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
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
Prompted by the COVID-19 pandemic, the Treasury Department and the Internal Revenue Service (“IRS”) announced on March 21, 2020 that the federal income tax filing due date has been automatically extended from April 15, 2020 to July 15, 2020. The IRS further announced that taxpayers can also defer federal income tax payments due on April
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:
On Wednesday, March 11, the Internal Revenue Service (IRS) in Notice 2020-15 published its first formal guidance addressing the developing public health emergency wrought by the novel coronavirus, COVID-19. The Notice provides that a high deductible health plan (HDHP) that covers testing for and treatment of COVID-19 before satisfaction of the plan’s minimum deductible will
In our May 20 blog post, we noted we were following two bills – HB 7071 and SB 563 – pending in the Connecticut legislature that would have provided some welcome tax savings for Connecticut taxpayers facing substantial expenses for the home health care of their loved ones, and/or who may be purchasing long-term
On June 26, 2019, Governor Ned Lamont signed a $43.4 billion budget for the 2020 and 2021 fiscal years. The biennial budget addresses the projected $3.7 billion budget deficit for the period, but still increases spending by 1.7% in the 2020 fiscal year, and by 3.4% in the 2021 fiscal year. Although a letter dated