Michele Weiss, senior counsel at Holtz, Slavett & Drabkin will present a program at the June 12, 2020, meeting of the Provisors’ Lawyers and Legal Affinity Group meeting. The program is entitled: The Impact of COVID-19 on Tax Law: Relief, Planning Opportunities and Traps For the Unwary.
The IRS and many state and local taxing authorities have responded to the COVID-19 crisis with different types of tax relief including extensions for filing and paying tax liabilities along with changes in the law to enable taxpayers to qualify for refunds and reduce their tax liabilities.
These changes present relief and planning opportunities but can also surprise taxpayers with unforeseen pitfalls. This program will offer practical highlights on these tax issues including extensions, the SBA PPP Loan program, the IRS modifications of the net operating loss carryover and excess business loss rules, and other existing tax rules that can offer economic relief to taxpayers in this time of crisis, such as exceptions to cancellation of indebtedness (“COD”) income, and worthless stock and bad debt deductions.
This program will also cover what taxpayers can do if they find are unable to meet their tax obligations.
Michele will present the program with Adnan Islam, Partner and Co-Practice Leader of the International Tax Group and Blockchain/Cryptocurrency Tax Transactions Leader at Friedman, LLP.