June 2020

FATCA deadlines extended because of COVID-19

The IRS recently extended two deadlines related to the Foreign Account Tax Compliance Act (FATCA) because of the novel coronavirus (COVID-19) crisis. This article provides background on and explanation of the extensions, which pertain to 2019 FATCA-related data and FATCA certifications.

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IRS FAQs on NOLs for those with Section 965 inclusions

The Coronavirus Aid, Relief and Economic Security Act changed many of the rules for net operating losses (NOLs). The IRS recently provided answers to a variety of FAQs about NOL carrybacks for taxpayers with outstanding Section 965 net tax liabilities. This article provides a rundown of 10 pertinent FAQs.

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COVID-19 medical condition travel exception to substantial presence test

The Coronavirus Aid, Relief and Economic Security Act changed many of the rules for net operating losses (NOLs). The IRS recently provided answers to a variety of FAQs about NOL carrybacks for taxpayers with outstanding Section 965 net tax liabilities. This article provides a rundown of 10 pertinent FAQs.

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