IRS extends certain rehabilitation credit deadlines under IRC Section 47, due to COVID-19

Tax News Update Email this document Print this document

July 30, 2020
2020-1931

Due to the COVID-10 pandemic, the IRS has postponed (Notice 2020-58) to March 31, 2021, the last day of the 24- or 60-month measuring period for a taxpayer to pay or incur qualified rehabilitation expenditures for a qualified rehabilitated building if the measuring period originally was to end after April 1, 2020 and before March 31, 2021. A Tax Alert on the notice is forthcoming.

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

EY US Tax News Update Master Agreement | EY Privacy Statement