Another taxpayer has been stung by using the wrong version of a private delivery service, FedEx “Express Saver,” resulting in the late filing of an important tax document.
Filing Requirements for U.S. Tax Court Petitions-...more
A recent United States Tax Court memorandum decision demonstrates once again the importance of understanding the rules for timely filing your tax return. See John P. Zaimes v. Commissioner of Internal Revenue. If a tax return...more
Before the enactment of the 2017 Tax Cuts and Jobs Act (TCJA), qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property had a 15-year recovery period for depreciation...more
6/16/2020
/ Bipartisan Budget Act ,
CARES Act ,
Coronavirus/COVID-19 ,
Depreciation ,
Filing Deadlines ,
IRS ,
K-1 ,
Partnerships ,
Property Improvements ,
Revenue Procedures ,
Tax Cuts and Jobs Act ,
Tax Returns
Treasury and IRS announced earlier this week that the time for paying taxes will be extended 90-days. See “IRS Does Not Extend Time to File Tax Returns, But Does Extend Time to Pay Taxes.” Today, Treasury Secretary Mnuchin...more
On Wednesday, March 18, 2020, the IRS issued Notice 2020-17, which grants taxpayers a 90-day extension to pay the taxes due on their 2019 tax returns. The Notice does not extend the time to file tax returns. Of course, as is...more