CARES Act Update: IRS Provides Guidance to Partnerships to Take Advantage of Liquidity Benefits

On April 8, 2020, the Internal Revenue Service (IRS) issued Rev. Proc. 2020-23 in response to the Coronavirus Aid, Relief and Economic Security (CARES) Act. Rev. Proc. 2020-23 eases restrictions on partnerships’ ability to file amended tax returns and issue amended Schedules K-1 in order for their partners to avail themselves of the retroactive tax relief provided by the CARES Act.

Access the full article.

Kevin J. FeeleyKevin J. Feeley
Kevin J. Feeley focuses his practice on the taxation of complex transactions, with particular emphasis on structuring and implementing partnership and limited liability company transactions, including joint ventures and private equity investments. In addition, Kevin has extensive experience in structuring mergers and acquisitions, tax-free reorganizations, recapitalizations and restructurings of financially troubled companies. He also has advised closely held companies, family offices, S corporations and cooperative organizations on tax planning issues and strategies. Read Kevin Feeley's full bio.


David SherwoodDavid Sherwood
David D. Sherwood focuses his practice on a broad range of domestic tax issues affecting corporations, joint ventures and their owners, including the tax treatment of spin-offs and other restructurings, consolidated returns, the availability of deductions on the worthlessness or other disposition of stock, and the formation of investment partnerships, real estate partnerships, corporate joint ventures and multinational group internal partnerships. Read David Sherwood's full bio.


Alex RuffAlex Ruff
Alex T. Ruff focuses his practice on US and international taxation. During law school, Alex served as Executive Assistant Editor for the Global Law Review of the Washington University School of Law. Prior to attending law school, Alex was a senior associate at a Big Four consulting firm, where he advised Fortune 500 clients on financial accounting issues. Read Alex Ruff's full bio.


Andrew R. RobersonAndrew R. Roberson
Andrew (Andy) R. Roberson focuses his practice on tax controversy and litigation matters. He represents clients before the Internal Revenue Service (IRS) Examination Division and Appeals Office and has been involved in more than 50 matters at all levels of the federal court system, including the US Tax Court, several US courts of appeal and the Supreme Court. Andy has experience settling tax disputes through alternative dispute resolution procedures, including Fast Track Settlement and Post-Appeals Mediation, and in representing clients in Compliance Assurance Process (CAP) audits. He also represents individuals in Global High Wealth Industry Group audits and in connection with offshore disclosure programs. Read Andy Roberson's full bio.


Kevin SpencerKevin Spencer
Kevin Spencer focuses his practice on tax controversy issues. Kevin represents clients in complicated tax disputes in court and before the Internal Revenue Service (IRS) at the IRS Appeals and Examination divisions. In addition to his tax controversy practice, Kevin has broad experience advising clients on various tax issues, including tax accounting, employment and reasonable compensation, civil and criminal tax penalties, IRS procedures, reportable transactions and tax shelters, renewable energy, state and local tax, and private client matters. After earning his Master of Tax degree, Kevin had the privilege to clerk for the Honorable Robert P. Ruwe on the US Tax Court. Read Kevin Spencer's full bio.

STAY CONNECTED

TOPICS

ARCHIVES