Articles and Blogs

On July 14, 2020, the Internal Revenue Service (the “IRS”), in response to the ongoing COVID-19 pandemic, issued Notice 2020-56 (the “Notice”) further postponing to December 31, 2020, the deadline for tax-exempt hospital organizations to complete a Community Health Needs Assessment (“CHNA”) and adopt an implementation strategy to meet the community health needs identified... READ MORE

On April 23, 2020, the Department of Treasury and the Internal Revenue Service issued proposed regulations related to the ‘silo’ rules for Unrelated Business Taxable Income (“UBTI”). Under Internal Revenue Code (“Code”) Section 512(a)(6), as added to the Code through the Tax Cuts and Jobs Act in 2017, tax-exempt organizations must calculate their UBTI... READ MORE

The Department of Treasury (“Department”) and Internal Revenue Service (“IRS”) have confirmed that tax-exempt organizations have an extension until July 15, 2020 to file their Forms 990-series annual information returns, as well as various other returns. While certain aspects of this relief are automatic, tax-exempt hospitals and other tax-exempt organizations should consider their particular... READ MORE

On April 9, 2020, the Internal Revenue Service (“IRS”) released Notice 2020-23 (the “Notice”), which provides additional relief for real estate investors affected by the ongoing COVID-19 pandemic. Among other actions, the Notice extends the deadline until July 15, 2020 for certain time-sensitive real estate investments with due dates occurring between April 1, 2020... READ MORE

In response to the COVID-19 pandemic, the Department of the Treasury and the Internal Revenue Service (“IRS”) recently issued several pieces of guidance this week on the various tax credits established for employers under the Families First Coronavirus Relief Act (“FFCRA”) and the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). Below is... READ MORE

As employers and employees continue to grapple with the spread of COVID-19, an employer‑sponsored leave-sharing program can be a good tool to help alleviate the strain on employee populations that encounter circumstances where they need time away from work. If structured and administered properly, certain leave-sharing arrangements allow employees to donate PTO, medical leave... READ MORE

On Friday, March 20, 2020, the Treasury Department (“Treasury”), Internal Revenue Service (“IRS”) and the Department of Labor (“Labor”) issued a news release that offered very preliminary information about the implementation plan for the paid leave and related payroll tax credit provisions contained in the Families First Coronavirus Response Act (the “Act”), which was... READ MORE

On the heels of the announcement earlier this week by the Treasury Department (the “Treasury”) and the Internal Revenue Service (the “IRS”) that delayed the Federal tax payment deadline from April 15, 2020, to July 15, 2020, Treasury Secretary Steve Mnuchin has signaled on Twitter that the corresponding filing deadlines will also be automatically... READ MORE

Click here for information on the filing deadline extension. Separately from the enactment of the Families First Coronavirus Response Act by Congress on Wednesday, March 18, 2020, the Treasury Department and the Internal Revenue Service (“IRS”) issued Notice 2020-17 to provide special payment relief to individuals and businesses in response to COVID-19. Under the... READ MORE

Have you ever asked or been asked, “What can I put away for my retirement next year?” The answer could be different for almost every year. Most of the limitations in the Internal Revenue Code are indexed with inflation. They increase in many years but not all. The IRS and Social Security Administration have... READ MORE