Ideas & Insights

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

Taxpayers often struggle to quantify participation for the passive activity rules. A recent court decision may affect those calculations.

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.

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

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

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