The tax implications of the COVID-19 outbreak are far-reaching and continually evolving. We have created this page to be a resource for the latest federal tax information, resources and guidance.
We will continually update these pages with the latest information and resources available.
FEDERAL TAX ALERTS & RESOURCES
WFH Deductions? Unemployment Benefits Taxable? Stocks, IRAs, and Donations? Answers to COVID-19 Tax Questions.
The COVID-19 pandemic has a far reaching impact. It’s no wonder that with everything going on there still remains some unanswered questions. Our team has
IRS Issues Notice that PPP Loan Expenses Are Not Deductible
Businesses that have their Paycheck Protection Program (PPP) loans forgiven may not get valuable tax breaks on their expenses, according to new guidance from the
CARES Act Provides Three New Tax Planning Opportunities for the Real Estate Industry
The COVID-19 outbreak will have a long-lasting impact on the commercial real estate industry, as many of their tenants are forced to contend with drastic
Main Street Business Lending Program – Fed, Treasury Launch $600 Billion Relief Effort for Small to Mid-sized Businesses
On April 9, the Federal Reserve announced additional actions it will take to provide up to $2.3 trillion, including as much as $600 billion in
IRS Extends More Tax Deadlines
Notice 2020-23 was released on April 9th and further expands the extension of time to file and pay until July 15th for numerous taxpayers. The
CARES Act Signed Into Law | Outline of Provisions for Businesses and Individuals
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has been signed by President Trump and passed into law as of March 27, 2020.
FREQUENTLY ASKED QUESTIONS
The most up-to-date information about filing deadlines and payments is available here:
Notice 2020-23 provides that filing requirements due between April 1, 2020 through July 15, 2020 have until July 15, 2020 to file.
Notice 2020-23 provides that filing requirements and other time-sensitive items due between April 1, 2020 through July 15, 2020 have until July 15, 2020 to file.
Notice 2020-23 provides that filing requirements and other time-sensitive items due between April 1, 2020 through July 15, 2020 have until July 15, 2020 to file.
Notice 2020-23 provides that filing requirements and other time-sensitive items due between April 1, 2020 through July 15, 2020 have until July 15, 2020 to file.
The new due date will be 10/15
HSA and IRA contributions are extended to 7/15.
Disclaimer: Team Lurie is diligently reviewing the latest news, adding resources and supplying links to third party websites. These links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by the Lurie LLP of any of the services of government agencies, organizations or businesses. Lurie LLP bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. Contact the external site for answers to questions regarding its content.
For Questions and Guidance on Federal Tax Alerts:
Matthew Brown
Partner, Tax Services
David Brauer
Partner, Tax Services
Julie Helms
Director, Specialty Tax Services
Michael Mondelli
Manager, Tax Services