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COVID-19 Tax Relief for Nonresident Alien Individuals and U.S. Persons Living Abroad

Posted 7:30 PM by
The Internal Revenue Service (IRS) has provided guidance in Revenue Procedure 2020-20 related to nonresident alien individuals and their ability to claim a medical condition travel exception to the substantial presence test. This is critically important because the substantial presence test controls how nonresident aliens are taxed (as either a resident or nonresident of the United States) in many situations. Additionally, the IRS has provided guidance in Revenue Procedure 2020-27 to U.S. persons living abroad related to the physical presence test and the impact on the foreign earned income exclusion calculation.
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Indiana DOR Extends Additional Filing and Payment Deadlines

Posted 7:29 PM by
From suspending tax filing bills, extending deadlines, and allowing flexibility in determination of nexus, the Indiana Department of Revenue (DOR) continues to respond to the COVID-19 crisis with relief options for Hoosier taxpayers. Today the department announced additional tax filing and payment deadline extensions for certain individual and corporate tax returns. These extensions are in conjunction with the additional federal extensions provided by the IRS.
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IRS Releases Proposed Regulations on UBTI Calculation for Not-for-Profit Organizations

Posted 1:00 PM by
The IRS published proposed regulations on April 23, providing guidance on the changes made to calculating unrelated business taxable income (UBTI) when Internal Revenue Code Sec. 512(a)(6) was enacted as part of the Tax Cut and Jobs Act of 2017. Under this new guidance, exempt organizations would be required to determine how many unrelated trade or business activities they have and then to separately calculate the income or loss of each activity. This raised many questions about how to determine if an exempt organization had more than one unrelated trade or business and, if so, how to calculate its taxable income and tax due.
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Indiana Officially Extends Property Tax Filing Deadlines

Posted 8:15 PM by
In a continued effort to respond to the economic difficulties brought on by COVID-19, yesterday Indiana Gov. Eric Holcomb signed Executive Order 20-23. The order automatically extends business personal property tax return and related compliance filings until June 15, 2020.
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New Requirements for Tracking International Affiliates and Rental Real Estate: BE-10 Report

Posted 5:45 PM by
The rules related to BE-10 filing requirements have changed this year and will require additional people (“Reporters”) to complete this informational form. Every five years, the Bureau of Economic Analysis (BEA), part of the U.S. Department of Commerce, conducts a survey to analyze the extent of U.S. persons’ direct investment abroad. Specifically, this year’s filing change relates to U.S. persons that own foreign affiliates and/or foreign rental real estate being required to file, regardless of being notified.
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The CARES Act and Net Operating Losses: International Tax Considerations

Posted 12:25 PM by
On April 9, 2020, the Internal Revenue Service (IRS) issued Revenue Procedure 2020-24. The purpose of the Revenue Procedure is to provide guidance related to Section 172(b)(1)(D) of the Internal Revenue Code, which was created as a part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Specifically, Section 172(b)(1)(D) allows a carryback of any net operating loss (NOL) arising in a taxable year beginning after Dec. 31, 2017, and before Jan. 1, 2021, to each of the five years preceding the year in which the NOL was created. Taxpayers will carryback the relevant NOL to the earliest taxable year in the carryback period, carrying forward any unused amounts to each succeeding tax year.
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State DOR Provides Additional Relief for Indiana Taxpayers

Posted 3:30 PM by
In recent weeks, the Indiana Department of Revenue (DOR) has responded to the COVID-19 crisis with multiple relief options for Hoosier taxpayers. Some of the more widely covered options include suspension of most tax filing bills and flexibility in determination of nexus. But there are others that should be noted and taken into account, especially by Indiana business owners.
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New COVID-19 IRS Guidance Favorable for the Real Estate Industry

Posted 7:45 PM by
Last week, KSM presented on “Costs, Capital, and COVID-19: Resources and Strategies for the Real Estate Industry” as part of ULI Indiana’s Online Breakfast Series event. KSM is the founding sponsor of ULI Indiana and is happy to support this and other virtual programming from ULI.
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Coronavirus Stimulus Payments: Frequently Asked Questions

Posted 7:30 PM by
As a part of the recent passage of the CARES Act, individuals will receive individual rebate checks (sometimes called stimulus payments or rebate payments). KSM has compiled a list of frequently asked questions in order to help explain some of the nuances related to these payments.
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IRS Extends More Tax Deadlines Due to COVID-19

Posted 8:56 PM by
On April 9, the IRS announced via Notice 2020-23 that it is expanding tax relief to include additional types of returns, tax payments, and other actions. All taxpayers who are covered by this notice and have a filing or payment due on or after April 1 and before July 15 will automatically receive an extension to July 15. This broadened COVID-19 tax relief applies to individuals, most trusts, estates, corporations, and certain noncorporate tax filers, allowing an expanded group of taxpayers to wait until July 15 to file their 2019 federal income tax return and pay any tax due, without penalty. Notice 2020-23 builds upon the IRS’s previous COVID-19 relief, which extended only the filings and payments due on the April 15 date.
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