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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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Estate Planning Opportunities Amid COVID-19
Category: Coronavirus (COVID-19), Tax
As we all cope with the new challenges posed by COVID-19, we wanted to review opportunities currently available amid this unusual time. ESTATE PLANNING The current pandemic has caused U.S. markets to lose considerable value. It is a good time to consider using your gift tax exemption (currently…
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Five Fast Facts About Qualified Spousal Trusts
Category: Tax
The Qualified Spousal Trust Act (the “Act”) was passed by the Arkansas Legislature during the Spring 2019 Legislative Session. The Act applies to joint revocable trusts created by married individuals prior to or after the July 16, 2019 effective date of the Act, assuming that certain requirements…
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8th Circuit Affirms that the Reasonable-Basis Defense to Negligence Tax Penalty Requires Actual Reliance on the Relevant Authority
Category: Eighth Circuit Appellate , Tax
The Internal Revenue Regulations provide for a defense from the 20% negligence penalty imposed under Section 6662(a) of the Internal Revenue Code only where the taxpayer’s “return position is reasonably based on one or more [relevant] authorities.” 26 C.F.R. § 1.6662-3(b)(3) (emphasis added). In…
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IRS Extends Deadlines for Like-Kind Exchanges to July 15th amid COVID-19 Pandemic
Category: Coronavirus (COVID-19), Tax
Due to the ongoing COVID-19 pandemic, the IRS has granted taxpayers an automatic extension for the deadlines imposed by section 1031 of the Tax Code for like-kind exchanges. In IRS Notice 2020-23, released on April 9, 2020, the IRS announced that any person performing a “Specified Time-Sensitive…
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The Between the Lines blog is made available by Mitchell Williams Law Firm and the law firm publisher. The blog site is for educational purposes only, as well as to give general information and a general understanding of the law. This blog is not intended to provide specific legal advice. Use of this blog site does not create an attorney client relationship between you and Mitchell Williams or the blog site publisher. The Between the Lines blog site should not be used as a substitute for legal advice from a licensed professional attorney in your state.