As we noted in our alerts on March 19 and March 20, Treasury extended certain income tax filing and payment dates to July 15, 2020. On April 9, in Notice 2020-23, many more deadlines have been extended. Payment obligations...more
This alert summarizes (in alphabetical order by state) several types of state and local tax relief available as of April 9, 2020, in states where our offices are located and in selected other states. ...more
The IRS issued Rev. Proc. 2020-23 allowing partnerships subject to the BBA partnership audit rules to file amended returns to take advantage of retroactive tax benefits in the CARES Act, including the qualified improvement...more
Use & Occupancy Tax Relief -
On March 31, 2020, the City of Philadelphia Revenue Department announced that businesses that do not have access to their place of business because of the mayor’s March 17, 2020 order closing...more
As we discussed, the Pennsylvania Department of Revenue (DOR) announced that Pennsylvania personal income tax (PIT) deadlines would conform to federal deadlines, and that PIT returns and payments due April 15, 2020 were...more
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
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
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 15, 2020 until July 15, 2020, consistent with the extension of federal filing and payment...more
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
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
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 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
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 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
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
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
The City of Philadelphia Revenue Department announced administrative extensions to the due dates for 2020 real estate taxes (originally due March 31, 2020) and 2019 business taxes (originally due April 15, 2020)....more
In guidance available on its website, the Pennsylvania Department of Revenue announced extensions for personal income tax (PIT) returns and payments due April 15, 2020, until July 15, 2020 (conforming to similar IRS...more
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
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
3/23/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Federal Taxes ,
Filing Deadlines ,
Guidance Update ,
Income Taxes ,
IRS ,
Relief Measures ,
Tax Extensions ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
In response to the COVID-19 crisis, Treasury Secretary Steve Mnuchin announced via Twitter that Treasury is “moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and...more
3/20/2020
On Wednesday, March 18, 2020, the Families First Coronavirus Response Act (FFCRA or the Act) became law. While only a small portion of the Act affects taxes, the Act provides federal tax credits for paid sick leave and family...more
The U.S. Department of Treasury published Final Regulations for the Qualified Opportunity Zone (QOZ) program on January 13, 2020, which answer many, but not all, of the questions arising from the Proposed Regulations released...more
1/15/2020
/ Capital Gains ,
Carried Interest ,
Carried Interest Tax Rates ,
Community Development ,
Economic Development ,
Final Rules ,
Grace Period ,
Incentives ,
Intangible Property ,
Investment Funds ,
IRS ,
Opportunity Zones ,
Pass-Through Entities ,
Property Improvements ,
Property Valuation ,
Qualified Opportunity Funds ,
Real Estate Development ,
Real Estate Investments ,
Real Estate Transactions ,
Regulatory Requirements ,
Retail Installment Sales Contracts ,
Statutory Interpretation ,
Step-Up Basis ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Planning ,
U.S. Treasury
In Duffield House LP v. City of Philadelphia–a case involving assessment appeals by approximately 700 owners and lessees of commercial and industrial properties in the City–Philadelphia County Court of Common Pleas Judge Gene...more