WEBINAR: Monetizing the Tax Changes in the CARES Act for Real Estate Owners

covid tax news

WEBINAR: Monetizing the Tax Changes in the CARES Act for Real Estate Owners

April 17, 2020

Gettry Marcus CPA, P.C. presented: Monetizing the Tax Changes in the CARES Act for Real Estate Owners Topics that will be addressed include: Depreciation of qualified improvement property Suspension of loss limitation provisions Net-operating loss utilization Cost segregation maximization Wealth transfer with regards to real estate valuations Program Panelists Stephen Breitstone, Esq., Partner at Meltzer, Lippe, Goldstein & Breitstone, LLP, focuses on private wealth, business & real estate taxation. Stephen has the rare combination of skills as a transactional income tax attorney and as an estate planner. This combination enables him to effectively advise his private clients on their individual needs […]

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How to Receive Your Economic Impact Payment

April 13, 2020

From the AICPA Journal of Accountancy*: The IRS has launched an online portal for taxpayers who are eligible to receive an economic impact payment but who are not normally required to file an income tax return because their income is too low ($12,200 for individuals or $24,400 for married couples filing jointly for 2019). The online portal allows people to enter their required information, which the IRS will use to confirm their eligibility and then calculate and send them a payment. Under the Coronavirus Aid, Relief and Economic Security (CARES) Act. P.L.116-136, eligible individuals will receive an economic impact payment of up […]

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State Income and Sales Tax Extensions Due to the Pandemic Emergency

April 9, 2020

Most states are providing extensions. Here are recent developments in New York and our two contiguous states, Connecticut and New Jersey. Please contact your Gettry Marcus advisor for information on additional states. Connecticut Connecticut business tax returns are usually due one month after the federal return for the same entity. This applies to corporations and pass-through entities (e.g., partnerships and LLCs). The returns normally due between March 15, 2020, and May 31, 2020, are now due June 15th.  There is no extension for estimated tax payments that were due between March 15, 2020, and June 1, 2020, nor is there […]

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Depreciation Technical Correction for Qualified Improvement Property

April 6, 2020

The 2017 TCJA consolidated certain categories of depreciable property known as (1) qualified leasehold improvement property, (2) qualified restaurant property, and (3) qualified retail improvement property into one category called qualified improvement property (“QI Property”). The Committee Reports to the TCJA indicated that a general 15-year recovery period was to have been provided for QI Property. However, that specific recovery period failed to be reflected in the statutory text. As a result, QI Property fell into the 39-year recovery period for nonresidential rental property. That also made it ineligible for 100% Bonus Depreciation. The CARES Act provides a technical correction to […]

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Important Tax Update: Excess Business Losses, Retirement Plan Distributions & RMD Suspended

April 3, 2020

Modification of Limitation on Losses for Noncorporate Taxpayers Before the enactment of the 2017 TCJA, noncorporate taxpayers were allowed to use business deductions to reduce or eliminate their nonbusiness income in the same tax year.  The TCJA added a provision disallowing the deduction of “excess business losses” by noncorporate taxpayers for tax years beginning after Dec. 31, 2017, and ending before Jan. 1, 2026. An excess business loss is the excess of the (1) taxpayer’s aggregate trade or business deductions for the tax year over (2) the sum of the taxpayer’s aggregate trade or business gross income or gain plus […]

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Important Tax Update: Changes to NOLs, Charitable Donations, & Stimulus Check

April 2, 2020

Changes to Net Operating Losses (NOLs) Under the TCJA of 2017, NOLs incurred after 2017 could only be carried forward, and could only offset 80% of taxable income in the year they were utilized.  The CARES Act temporarily removes the taxable income limitation to allow an NOL carry forward to fully offset income for tax years beginning before 2021. For tax years beginning after 2021, taxpayers will be able to take: (1) a 100% deduction of NOLs arising in tax years prior to 2018, and (2) a deduction limited to 80% of taxable income for NOLs arising in tax years […]

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CARES Act – Key Tax Provisions

March 27, 2020

Congress has passed the CARES Act. The following is a brief summary of the key tax provisions affecting individuals and businesses. More detailed information will be provided in the near future. Many of these provisions are retroactive and may require guidance from the IRS. Provisions Affecting Individuals Individual recovery rebate/credit – A tax credit for 2020 will be advanced to eligible individuals in the form of a stimulus payment. Eligibility begins to phase-out for single individuals whose adjusted gross income is $75,000 and for individuals filing a joint return at $150,000. The credit is $1,200 per individual and $500 for each […]

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Important Tax Update

March 20, 2020

We want to keep you up to date on developments affecting your tax situation during the ongoing health crisis. Please remember that the situation is fluid and things may change rapidly. Postponement of April 15 filing deadline: IRS announced that the April 15 filing deadline will be pushed back to July 15 for all income tax returns. It is not necessary to file an extension. An additional extension of time to October 15 can be requested by July 15. Postponement of tax payments:  The IRS has provided tax payment relief for any person with a federal income tax payment due […]

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