Tag: taxes

Employer-Focused Tax Changes in Senate Coronavirus Relief Bill

Filed in Advocacy, Disaster Response by on July 28, 2020 0 Comments
Employer-Focused Tax Changes in Senate Coronavirus Relief Bill

The Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act introduced in the Senate yesterday includes four notable tax provisions, including substantial modifications to the existing Employee Retention Tax Credit.

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IRS Not Extending July 15 Tax Deadline

Filed in Economics by on June 30, 2020 0 Comments
IRS Not Extending July 15 Tax Deadline

The Department of Treasury and IRS has announced the July 15 tax-filing and payment deadline will not be extended a second time due to the coronavirus pandemic. The IRS originally extended the April 15 deadline as a result of the pandemic. However, individuals taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15.

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IRS Proposes Rule on Like-Kind Exchanges

Filed in Multifamily by on June 12, 2020 2 Comments
IRS Proposes Rule on Like-Kind Exchanges

The Internal Revenue Service has released a draft regulation to define a like-kind property that is held for investment, trade or business purposes under Section 1031 of the tax code (governing like-kind exchanges). The IRS will accept comments through Aug. 11.

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Businesses with PPP Loans Now Eligible for Payroll Tax Deferral

Filed in Advocacy, Disaster Response, Economics by on June 5, 2020 0 Comments
Businesses with PPP Loans Now Eligible for Payroll Tax Deferral

President Trump has signed into law the Paycheck Protection Program Flexibility Act, which makes a number of positive changes to the Payroll Protection Program (PPP). Among these changes, business owners who take out a PPP loan and have that loan forgiven are now eligible to delay their payroll tax payments.

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IRS Reverses Guidance on Employee Retention Tax Credit

Filed in Codes and Standards, Labor by on May 8, 2020 0 Comments
IRS Reverses Guidance on Employee Retention Tax Credit

In response to concerns raised by a bipartisan group of lawmakers, the IRS has reversed guidance to allow employer-paid health insurance costs to be eligible for the employee retention tax credit, even if the employer has furloughed workers and is not otherwise paying wages.

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IRS Broadens Tax Return Filing in Response to COVID-19

Filed in Codes and Standards, Disaster Response by on April 13, 2020 3 Comments
IRS Broadens Tax Return Filing in Response to COVID-19

The IRS has significantly broadened its tax return filing and payment relief in response to COVID-19. According to Notice 2020-23, nearly all taxpayers with a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020, will now have until July 15, 2020 to file returns and make payments without penalties or interest.  In a prior notice, deadlines were only extended for tax forms and payments due April 15, 2020.

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IRS Releases New Form for Businesses to Claim Advance Payments

Filed in Disaster Response, Economics by on April 1, 2020 0 Comments
IRS Releases New Form for Businesses to Claim Advance Payments

Any business who will be claiming the employee retention credit, sick leave credit, and/or family medical leave credit, to the extent these credits exceed their payroll tax liabilities, can file IRS Form 7200 to get an advance on their anticipated tax refund.

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Treasury Defers Tax Payments, Waives Interest and Penalties for 90 Days

Filed in Economics by on March 17, 2020 2 Comments
Treasury Defers Tax Payments, Waives Interest and Penalties for 90 Days

Treasury Secretary Steve Mnuchin announced on March 18 that households and small businesses can defer tax payments without interest or penalties for 90 days.

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IRS Provides Clarity on LIHTC Income Limits

Filed in Economics, Multifamily by on February 11, 2020 0 Comments
IRS Provides Clarity on LIHTC Income Limits

The Internal Revenue Service recently released revenue ruling 2020-4 that instructs taxpayers how to calculate Low-Income Housing Tax Credit (LIHTC) income limits should they choose to use the income averaging minimum set-aside test to meet LIHTC eligibility and compliance requirements.

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Congress Revives Expired Tax Extenders, Makes Other Key Tax Changes

Filed in Advocacy, Sustainability and Green Building by on December 17, 2019 4 Comments
Congress Revives Expired Tax Extenders, Makes Other Key Tax Changes

Congress approves a package of tax changes that include a number of provisions sought by NAHB, including a series of temporary tax provisions known as “tax extenders.”

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