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This bill will require most Real Estate investors to refile and amend Corporate tax returns. CPAs will quickly have to learn new laws to best help their clients in real estate (this will be a big problem)…..no accountant will have updated software to deal with this….and I’m afraid most real estate investors will simply miss the massive benefits given to them in this new bill to be signed today….
Highlights of the Bill Agreed to Last Night:
This is the link to the IRS Q&A’s that were posted to try to help clarify what’s covered under the new tax extension deadlines. You can find the full list here:
Also sharing the below from this morning’s tax news — referencing areas CPAs are still confused about and/or are pushing for further changes.
NOW WHEN DO I FILE? The IRS sought to answer all the frequently asked questions about the recent decision to push this year’s tax filing deadline back to mid-July. One of the potential issues with the filing deadline set up now is that the only delays are for 2019 returns, and for anything that was due on April 15.
So you need to get a refund for 2016? Your deadline is still April 15. (Remember that taxpayers generally have three years after an original filing deadline to claim a refund.) This also sets up a weird situation in which estimated second-quarter payments (June 15) are due before first-quarter payments (July 15). And as The Wall Street Journal’s Laura Saunders noted, there’s quite a lot that doesn’t qualify for extensions — estate taxes, excise taxes, plus those partnership returns that were due last week.
With all that in mind, the American Institute of CPAs is calling for more extensive filing season relief. One issue, the group says: The guidance posted on the IRS website is informal and doesn’t have any legal authority. Beyond that, CPAs say the IRS should be delaying all deadlines, for all filers and for every kind of tax. “With shelter-in-place orders issued throughout the country and a spreading pandemic, there is a significant list of filing and payment challenges left unresolved,” said Edward Karl, the group’s vice president of taxation.