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Rev. Proc. 2020-22 Permits Revocation of Elections-Out-of-163(j) and Allows for New Late Elections-Out-of-163(j)

by Capstan Tax Strategies | Apr 22, 2020 | Capstan News

On Friday April 10th, the IRS released Rev. Proc 2022-22, which permits revocations of elections-out-of-163(j) made on 2018 or 2019 tax returns and allows late elections-out-of-163(j) back to 2018, if a taxpayer chooses.  It also allows BBA partnerships to file...

Rev. Proc. 2020-25: You Asked, the IRS Answered

by Capstan Tax Strategies | Apr 14, 2020 | Capstan News, COVID-19

Clarification on the CARES Act continues to enlighten us on an almost daily basis. Qualified Improvement Property (QIP) placed-in-service after 12/31/2017 is now considered to have a recovery period of 15-year and is bonus-eligible. Taxpayers may retroactively change...

BBA Partnerships Can File Amended Returns: Receive CARES Act Benefits

by Capstan Tax Strategies | Apr 10, 2020 | Capstan News, COVID-19

In these uncertain and unprecedented times dealing with the international pandemic COVID-19, one thing that we are seeing for certain are rapid changes and updates.  In many cases, guidance given just the day before is quickly out of date.  On April 7th, Capstan...
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