As previously reported, the coronavirus (COVID-19) pandemic has prompted a number of state and local actions with guidance for taxpayers on numerous topics, such as providing tax relief through filing and payment deadline extensions.
Congress did not address federal taxation of Provider Relief Fund Payments when the CARES Act became law on March 27, 2020. In this LawFlash, our tax team analyzes the Internal Revenue Service’s recently published answers to frequently asked questions regarding taxation of these payments to healthcare providers.
Noting the upcoming July 15 deadline for both first and second quarter 2020 estimated tax payments, the authors underscore that providers will need to assess the impact of these funds on those estimates and prepare to make remittances accordingly.
The coronavirus (COVID-19) pandemic has triggered a number of state and local actions with respect to tax filings, assessments, exemptions, donations, and payment deadlines, including exempting personal protective equipment and alcohol for sanitizing purposes from tax liability.
To keep you abreast of these changes, our tax lawyers have produced a chart, updated regularly, detailing state and local responses to COVID-19.