Category Archives: Taxpayers

Subscribe to Taxpayers RSS Feed

Section 501(c)(3) Organization Prohibited Political Activities

Political activities of charities and other types of exempt organizations frequently rise in prominence in presidential election years.  Not only is the IRS sensitive to political activities in a presidential election year, private organizations frequently monitor election activities of charities and may report to the IRS violations of the political activity prohibition.  Consequently, it is … Continue Reading

IRS Provides Procedural Relief to Real Estate Businesses with Respect to Their Interest Deduction Limitation

Under the Tax Cuts and Jobs Act of 2017, the new Section 163(j) generally limits a taxpayer’s deduction of any business interest expense to 30% of the taxpayer’s adjusted taxable income (ATI) plus the taxpayer’s business interest income. However, certain real estate and farming businesses are permitted to make an irrevocable election to avoid the … Continue Reading

Employee Retention Tax Credit for Employers under the CARES Act

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law on March 27, 2020, contains a tax credit to encourage companies to continue paying employees if the business has been closed, or there has been a significant decline in sales due to Coronavirus Disease 2019 (COVID-19). This tax credit is … Continue Reading

GT ALERT – States Revise 2019 Tax Filing Deadlines

The Internal Revenue Service (IRS) has extended the filing date for 2019 tax returns from April 15 to July 15.  Several states also have extended filing deadlines and payment due dates for 2019 tax returns because of the Coronavirus Disease 2019 (COVID-19) pandemic. To read the full alert, click here.… Continue Reading
LexBlog