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Accounting for Income Taxes Insights

Washington Tax Insight April 2020

Politics and Congressional Activity The coronavirus pandemic has now taken over the agenda of the Congress and the Administration with efforts to deal with both the public health crisis and the economic crisis.  Prior to the crisis, 2020 looked to be a quiet year with respect to tax issues due to the November Presidential and Congressional elections.  Congress has now enacted three pieces of legislation aimed at addressing the health […]

April 3, 2020

Congressional Action on the COVID-19 Pandemic: The Coronavirus Aid, Relief, and Economic Security Act

Summary Congressional Action to Date In response to the COVID-19 crisis, government officials in Washington DC have taken a number of actions related to the economic effects of the crisis including legislation, regulatory action, and government agency action.  The immediate focus has been on immediate, “crisis-specific” proposals, but there will also be discussion of longer-term actions that will be necessary to deal with the economic consequences of the virus crisis. […]

March 26, 2020

IRS Q&A About Extended Filing and Payment Deadlines

Yesterday the IRS issued a set of answers to frequently asked questions (“Q&A’s”) to further clarify the relief granted to taxpayers due to the ongoing COVID-19 pandemic.  On March 20, 2020, the IRS issued Notice 2020-18 which provides for an automatic 90-day extension (to July 15, 2020) of the filing and payment deadline for all Federal income tax returns and payments previously due on April 15, 2020.  Notice 2020-18 supersedes […]

March 25, 2020