Ideas & Insights

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

Revenue procedure allows treatment of qualified residential living facility operations as a section 163(j) real property trade or business.

The final regulations broaden the definition of real property compared to the more restrictive definition in the proposed regulations.

Final section 864(c)(8) regulations clarify rules for foreign partners with ECI from transfers of partnership interests.

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

IRS releases a statement announcing that the application period for the CAP program is now open to qualifying corporations for 2021.

Reopening risks weighed on midstream energy performance and relatively attractive yields benefited real estate.

This Alert summarizes impacts of the recently-issued interest deduction limitation guidance on the real estate industry.

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

Notice 2020-59 proposes a revenue procedure clarifying real property trade or business elections for residential living facilities.

The new proposed regulations clarify what constitutes ‘real property’ for purposes of section 1031 to help implement changes in TCJA.

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.

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.

Industry groups are requesting clarification of the deadlines as extended by Notice 2020-23, which appears to offer a limited time frame.

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