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INTEREST ON INDIVIDUAL REFUNDS TO RUN FROM APRIL 15

25 June 2020

IRS statement on interest payments (June 24, 2020) On its website, the IRS says overpayment interest, on individual 2019 refunds with respect to returns filed by July 15, will run from April 15 until the date of the refund....

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New York City—Corporate Income, Miscellaneous Taxes: City Decoupled From Certain CARES Act Provisions

19 June 2020

A New York law has decoupled the New York City business corporation tax, general corporation tax, banking corporation tax, and unincorporated business tax from certain federal income tax changes contained in the CARES Act. Business interest expense limitation. For...

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EIPs Belong to Recipients, Not Providers of Care Facilities

17 June 2020

The IRS has warned nursing homes and other care facilities that Economic Impact Payments (EIPs) generally belong to the recipients, not the organizations providing the care, even if a nursing home or other facility or provider receives the person’s...

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New York—Personal Income Tax: Guidance Issued on June Estimated Payments

15 June 2020

As previously reported, New York extended the April 15, 2020, due date to July 15, 2020, for personal income tax and corporation tax returns originally due on April 15, 2020, and for all related tax payments, including estimated tax...

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Treasury, SBA Announce Forthcoming Updated PPP Rules, Guidance

09 June 2020

Treasury, in a joint June 8 statement with the Small Business Administration (SBA), announced forthcoming updated Paycheck Protection Program (PPP) rules and guidance. In the joint statement, Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza praised the enactment...

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IRS PROPOSES METHODS FOR REPORTING PARTNER CAPITAL ACCOUNTS

09 June 2020

In a Notice, IRS has proposed two new methods for reporting partner capital accounts on partnership income tax returns. The new methods are proposed to apply to partnership tax years that end on or after Dec. 31, 2020 and...

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Trump Expected to Sign Into Law Paycheck Protection Program Flexibility Act

05 June 2020

Trump Expected to Sign Into Law Paycheck Protection Program Flexibility Act,(Jun. 5, 2020) President Donald Trump is expected to sign into law the bipartisan Paycheck Protection Program Flexibility Act of 2020 (HR 7010). The legislation aims to expand usability...

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New York City—Multiple Taxes: Waiver of Penalties for Business and Excise Taxes Due Between April 26, 2020, and June 25, 2020

03 June 2020

The New York City Department of Finance (department) allows a waiver of penalties for the department-administered business and excise taxes due between April 26, 2020, and June 25, 2020 (previously, the waiver was granted for the taxes due between...

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ELECTRONIC FILING OF FORM 1040-X COMING THIS SUMMER

29 May 2020

IR 2020-107, 5/28/2020 In an Information Release, the IRS has announced that later this summer individual taxpayers will be able to file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products. Currently, taxpayers...

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E X E C U T I V E O R D E R Continuing Temporary Suspension and Modification of Laws Relating to the Disaster Emergency

28 May 2020

WHEREAS, on March 7, 2020, I issued Executive Order Number 202, declaring a State disaster emergency for the entire State of New York; and WHEREAS, both travel-related cases and community contact transmission of COVID-19 have been documented in New...

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