On January 19, 2020, the IRS issued Notice 2021-10 (the “Notice”), which extends the relief for Qualified Opportunity Funds (QOF) and their investors provided for by Notice 2020-39. Notice 2020-39 announced various extensions of deadlines for QOFs and their investors due to COVID-19 pandemic, each of which are discussed here.
A summary of the
On November 9, 2020, the IRS issued Notice 2020-75 (the “Notice”), which announced that the IRS intends to issue proposed regulations to clarify that state and local income taxes (“SALT”) imposed on and paid by a partnership or an S corporation, such as Connecticut’s Pass-through Entity Tax, are deductible by the partnership or S corporation
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
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
Prompted by COVID-19, the Connecticut Department of Revenue Services (DRS) is granting an automatic extension of Connecticut filing deadlines for some Connecticut tax returns due on or after March 15, 2020, and before June 1, 2020.
The returns subject to automatic extension and the new extended filing dates and payment deadlines are as follows:
Last year, the Connecticut General Assembly enacted the pass-through entity tax at the flat rate of 6.99% on most pass-through entities, including partnerships, S corporations and limited liability companies that are treated as partnerships or S corporations for federal income tax purposes. Initially, each individual owner of a pass-through entity was entitled to a refundable
There has been some new significant activity relating to Connecticut’s Pass-Through Entity Tax.
First, the Connecticut Senate and House have adopted and sent to the Governor for signature a 2019 Budget Bill. One of the provisions in the Budget Bill would reduce the amount of the personal income tax credit that is currently available to
On Friday, March 8, Bloomberg News published an article claiming that the IRS is likely to issue additional regulations regarding states’ efforts to circumvent the state and local tax deduction limitation put in place pursuant to the Tax Cuts and Jobs Act. Bloomberg News quotes Scott Dinwiddie, of the IRS’s Income Tax and Accounting Division
Shipman & Goodwin attorney Louis Schatz authored the article Connecticut’s Response to the Tax Cuts and Jobs Act of 2017 (Part I) for the New York State Society of Certified Public Accountants online tax publication, Tax Stringer. An excerpt from the article is provided below.
The Tax Cuts and Jobs Act of 2017 (TCJA)
Shipman & Goodwin attorneys Alan Lieberman and Robert Day will summarize Connecticut tax legislation enacted, court decisions rendered and administrative guidance published by the Connecticut Department of Revenue Services during 2018.
When: March 5, 2019
Where: Fairfield County Bar Association
970 Summer Street
Stamford, CT 06905
The 2018 session generated significant Connecticut tax