qualified active low-income community business
Subscribe to qualified active low-income community business's Posts

Weekly IRS Roundup June 8 – June 12, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 8 – June 12, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. June 9, 2020:  The IRS published a reminder for taxpayers that estimated tax payments for tax year 2020, originally due April 15 and June 15, are now due July 15.  Any individual or corporation that has a quarterly estimated tax payment due has until July 15 to make that payment without penalty. June 11, 2020:  The IRS released Notice 2020-46 to address that cash payments employers make to charitable organizations that provide relief to victims of the COVID-19 pandemic in exchange for sick, vacation, or personal leave which their employees forgo will not be treated as compensation. Additionally, the employees will not be treated as receiving the value of the leave as income and cannot claim a deduction for...

Continue Reading

CDFI Fund Announces $7 Billion Allocation of New Markets Tax Credits

On November 17, 2016, the US Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced the largest single round award of New Market Tax Credit (NMTC) allocations since the program’s creation in 2001. One hundred twenty organizations, headquartered in 36 states, the District of Columbia and Puerto Rico, were awarded a total of $7 billion of NMTC allocations. Read the full article.

Continue Reading

STAY CONNECTED

TOPICS

ARCHIVES