Ideas & Insights

This Alert describes and explains the postponement of certain federal tax filing and payment deadlines in IRS Notice 2021-21.

The previous June 30 deadline to carryback 2018 NOLs on Form 1139 and Form 1045 has been extended to July 15.

Notice 2020-51 affords welcome additional flexibility for individuals to deal with required minimum distributions they took in 2020.

The IRS updated the Economic Impact Payment FAQ to include guidance for returning payments made to deceased taxpayers.

The IRS provided additional guidance regarding fax submissions of tentative carryback claims, Forms 1139 and 1045.

Congress authorizes additional $310 billion for PPP; SBA issues additional eligibility guidance for hedge funds and private equity.

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.

Additional guidance was provided by IRS regarding fax submissions of Form 1139 and Form 1045 filings just before the April 17 start date.

Some individuals who took RMDs this year before they were waived by the CARES Act have more than 60 days to roll the RMDs back in.

Corporate taxpayers filing a consolidated return have an added layer of rules to navigate when carrying back a net operating loss.

Notice 2020-23 postpones the due date for Form 5500 (Annual Return/Report for Employer Plans) filings for some plans.

The five-year carryback rule applies to insurance companies, both life and non-life, although both categories are singled out in the Act.

Notice 2020-23 provides corporate filers with guidance on extended filing and payment dates, with additional specifics and clarifications.

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

Investors looking to accelerate write-offs on investments should be aware of an obscure section 382 rule that could destroy the tax-shield.

The IRS issued Notice 2020-23 granting broad filing and payment relief to most taxpayers including individuals, estates and trusts.

As businesses renegotiate debts in the aftermath of COVID-19, it is critical to understand whether the debt is considered publicly traded.

Motivated by the tax relief provisions of the CARES Act, the IRS is allowing all partnerships to file 2018 and 2019 amended returns.

Employer social security payroll tax payment deferral for taxes incurred from March 27th through Dec. 31, 2020.