COVID-19: News

COVID-19 Update: Senate Passes CARES Act

March 2020

On March 25, 2020, the United States Senate passed the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, which addresses the economic fallout of the COVID-19 pandemic in the United States. The CARES Act is referred to as “Phase 3” of Congress’s COVID-19 response, following the Coronavirus Preparedness and Response Supplemental Appropriates Act and the Families First Coronavirus Response Act (“FFCRA”). The House of Representatives still needs to approve the Senate bill and once the

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Income Tax and Estate Planning Techniques in a Volatile Economic Environment

March 2020

First, and foremost, we are thinking about all our clients, colleagues, and friends, and we hope everyone is safe and healthy at this challenging time. As we write this alert, the stock market’s major indices have lost about a third of their value over the past several weeks and interest rates have been reduced again, as a result of the government’s efforts to support the economy. From a tax professionals’ standpoint, we wanted to communicate some planning opportunities presented by this unfor

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COVID-19 Update #2: Federal, State, and Local Tax Deadline Changes

March 2020

On March 20, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-18 (the “Notice”) granting relief to taxpayers affected by the COVID-19 pandemic under Internal Revenue Code (“I.R.C.”) section 7508A(a). The Notice supersedes IRS Notice 2020-17, issued on March 18, 2020.

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COVID-19 Update #1: Federal, State, and Local Tax Deadline Changes

March 2020

On March 18, 2020, the Internal Revenue Service issued Notice 2020-17 (the “Notice”) granting relief to taxpayers affected by the COVID-19 pandemic under Internal Revenue Code § 7508A(a). Pursuant to the emergency declaration issued by the President of the United States under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, the Notice provides tax relief to any Affected Taxpayer, defined as any person (individuals and C Corporations) with a Federal income tax payment due Apri

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