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Author Archive for Annemarie Aguanno

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Guidance on Reporting COVID-19 Qualified Sick and Family Leave Wages

Guidance on Reporting COVID-19 Qualified Sick and Family Leave Wages The IRS has issued guidance to employers on the requirement to report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act (Families First Act) ( P.L. 116-127). This reporting provides employees who are also self-employed with […]

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IRS Addresses Queries on COVID-19 Economic Impact Payments; No Return Required for Certain Social Security Recipients

IRS Addresses Queries on COVID-19 Economic Impact Payments; No Return Required for Certain Social Security Recipients The IRS announced on March 30 that distribution of economic impact payments in response to the coronavirus (COVID-19) pandemic would begin in the next three weeks. On April 1, the Treasury Department clarified that Social Security and Railroad Retirement […]

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IRS Addresses Bonus Depreciation, Related Issues for Post-2017 Qualified Improvement Property

IRS Addresses Bonus Depreciation, Related Issues for Post-2017 Qualified Improvement Property As a result of the retroactive assignment of a 15-year recovery period to qualified improvement property (QIP) placed in service after 2017, QIP generally qualifies for bonus depreciation, and typically at a 100 percent rate. IRS guidance requires taxpayers who previously filed two or […]

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Guidance on NOL Carryback Under CARES Act

Guidance on NOL Carryback Under CARES Act The IRS has issued guidance providing administrative relief under the Coronavirus Aid, Relief and Economic Security (CARES) Act ( P.L. 116-136) for taxpayers with net operating losses (NOLs). The CARES Act provides a five-year carryback for NOLs arising in tax years beginning in 2018, 2019, and 2020. The Tax […]

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IRS Allows Temporary Filing by Fax for Forms 1139 and 1045

IRS Allows Temporary Filing by Fax for Forms 1139 and 1045 The IRS is allowing taxpayers to file by fax Form 1139, Corporation Application for Tentative Refund, and Form 1045, Application for Tentative Refund, for certain coronavirus relief, a senior IRS official said on April 13. On the same day, the IRS unveiled related procedures for claiming […]

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Guidance on 163(j) Elections for Legislation, Farming, Real Property

Guidance on 163(j) Elections for Legislation, Farming, Real Property The IRS has released guidance on making the following elections for the business interest deduction limitation: the election out of the 50 percent adjusted taxable income (ATI) limitation for tax years beginning in 2019 and 2020 under the Coronavirus Aid, Relief, and Economic Security (CARES) Act […]

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BBA Partnerships Can Amend Returns for CARES Benefits

BBA Partnerships Can Amend Returns for CARES Benefits The IRS has set forth rules for BBA partnerships to file amended returns to immediately get benefits under the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136). “BBA partnerships” are those subject to the centralized partnership audit regime established by the Bipartisan Budget Act of 2015 (BBA) […]

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Qualified Opportunity Zone Investment Regulations Finalized

Qualified Opportunity Zone Investment Regulations Finalize Proposed qualified opportunity zone regulations issued on October 29, 2018 ( REG-115420-18) and May 1, 2019 ( REG-120186-18) under Code Sec. 1400Z-2 have been finalized with modifications. The regulations. which were issued in a 550 page document, are comprehensive. The regulations address issued related to all aspects of the gain deferral rules and […]

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Final Regs Revert Back to Prior Partnership Disguised Sale Rules

Final Regs Revert Back to Prior Partnership Disguised Sale Rules New final regulations that address the allocation of partnership liabilities for disguised sale purposes revert back to prior regulations. Under the final regulations: a partner’s share of a recourse liability of the partnership equals the partner’s share of the liability under the rules of Code […]

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