Coronavirus Tax Insights

As part of our efforts to help our clients and friends navigate the changing tax environment related to COVID-19, we’ve aggregated content in that area here.

View our most recent COVID-19 Tax Insights below.

Articles May 06, 2020 Revisiting Tax Depreciation Through Changes in Accounting Methods

The current COVID-19 pandemic has resulted in negative economic impacts for many taxpayers. The utilization of an accounting method change has the opportunity to provide some taxpayers much needed immediate tax and cash flow benefits.

Articles May 04, 2020 Will Expenses Paid with PPP Loans Remain Non-Deductible?

On April 30, the IRS released Notice 2020-32 which provides that expenses reimbursed by a forgiven PPP loan are non-deductible. Immediately following release of the Notice, Senate Finance Committee Chair Chuck Grassley and House Ways and Means Commit…

Articles April 07, 2020 CARES Act Summary

In a continually updated document, EisnerAmper subject matter experts are sharing summaries of the CARES Act.

On-Demand Webinars April 02, 2020 On-Demand Webinar: CARES Act Tax Insights

EisnerAmper discussed the tax implications of the CARES Act. We will cover practical matters such as deferred filing and payment deadlines. We will also review net operating losses carrybacks, real estate implications, corporate AMT relief and more.

Articles May 06, 2020 Estate Planning Strategies During a Low-Valuation Environment

Though both U.S. and global markets are bracing for continued volatility related to the pandemic, there are steps investors can take in this low-value environment to enhance estate planning.

Articles April 03, 2020 The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act Becomes Law – A Tax Summary

Overview of the tax provisions contained in the CAREs Act.

Blogs May 04, 2020 IRS Provides Tax Relief for U.S. Citizens/Residents Living Abroad

A discussion of further guidance from the IRS related to U.S. citizens and residents living abroad for whom COVID-19-related travel restrictions have created difficulties in the housing deduction/exclusion and foreign earned income exclusions.

Articles April 21, 2020 IRS Issues Guidance for Taxpayers Adjusting Depreciation on Qualified Improvement Property

Revenue Procedure 2020-25 provides much needed guidance for taxpayers on how to make certain adjustments resulting from the recent CARES Act. This article examines that guidance, and what it can mean for taxpayers.

Articles April 14, 2020 IRS Provides Additional Guidance for Real Estate Businesses

The IRS issued two releases of importance to real estate businesses in the aftermath of the CARES Act – one impacting IRC Sec. 1031 “like-kind” exchanges and qualified opportunity funds (“QOFs”) and the other addressing the business interest deductio…

Blogs April 14, 2020 Paycheck Protection Program Pointers for Small Businesses

An overview of the Paycheck Protection Program designed for small businesses adversely impacted by COVID-19, including key dates, qualifications, forgiveness and more.

Articles April 10, 2020 More Tax Deadlines Extended by IRS

The IRS released Notice 2020-23 on April 9, 2020, substantially broadening the deadlines being postponed as a result of the COVID-19 pandemic. The highlights of the Notice are highlighted in this article.

Articles April 10, 2020 The IRS Provides Welcome Relief to Partnerships Claiming Benefits under the CARES Act

The IRS has issued Revenue Procedure 2020-23, which provides “eligible BBA partnerships” with the option to file an amended partnership return for 2018 or 2019 (the “Applicable Years”) and issue amended Schedules K-1 to allow partnerships to more pro…

Blogs April 10, 2020 IRS Extends Some Form 5500 Filing Deadlines

IRS Notice 2020-23 provides that retirement and welfare plans with a Form 5500 original or extended filing deadline falling on or after April 1, 2020, and before July 15, 2020 will now have until July 15, 2020 to file.

Articles April 07, 2020 CARES Act Benefits and Other COVID-19 Considerations for the Real Estate Industry

This guide is intended to summarize provisions of the CAREs Act that impact the real estate community as well as certain provisions of existing law that may be particularly impacted by the coronavirus situation.

Articles April 07, 2020 SBA Releases Application and Information for PPP Participants

On March 31, 2020, the Small Business Administration (SBA) released documents related to the Payroll Protection Plan (PPP).

