Between the Lines Blog

Arkansas Enacts a Version of the Uniform Directed Trust Act: Relief for "Directed Trustees" Begins in 2020
Category: Tax
Being a trustee means complying with the highest applicable standard of duty under the law—fiduciary duty. A person who stands in a fiduciary relationship over another person cannot act, or fail to act, in a way that harms the beneficial interests of the fiduciary’s charge. (This “charge” can be…
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IRS Confirms No Further Personal Tax Return Filing Extension Beyond July 15 Deadline
Category: Tax
In a News Release yesterday afternoon, the IRS confirmed that the tax filing and payment deadline of July 15 will not be further extended. (In a March News Release, the IRS had previously extended the April 15 filing deadline to July 15.) However, automatic extensions of the filing deadline are…
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IRS Announces Settlement Program for Certain Syndicated Conservation Easement Cases Docketed in the Tax Court
Category: Tax
In News Release 2020-130 issued yesterday, the IRS Office of Chief Counsel announced a time-limited settlement offer for certain taxpayers with pending docketed Tax Court cases involving syndicated conservation easement transactions. Taxpayers eligible for this settlement offer will be notified…
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PPP Flexibility Act Makes Several Business-Friendly Changes to PPP Loan Program
Category: Business, Coronavirus (COVID-19), Tax
On Friday, June 5, 2020, President Trump signed the “Paycheck Protection Program Flexibility Act of 2020,” which makes the several welcome changes to the PPP loan provisions of the CARES Act, enacted on March 27, 2020. The Flexibility Act’s changes to the PPP Loan program include the following: …
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IRS Denies Deductions for Expenses Paid with PPP Funds – For Now
Category: Coronavirus (COVID-19), Tax
In IRS Notice 2020-32 issued on April 30, 2020, the IRS has clarified that no deduction is allowed for expenses paid with funds loaned to a business through the CARES Act’s Paycheck Protection Program if payment of the expense results in forgiveness of the loan. However, members of Congress are…
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