Matthew Pore | Albin, Randall and Bennett

IRS Issues Notice 2020-39: Provisions Provided for QOF Investors Affected by COVID-19

The 2017 Tax Cuts and Jobs Act introduced legislation surrounding the Opportunity Zone Program, a tax incentive program allowing tax breaks for those investing in Qualified Opportunity Zones (QOZs). The investments, in turn, initiate economic development and job creation within these designated communities under economic distress.  As with almost every aspect of our personal and

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Taxpayer COVID-19 Filing and Tax Payment Relief

The IRS has released Notice 2020-18 which supersedes Notice 2020-17.  This notice follows additional statements from Treasury Secretary Mnuchin on Friday March 20th about providing filing extension relief to Taxpayers.  The notice provides that the due date of Federal income tax returns for Affected Taxpayers is automatically postponed to July 15, 2020.  Affected Taxpayers do

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IRS Extends Federal Filing Deadline to July 15, 2020

Today the US Treasury extended the filing deadline date for federal returns to coincide with the payment due date extension that was announced earlier this week.   Treasury Secretary Mnuchin announced via Twitter that the Treasury and IRS “are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to

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