Ideas & Insights

Disaster relief may provide liquidity for individuals and businesses located in areas affected by presidentially declared disasters.

The Eleventh Circuit determined that reserved rights for homesites did not violate section 170(h)(2) charitable contribution rules.

The recent IRS Notice provides relief in the form of flexibility for investment timing and testing periods for QOFs and their investors.

The IRS released proposed regulations that clarify five-year rehabilitation credit period created by the Tax Cuts and Jobs Act.

A recent IRS private letter ruling granted an extension of time for the required certification of a Qualified Opportunity Fund.

Employers should use the updated Form 941 to properly report new CARES Act and FFCRA credits beginning in the second quarter of 2020.

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

Recent guidance extends certain deadlines for LIHTC, WOTC, and Historic Rehabilitation tax credits because of COVID-19.

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

The final Qualified Opportunity Zone regulations include several taxpayer favorable improvements over the proposed regulations.

The new Qualified Opportunity Zone regulations answer many questions that favor taxpayers, though some questions remain.