As the Covid-19 pandemic has swept across the nation and around the world, those of us who practice in the areas of Wills, Trusts and Estates have noted an increase in calls from clients alarmed by what they are seeing on the news and in their own neighborhoods. We typically field calls from clients interested
Tax
Tax Planning in Light of Business Hardship: Cancellation of Debt Income
By Steven M. Saraisky & Philip Hirschfeld on
Posted in Tax
In light of the coronavirus pandemic and significant economic downturn, this blog post briefly discusses questions that are commonly being asked right now regarding the income tax treatment of cancellation of indebtedness income (“COD”).
The tax code provides that income from the cancellation of indebtedness is taxable, subject to a number of exceptions. As an…
Tax Planning in Light of Business Hardship: Tax Relief Issues in the CARES Act
By Steven M. Saraisky & Philip Hirschfeld on
Posted in Tax
Businesses dealing with the present economic downturn may find relief from taxation and potential tax refund options under existing tax law as recently amended by the CARES Act.
Unlocking the Benefits of Net Operating Loss (“NOLs”) Carrybacks: The 2017 Tax Act eliminated the ability to carryback NOLs generated in 2018 and later years. The…
IRS Extends Key Tax Deadlines for 1031 Tax Deferred Exchanges and Investments in Qualified Opportunity Funds
On April 9, 2020, the IRS extended certain additional key tax deadlines affecting payments from both individuals and businesses due to the impact of the COVID-19 pandemic. Notice 2020-23 expanded upon prior IRS guidance that extended the dates for taxpayers to file Federal tax returns and render tax payments by creating a general extension to…
COVID-19 Alert – IRS Provides Further Relief to Taxpayers
By Tishya M. Signorelli & David J. Choyne on
Posted in Tax
On April 9, 2020, the IRS updated its guidance originally provided in Notice 2020-18, Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, to provide extension relief to taxpayers in response to the coronavirus emergency. In addition to the prior extension of time for the filing and payments with respect to federal income…