2020 depreciation limits for cars and trucks are issued

2020 depreciation limits for cars and trucks are issued

The IRS on Wednesday issued the limitations on depreciation deductions for passenger automobiles first placed in service in 2020 and the amounts of income inclusion for lessees of passenger automobiles first leased during 2020 (Rev. Proc. 2020-37). For these purposes,...
Consolidated groups get NOL guidance

Consolidated groups get NOL guidance

The IRS issued proposed (REG-125716-18) and temporary regulations (T.D. 9900) to provide guidance for consolidated groups on the treatment of net operating losses (NOLs) after recent statutory changes. Both the law known as the Tax Cuts and Jobs Act (TCJA), P.L....

IRS will not postpone July 15 deadline

The IRS announced late on Monday that it will not further postpone federal tax filing and payment deadlines beyond July 15 (IR-2020-134). In response to the hardships caused by the COVID-19 pandemic, most tax deadlines between April 1 and July 15 were moved to July 15...
Rollover relief for required minimum distributions

Rollover relief for required minimum distributions

In Notice 2020-51, the IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, suspended the RMD requirement for 2020 in response to the...