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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

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

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

IRS Provides Additional Guidance Regarding Changing Tax Day to July 15

Following Treasury Secretary Steve Mnuchin’s Twitter announcement that Tax Day would be moved from April 15 to July 15, 2020, in response to the ongoing coronavirus crisis, the IRS released Notice 2020-18 (available here)...more

Partners Must Pay Self-Employment Tax on Partnership Income—Even From a 'Disregarded Entity'

The IRS has published Final Regulations finalizing its prior guidance that partners in a partnership must pay self-employment tax on their partnership income, even if they work for an entity owned entirely by the partnership...more

QOZ Update: IRS Provides Relief for Early Investments of Net Section 1231 Gain

There are many complex and confusing aspects to the qualified opportunity zone (QOZ) program, and the treatment of Section 1231 gain is no exception.  Internal Revenue Code Section 1231 applies to depreciable property and...more

IRS Finalizes Regulations Disallowing Workarounds for State and Local Taxes

The IRS recently published Final Regulations and Notice 2019-12 largely blocking state efforts to circumvent limitations on deductions for state and local taxes. (See our alert on the Proposed Regulations, issued in August...more

Update on Qualified Opportunity Zones: Second Set of Guidance Issued

OVERVIEW OF QUALIFIED OPPORTUNITY ZONE PROGRAM - The Qualified Opportunity Zone (QOZ) program, introduced in 2017’s Tax Cuts and Jobs Act, is a new incentive program for investments in over 8,700 QOZs located in all 50...more

IRS Proposes Regulations Disallowing Deductions for Charitable Contributions Paid in Lieu of State and Local Taxes

The IRS proposed regulations (the Proposed Regulations) on August 23, 2018, that would largely block state efforts to circumvent new limitations on income tax deductions for state and local taxes and would affect many current...more

PA Commonwealth Court Holds NOL Tax Deduction Cap is Unconstitutional, Creating Potential Refund Opportunities

The Pennsylvania Commonwealth Court unanimously held in a 7-0 decision that Pennsylvania's net operating loss (NOL) cap that limits a corporation's ability to deduct NOL carryforwards for corporate net income tax (CNIT)...more

IRS Proposes To Eliminate ‘Confusing’ 36-Month Non-Payment Testing Period for Cancellation of Debt

The Internal Revenue Service recently proposed very well-received regulations under Section 6050P of the Internal Revenue Code (the Code) that would eliminate the requirement for financial entities to treat debt as canceled...more

Supreme Court Rules That Severance Payments Are Subject to FICA Taxes

The U.S. Supreme Court has unanimously held that payments of supplemental unemployment benefits (SUB payments) are taxable wages subject to FICA tax withholding. The Court’s decision in United States v. Quality Stores, Inc.,...more

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