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July 30, 2020

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

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.