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July 22, 2020
The IRS has just issued Revenue Procedure 2020-23 to address a problem caused under prior law by some tax changes under the CARES Act for partnerships. This procedure provides relief permitting partnerships to obtain the benefit of the new tax provision more quickly. The CARES Act includes a number of new tax deductions, particularly involving...
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COVID19 Updaye Text over Virus background
Employers are scrambling to find ways to help their employees who are impacted by the novel coronavirus (COVID-19). Help is available. Now that COVID-19 has been declared a national emergency,[1] Internal Revenue Code Section 139 can be used to allow employers to make tax-free payments or reimbursements to employees as “qualified disaster payments.” Below are...
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