Articles April 02, 2020 IRS Clarifies Employee Retention Credit with Issuance of Frequently Asked Questions

The CARES Act addresses the devastating impact of the coronavirus (COVID-19) pandemic. One of its many tax provisions is an employee retention credit, designed to encourage employers to keep employees on their payrolls despite the economic hardship r…

On-Demand Webinars March 31, 2020 On-Demand Webinar: COVID-19--CARES Act, SBA Loans, and Payroll Relief Programs

EisnerAmper's webinar discussed COVID-19 and the update on the federal stimulus package including eligibility requirements and the application process for the Small Business Administration (SBA), Economic Injury Disaster Loans (EIDL) and the CARES Ac…

Articles March 28, 2020 COVID-19 Assistance Programs Offered By Private and Nonprofit Entities

Certain private and nonprofit entities are offering resources to help companies overcome the unprecedented challenges they may face. Here are some private and nonprofit organizations providing coronavirus-related assistance.

Articles March 28, 2020 Governmental and Private COVID-19 Assistance Programs

EisnerAmper provides some federal and state resources that are providing coronavirus-related assistance.

Articles March 28, 2020 IRS Announces “People First Initiative” to Address Tax Challenges Related to COVID-19

The People First Initiative provides temporary changes to various IRS activities beginning on or about April 1, 2020, through (initially) July 15, 2020. While some activities are currently suspended, others will move forward in a modified fashion to…

Articles March 27, 2020 Stimulus Bill Could Impact First Quarter Financial Accounting for Income Taxes

The CARES Act may have significant financial statement impacts as early as the first quarter of 2020. The legislation includes changes to the net operating loss and interest expense limitation rules. Both of these changes could cause some companies t…

Articles March 28, 2020 IRS Provides More Clarity on Extended Filing and Payment Deadlines

IRS Notice 2020-18 provided federal income tax return filing and payment relief in response to the COVID-19 pandemic. On March 24, as part of clarification efforts, the IRS released a series of FAQs.

Articles March 27, 2020 President Trump Signs Historic $2.2 Trillion Federal Stimulus Package into Law

Legislators are working feverishly to finalize a $2.2 trillion federal stimulus package—the Coronavirus Aid, Relief and Economic Security (CARES) Act H.R. 3458—designed to help employees and businesses weather the devastating economic impacts of COVI…

Articles March 26, 2020 The Impact of COVID-19 on Transfer Pricing

Multinational enterprises are likely to see increased scrutiny by tax authorities in post COVID-19 years. Tax authorities will focus on reviewing transfer pricing policies and outcomes for historical tax years affected by COVID-19 and try to disting…

Articles March 25, 2020 State COVID-19 Extensions

Due to the Covid-19 crisis, the IRS and a number of states have issued new filing and payment dates. Data sources are State Departments of Revenues or Governor’s website and is complete and accurate to the best of our knowledge.  However, given the e…

Blogs March 24, 2020 U.S Tax Residency Threshold: COVID-19 Impact

Under IRC Sec. 7701, foreign individuals who come to the U.S. for business, medical visits or tourism who are unable to return to their home countries may become U.S. tax residents by virtue of the number of days spent in the U.S. The coronavirus pan…

Articles March 22, 2020 IRS Extends Tax Return Filing Date

The IRS has announced it is indeed extending the April 15 tax filing deadline: For any “person” with a federal income tax payment or a federal income tax return due April 15, 2020, the due date for filing and making such payments is automatically pos…

Articles March 20, 2020 The Families First Coronavirus Response Act – A Summary

The Families First Coronavirus Response Act one of many pieces of legislation that will address the various impacts of the COVID-19 pandemic, includes provisions that will ease the burden of the issues stemming from the COVID-19 pandemic as well as p…

Blogs March 19, 2020 Coronavirus: The Race for a Vaccine

A conversation regarding how health care companies are working to develop a COVID-19 vaccine, the process, challenges they face including supply chain, and other related issues.

Articles March 19, 2020 Telehealth in a Time of Social Distancing

A quick look at the suddenly growing practice of telehealth and its potential tax ramifications.

Articles March 18, 2020 IRS Officially Announces Deferral of Payments for 90 Days

Secretary of the Treasury Mnuchin announced the IRS has released Notice 2020-17 (“Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic”), providing tax relief for taxpayers with a federal income tax payment due April 15, 2020.

Blogs March 16, 2020 8 Accounting and Tax Considerations for Real Estate Holdings Related to COVID-19

Federal and state governments are developing potential aid programs for real estate owners and operators affected by disruptions resulting from this virus. Evaluate upcoming financial obligations and plan for the potential impact to your operations.…

Articles March 17, 2020 IRS Payments To Be Delayed 90 Days

A brief notice on the economic stimulus plan announced by the Trump Administration and the parameters for individuals and corporations.