Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 23, 2020 – November 27, 2020... November 23, 2020: The IRS released TD 9935, providing...more
Summary - On June 11, 2020, the Treasury Department released proposed regulations regarding like kind exchanges under Internal Revenue Code section 1031 (“1031 Exchange”). The regulations clarify a number of outstanding...more
Notice 2020-23 generally provides taxpayers until July 15, 2020 to perform certain time-sensitive actions in response to the COVID-19 pandemic. Notice 2020-23, released on April 9, 2020, provides taxpayers who are...more
As we reported in our previous client alert, "Federal and State Tax Actions in Response to COVID-19," the IRS has extended until July 15, 2020, the deadline for filing income, gift and GST tax and information returns, and...more
The Department of Treasury and the Internal Revenue Service (the “IRS”) have issued IRS Notice 2020-23 (the “Notice”), which extends several deadlines that fall between April 1, 2020 and July 15, 2020. The IRS has changed...more
On April 9, 2020, the Internal Revenue Service issued Notice 2020-23 extending certain deadlines provided by the Internal Revenue Code for taxpayers either engaging in Section 1031 like-kind exchanges or making investments in...more
On April 09, 2020, the Department of Treasury and the IRS announced Notice 2020-23, which extends key tax deadlines related to Section 1031 Like-Kind Exchanges and Opportunity Zones. With respect to Like-Kind Exchanges, if...more
As reported in our recent Client Alert, the IRS continued its series of tax relief announcements related to the COVID-19 emergency when it issued Notice 2020-23. This alert provides more detailed guidance on IRS Notice...more
On April 9, 2020, following issuance by the President of the United States of an emergency declaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act on March 13, 2020, the Secretary of the U.S....more
Yesterday, the Internal Revenue Service issued Notice 2020-23, which updates and amplifies its earlier guidance under Notice 2020-18 and Notice 2020-20, discussed in our earlier Client Alert. Compared to previous grants of...more
As the coronavirus (COVID-19) continues to sweep through the United States, many real estate owners and developers are wondering what impact this pandemic may have on current and future transactions. Specifically, many are...more