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Expenses Paid With Proceeds of Forgiven PPP Loans Are Not Deductible

The IRS issued Notice 2020-32 explaining that otherwise deductible business expenses paid for with the proceeds of a forgiven PPP loan are not deductible for federal income tax purposes. This means that when a taxpayer pays...more

IRS Provides Procedures for Taking Retroactive Bonus Depreciation on QIP

The IRS issued Rev. Proc. 2020-25 providing much-anticipated guidance for how taxpayers may take advantage of the retroactive change in the tax rules allowing for expensing of Qualified Improvement Property (QIP)....more

Guidance Released for Taxpayers Claiming Net Operating Losses Under CARES Act

Treasury and the IRS released Rev. Proc. 2020-24 (available here), providing guidance related to amendments in the CARES Act (Pub. L. No. 116-136) to the net operating loss (NOL) provisions of the Code to allow for the...more

CARES Act Includes Tax Rebates, Changes to Tax Cuts and Jobs Act, and Several Other Tax-Related Provisions

The Coronavirus Aid, Relief, and Economic Security Act (H.R. 748; the CARES Act) includes several tax-related provisions, including tax rebates, modifications to the Tax Cuts and Jobs Act (TCJA), hiring and paid leave...more

IRS FAQs Provide Additional COVID-19 Related Tax Deadline Guidance

The IRS released FAQs addressing the Treasury’s decision to move Tax Day (for both filing and payment) from April 15 to July 15, 2020....more

Minnesota Extends Time to File and Pay 2019 Individual Income Tax

The Minnesota Department of Revenue announced on March 23, 2020 that, in line with the extended federal deadlines, Minnesotans now have until July 15, 2020 to file their Minnesota individual income tax returns and to make tax...more

The Arizona Department of Revenue announced that it will postpone the deadline for filing and paying state income taxes from April...

The Arizona Department of Revenue announced that it will postpone the deadline for filing and paying state income taxes from April 15, 2020 until July 15, 2020, consistent with the extension of federal filing and payment...more

District of Columbia Extends Tax Deadlines in Conformity With Federal Extension

The D.C. Office of Tax and Revenue announced on March 23, 2020 that, in step with the federal deadline extensions announced by the IRS on March 20, 2020, the deadline for taxpayers to file and pay their 2019 individual,...more

Maryland Further Extends Tax Payment Deadline Due to COVID-19 Pandemic

Following the U.S. Treasury’s announcements last week extending the April 15 deadline for payment of federal income tax, Maryland announced a similar measure, postponing until July 15, 2020 all tax payments owed by business...more

Utah Tax Deadlines Continue to Automatically Follow Federal Guidance

Pursuant to Utah state statute, the individual income tax return filing deadline will continue to mirror the Federal deadline. According to Utah State Tax Commission (STC) Chair John Valentine, Utah thus automatically...more

Colorado Tax Payment Deadline Extended Due to COVID-19 Pandemic

Colorado Governor Jared Polis signed an executive order on March 20 extending the April 15, 2020 tax payment deadlines for all individuals and businesses to July 15, 2020....more

Georgia Extends Income Tax Deadlines to Align With IRS

The Georgia Department of Revenue (DOR) extended tax filing and payment deadlines for Georgia income taxes due on April 15, 2020, which makes Georgia another state to conform with the federal tax filing and payment...more

Virginia Extends Tax Payment Deadlines to June 1, Filing Date Remains Unchanged and Interest Will Accrue

Virginia Governor Ralph Northam announced that “while filing deadlines remain the same, the due date for payment of individual and corporate income tax will now be June 1, 2020.” However, the Virginia extension to pay, while...more

California Extends Tax Deadlines Due to COVID-19 Pandemic

On March 18, 2020, the California Franchise Tax Board (FTB) further postponed its state tax filing and payment deadlines to July 15 for all individuals and business entities for 2019 tax returns and payments, 2020 first and...more

New York State Extends Tax Filing Date in Lockstep with Federal Deadline Extension

Following U.S. Treasury Secretary Steve Mnuchin’s announcement via Twitter on Friday, March 20, that Treasury would be moving Tax Day from April 15 to July 15, New York Governor Andrew Cuomo’s Budget Director Robert Mujica...more

IRS Announces Extension of Payment Deadlines, But Not Filing Deadlines; Several Unanswered Federal and State Tax Questions Remain

As a result of the ongoing coronavirus disease (COVID-19) pandemic, the IRS granted taxpayers a limited extension to pay income taxes that are due on April 15, but there is no extension of the April 15 filing deadline. Tax...more

Utah Supreme Court Finds No Employer Protection in Rule of Professional Conduct

The Utah Supreme Court held that Rule 1.13(b) of the Utah Rules of Professional Conduct, which requires in-house counsel to report suspected illegal activity to upper management, does not reflect a “clear and substantial...more

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