Tax

Consolidated groups get NOL guidance

The IRS issued proposed and temporary regulations explaining how consolidated groups should apply the changes to the net operating loss rules enacted by the CARES Act.

Tips for untangling CARES Act tax quandaries

The global pandemic has offered many lessons in impermanence, including how parts of the tax reform legislation that seemed monumental upon its passage two and a half years ago have been temporarily rolled back to provide badly needed relief.

A tax marathon check-in

Ed Karl and Chris Hesse update us on how the 2020 marathon of a tax return filing season is going, whether the coronavirus-related return due date delay until July 15 is long enough, and what other relief taxpayers and their CPAs need.

Former kiddie tax rules restored

Congress reverses changes made to the kiddie tax in the Tax Cuts and Jobs Act, allowing affected taxpayers to amend their returns.

Ask the expert: Investing with an eye on taxes

Duncan Gates is Avantax’s Strategist–TSI Advisor Experience. In this role, he is responsible for providing education on tax-related topics and concepts, advisor training, and distribution of the Tax-Smart Investing platform.

Line items

PTIN fee to go down ... COD case holding affirmed ... Payments for faulty foundations are excludable

Rollover relief for required minimum distributions

The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.

Qualified opportunity zone rules are relaxed

In response to the COVID-19 pandemic, the IRS further postponed the 180-day deadline to invest in a qualified opportunity fund from July 15, 2020, to Dec. 31, 2020, extended other deadlines, and relaxed some qualified investment rules.

IRS permits remote signatures for plan loan consents

In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.

SPONSORED REPORT

Getting leases in line

ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.