions

CARES Act provides general increase to the limitation amount (i.e., the maximum allowable deduction) and special rule for partnerships

Mandatory paid leave for employees impacted by COVID-19 is set to start April 1, 2020, per new Department of Labor guidance.

As part of the COVID-19 effort, IRS temporarily adjusts and suspends key compliance program April 1, 2020- July 15, 2020

IRS is increasing its enforcement efforts relating to micro-captive transactions and providing guidance on how to remove benefits claimed.

Coronavirus Aid, Relief and Economic Security Act provides liquidity by providing five-year NOL carryback and other help for corporations.

The IRS has provided guidance to frequently asked questions related to Notice 2020-18 through 24 questions and answers published on IRS.gov.

Extensions for tax returns and payments due to the Coronavirus pandemic are largely inapplicable for most exempt organizations.

The IRS has implemented staff reductions and closed taxpayer assistance centers, which could affect mission-critical operations.

Federal income tax filing and payment relief extension to July 15, 2020 may not apply to all state income tax filings.

The IRS issued Notice 2020-18 which supersedes Notice 2020-17 and provides income tax filing and payment relief to affected taxpayers.

Cayman Islands has extended the deadline for filing 2019 FATCA and CRS reports to September 2020 and intends to launch a new portal.

On March 19, the U.S. Senate released the third round of emergency assistance resulting from the 2020 COVID-19 pandemic.

Limited sales and use tax filing and payment relief has been included in some of the state and local COVID-19 response guidance.

IRS LB&I issued a memo to communicate the process to centralize compliance risk determinations for research credit cases.

Discussion of how tax-exempt organizations can provide assistance to those impacted by the coronavirus pandemic.

The IRS issued Notice 2020-17 to provide guidance to taxpayers regarding extended tax payment deadlines due to the Coronavirus pandemic