Coronavirus Tax Insights

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.

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…

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

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.

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.

Overview of the tax provisions contained in the CAREs Act.

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.

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.

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…

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

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.

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…

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.

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.

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

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…

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…

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.

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

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…

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…

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.

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…

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…

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…

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…

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…

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…

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.

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

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.

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.…

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