On this episode, we chat with Grant Thornton’s David Meyer and Rina Parikh about the impact of the ongoing coronavirus pandemic on taxes, filings, and other areas of accounting.
UPDATESince this TRECast was recorded the IRS has granted some additional relief. Many of the items noted on the TRECast as not covered by the automatic extension of the April 15 deadline to July 15 have since been added by the IRS in Notice 2020-23. There was also a concern raised on the TRECast that some in the real estate industry might be interested in revisiting their “real estate trade or business election” under the Sec 163(j) interest disallowance rules in light of some CARES Act changes. The IRS has provided that opportunity in Notice 2020-22.”
Grant Thornton COVID-19 Resource Center: https://www.grantthornton.com/COVID-19-resource-center.aspx
TRECcast: Coronavirus and Commercial Real Estate: https://recouncil.com/trec-news/treccast-coronavirus-and-commercial-real-estate/
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