COVID-19 Tax News

COVID-19 Crisis May Affect Tax Angles for Rental Property Losses

Economic fallout from the COVID-19 crisis will cause many rental real estate properties to run up tax losses in 2020 — and possibly beyond. Here’s a summary of important federal income tax rules for such losses. What You Can Write Off Rental property owners can deduct mortgage interest and real estate taxes. They can also…

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COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines

COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines As a COVID-19 relief measure, the IRS has postponed many of the usual federal tax filing and payment deadlines, along with the deadlines for taking certain other tax-related actions. Generally, deadlines for federal income tax return filing and payments that would otherwise fall on or after…

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IRS outlines CARES Act changes to health care spending

IRS outlines changes to health care spending available under CARES Act IRS-2020-122, June 17, 2020 WASHINGTON — The Internal Revenue Service has advised that new rules under the CARES Act provide flexibility for health care spending that may be helpful in the current environment where more people may need at-home services due to measures to…

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Last-Minute Strategies for Businesses that Deferred Filing Tax Returns

Last-Minute Strategies for Businesses that Deferred Filing Tax Returns During the COVID-19 crisis, some key tax deadlines were postponed until July 15, 2020. If your business and/or personal federal income tax return is still awaiting completion, you may have significant retroactive tax-planning flexibility. The same holds true for individuals who own interests in pass-through business…

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Net Operating Loss Revisions in an Uncertain Environment

The Impact of Net Operating Loss Revisions in an Uncertain Environment By Matthew J. Steinberg, CPA 2020…we are a third of the way through the year, but if you ask most people it feels like it has been a year and some already. The year 2020 will be remembered to most as the year coronavirus,…

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