COVID-19 General News

FATCA Reporting Deadline Extended

IRS Extends FATCA Reporting Deadline to July 15 Because of the ongoing novel coronavirus (COVID-19) crisis, the IRS has granted an extension to file Form 8966, “FATCA Report,” for Reporting Model 2 Financial Institutions and Participating Foreign Financial Institutions. Here are some key details. Background on Filing The Foreign Account Tax Compliance Act (FATCA) requires…

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HEROES Act: Details Available

HEROES Act: What We Know Late Friday, May 15, 2020, the U.S. House of Representatives passed a $3 trillion coronavirus stimulus bill, H.R. 6800, titled the “Health and Economic Recovery Omnibus Emergency Solutions Act” (HEROES Act).  The 1,815-page bill is very broad and contains provisions impacting businesses, individuals, farmers, state and local governments, recipients of certain…

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SBA Good Faith Certification for PPP Loans

Anticipated Guidance Issued From the SBA Regarding Good Faith Certification Related to PPP Loans by Anita Anand, JD The Paycheck Protection Program enacted as part of the CARES Act on March 27, 2020, recently garnered attention on the recipients of the loans. Specifically, the media identified public companies that received the loans and were viewed by…

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COVID-19 Relief: Nonresident Aliens, Foreign Corporations

COVID-19 Relief Available to Some Nonresident Aliens, Foreign Corporations In recent guidance, the IRS provided relief to nonresident aliens and foreign corporations affected by the novel coronavirus (COVID-19) pandemic. More specifically, the relief applies to eligible parties who normally wouldn’t conduct business in the United States but have done so because they couldn’t leave the…

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CARES Act Retroactive Relief Allow for Amended Returns

CARES Act Provides 4 Possible Reasons to File an Amended Return The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of that tax relief is retroactive. These provisions can affect 2018 and 2019 returns that have already been filed. One retroactive…

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