Month: April 2020

Washington D.C. capital building at dusk.

Changes to Sec. 163(j) that Impacts LIHTC Partnerships under CARES Act

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) amended Section 163(j) to allow many taxpayers to deduct more business interest expense for taxable years beginning in 2019 and 2020 by increasing the limitation from 30% of Adjusted Taxable Income (ATI) to 50% of ATI. For partnerships, the increase to 50% of ATI applies

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Expanded Relief for Tax Filing and Payment Due Dates

The IRS has issued a series of notices (Notice 2020-17, Notice 2020-18 (superseded Notice 2020-17), Notice 2020-20, and Notice 2020-23) in an effort to provide administrative relief to those taxpayers affected by COVID-19.  Collectively, these notices extend the filing and payment deadlines to July 15, 2020 for various returns and payments. The latest IRS Notice

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Paycheck Protection Program Part II

The Senate passed a bill of nearly $480 billion on Tuesday afternoon to extend funding for the Paycheck Protection Program (PPP), provide additional funding for hospitals, and expand funding for COVID-19 testing. Some $310 billion is earmarked for the PPP, which last week had exhausted all of the program’s initial $349 billion funding in less

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