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Archives for April 2020

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

April 24, 2020   |   Posted in: Affordable Housing, Tax Laws, Timely News

Washington D.C. capital building at dusk.

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 to years beginning in 2020 only, and not to years beginning in 2019. The LIHTC partnership may elect to not ... more

Changes to Filing of Amended Partnership Returns Under Revenue Procedure 2020-23

April 24, 2020   |   Posted in: Tax Laws, Timely News

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On April 8, 2020, the IRS issued Revenue Procedure 2020-23 (Rev. Proc. 2020-23), which allows an eligible partnership to file an amended partnership return for taxable years beginning in 2018 and 2019 using Form 1065, U.S. Return of Partnership Income (Form 1065), with the “Amended Return” box checked, and issue an amended Partner’s Share of Income, Deductions, Credits, etc. (Schedule K-1), to each of its partners. Eligible partnerships are only ... more

Expanded Relief for Tax Filing and Payment Due Dates

April 23, 2020   |   Posted in: Tax Laws, Timely News

The IRS has issued a series of notices (Notice 2020-17, Notice 2020-18 (superseded Notice 2020-17), Notice 2020-20, and Notice 2020-23) in an effort to provide administrative relief to those taxpayers affected by COVID-19.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 2020-23 amplifies the earlier notices and greatly expands the July 15, 2020 ... more

Paycheck Protection Program Part II

April 23, 2020   |   Posted in: Tax Laws, Timely News

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 than two weeks due to overwhelming demand. The bill now goes to the House, which is expected to vote on ... more

Accounting for Forgivable Loans and Other Revenue

April 13, 2020   |   Posted in: Charitable Giving, Not For Profit

Bundles of money with ribbons around it.

With recent passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, 501(c)3 non-profit organizations and 501(c)19 veterans organizations with 500 or fewer employees (or that meet SBA size industry standards) can apply for emergency relief. Part of that relief comes in the form of potentially forgivable loans through the U.S. Small Business Administration. In our last blog post on revenue recognition, we talked about how to ... more


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