June 2020

COVID-19 Relief for Qualified Opportunity Funds:

Posted on June 19, 2020. Written by GPW

News Update

On June 4, 2020 the IRS released Notice 2020-39 providing relief for Qualified Opportunity Funds (QOFs) and their investors in response to the ongoing COVID-19 pandemic. This relief includes:

• Extending the 180-day period in which a…
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Accelerating COVID-19 Losses into 2019

Posted on June 2, 2020. Written by GPW

For businesses experiencing financial difficulty in 2020 due to the COVID-19 crisis, utilizing all methods to sustain cash flow is imperative. One option to be considered for businesses experiencing financial losses is to apply IRC Sec. 165(i) to accelerate those losses to the 2019 tax year instead of…
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