On June 5, 2020, the IRS issued Notice 2020-39 (the “Notice”), which announces various extensions of deadlines for Qualified Opportunity Funds (QOF) and their investors due to COVID-19 pandemic. A summary of the extensions that are set forth in the Notice are summarized below:
180-Day Investment Period
Generally, taxpayers must reinvestment capital gain in a
Recent coronavirus-related guidance from the IRS (Notice 2020-29, issued on May 12) aims to give Code Section 125 cafeteria plan (“cafeteria plan”) participants some relief from irrevocable group health benefit and health and dependent care flexible spending account (“FSA”) elections made prior to the pandemic.
Under Notice 2020-29, an employer who offers group health benefits
In Announcement 2020(7) the Department of Revenue Services (“DRS”) announced that it was extending the time that a taxpayer has to file certain administrative protests with the DRS’s Appellate Division in response to a notice of assessment or a proposed disallowance of a claim for refund. In addition, the DRS has extended the time that
Under the new CARES Act, Congress has authorized the Paycheck Protection Program (“PPP”), pursuant to which forgivable loans can be made to certain qualified businesses in order to provide economic support during the COVID-19 pandemic. A detailed discussion of the PPP program can be found here. One of the benefits of the PPP loan
On Thursday, April 9, the IRS announced, in Notice 2020-23 (the “Notice”), that it was providing expanded filing and tax payment relief. In general, the IRS Notice provides all taxpayers with a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020, until July 15, 2020, to file returns
Federal and state governments have taken a number of actions in recent weeks in response to COVID-19 pandemic. Although there is certain to be additional governmental action in the near future, we thought it would be helpful to summarize the key actions that relate to our trusts and estates clients.
Automatic Postponement of Certain Federal
On April 1, 2020, Governor Ned Lamont signed Executive Order No. 7S, which, among other things, provides property tax relief to certain taxpayers impacted by COVID-19.
Under the “Deferment Program,” from March 10, 2020 through July 1, 2020 each municipality will have the right to allow eligible taxpayers the ability to defer payments of tax
In response to the COVID-19 pandemic, the Connecticut Department of Revenue Services announced on April 2, 2020 that it is extending the filing and payment deadline for gift tax return until July 15, 2020. Without the extension, returns reporting gifts made during 2019 would otherwise be due on April 15, 2020. The Department noted in
In response to the COVID-19 pandemic, the Department of Revenue Services announced on March 30, 2020 that the March and April due date (and associated payment) for sales and use tax returns or room occupancy tax returns to be filed by taxpayers with $150,000 or less of annual tax liability has been extended to May
On Friday, March 27, 2020, the President signed into law the Bipartisan Proposal for Coronavirus Aid, Relief, and Economic Security Act (also known as the “CARES Act”). The Cares Act is a massive 2.2 trillion dollar package that contains a number of provisions to assist the United States economy combat the impact of COVID-19. This