Rev. Proc. 2021-20: A Safe Harbor for Missed PPP Deductions
On April 22, 2021, the IRS issued Revenue Procedure 2021-20, which provides a safe harbor allowing taxpayers who did not deduct expenses paid with forgiven PPP loans in 2020 to deduct those expenses in the next tax year. The failure to deduct those expenses was consistent with IRS guidance at Continue Reading …
Tax Provisions in the American Rescue Plan Act of 2021
On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”), a $1.9 trillion economic stimulus package and comprehensive COVID relief bill that provides a wide range of assistance to businesses and individuals. As with the COVID-related Acts preceding it, ARPA facilitates much of Continue Reading …
Final Regs Defining ‘Real Property’ for Section 1031: IRS Gets It Right With ‘State Law Plus’
Jon Christianson and Matthew Carlson of Boutin Jones Inc., together with Louis Weller of Weller Partners, LLP, and Richard Lipton of Baker & McKenzie, LLP, were co-authors of an article that was recently published in the February 2021 issue of the Journal of Taxation titled, “Final Regs Defining ‘Real Property’ Continue Reading …
Opportunity Zones: Further Extensions in the Land of Oz
Good news from the Land of Oz: on January 19, 2021, the IRS issued Notice 2021-10, which extends the relief granted to qualified opportunity funds (“QOFs”) and their investors in previous Notice 2020-39. Notice 2021-10 (the “Notice”) extends due dates until either March 31, 2021 or June 30, 2021, in Continue Reading …
IRC Sections 121 and 1031—Gain Exclusion and Deferral Riding Tandem
Intro. The residential real property market has been active recently for rental houses and principal residences It is perhaps for this reason that I have received several inquiries about the use of IRC Section 121 to exclude gain, the use of IRC Section 1031 to defer gain, and the potential Continue Reading …