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CARES Act - Qualified Improvement Property Technical Amendment

Included among the provisions of the CARES Act is the long awaited technical correction for the definition of Qualified Improvement Property. In the original

PA Tax Deadline Extended: How to Cancel Scheduled Electronic Personal Income Tax Payments

The PA deadline for filing personal income tax payments has been extended to July 15, 2020, due to the economic impact of the COVID-19 pandemic. Taxpayers

Fiscal Filers Beware

Fiscal-year tax filers should be aware that the Section 7519 required payments were not extended under IRS Notice 2020-18. Section 7519 payments are required

CARES Act - Modification of Limitation on Business Interest Deductions

The Tax Cuts and Jobs Act (TCJA) placed limits on the deductibility of business interest under Section 163(j) of the Internal Revenue Code. In general,

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Effective Date for Implementation of Families First Coronavirus Response Act (FFCRA) is April 1: Exemptions for Small Employers

New Emergency Paid Sick Leave Act and Emergency Family and Medical Leave Expansion Act provisions under the FFCRA take effect on April 1, 2020. In general,

City of Columbus Extends Tax Deadline to July 15, 2020

The Columbus Office of the City Auditor has announced the city’s deadline to file and pay city income tax has been extended to July 15, 2020. The

Tax Court Rules on Side of Taxpayer of Family Limited Partnership in Precedential Gift Tax Case

In a decision by U.S. Tax Court reached in early March, the taxpayer was deemed victorious when it came to the valuation of nonvoting interests held by

CARES Act - Removal of Excess Business Loss Limitation

The Tax Cuts and Jobs Act (TCJA) created a provision, Internal Revenue Code (IRC) Section 461(l) that limited the allowable losses that could be deducted

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Modification of Credit Prior Year Minimum

The TCJA repealed the Alternative Minimum Tax (AMT) for corporations effective for tax years beginning after December 31, 2017. In addition, IRC Section

CARES Act - Modifications for Net Operating Losses

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) provided for the temporary suspension of the taxable income limitation for Net Operating

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