COVID-19 - Dealership News

TCJA Loss Limitation Rules Eased During Pandemic

COVID-19 Tax Relief: TCJA Loss Limitation Rules Are Eased The Coronavirus Aid, Relief, and Economic Security (CARES) Act unwinds some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses and individuals with relief from the financial…

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Update to Notice 2020-18: Gift and Generation-Skipping Transfer

Update to Notice 2020-18, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, Related to Gift and Generation-Skipping Transfer On March 27, 2020, IRS released Notice 2020-20 which provides relief to taxpayers who have Federal gift (and generation-skipping transfer) tax returns and payments due on April 15, 2020.  The April 15, 2020 deadline is…

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Ohio Tax Filing Deadline Moved to July 15

House Bill 197 moves Ohio tax deadline, addresses numerous other topics On Friday March 27, 2020, Ohio Governor Mike DeWine signed into law House Bill 197.  This legislation provides emergency relief in response to the coronavirus pandemic.  Since the bill contained an emergency clause, the provisions took effect upon the Governor’s signature. While many of…

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Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

CARES Act signed into law On March 27, 2020, Congress passed the $2 trillion stimulus package known as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). President Trump signed the Act into law shortly thereafter. The CARES Act is very broad and contains provisions for Small Business Administration loans, assistance to distressed sectors,…

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Georgia State Tax Filing Deadline Now July 15, 2020

Following Governor Kemp’s announcement to extend the Georgia state tax filing deadline in a press conference held a few days ago, the Georgia Department of Revenue (DOR) issued a press release today, which officially extends certain filing and payment deadlines to align with federal IRS relief. Specifically, Georgia DOR’s extension is for state income tax…

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