The CARES Act Updates: April 9, 2020
Updates and changes to the CARES Act are coming rapidly. Here’s how we will share that information with you.
Our articles related to COVID-19 matters are updated routinely as more guidance from the IRS, the SBA, and other authoritative sources is provided. At the front of each article you will find its original publication date, accompanied by a brief explanation and date of any update(s) incorporated in the article.
A list of our April 9 updates is provided here:
Depreciable Life of Qualified Improvement Property
As we explain in an April 9 article, Revenue Procedure 2020-23 now allows (until September 30, 2020) partnerships that are subject to the “BBA” rules to make corrections to previously-filed 2018 and 2019 tax returns, thereby implementing retroactive features of the CARES Act in a manner that impacts those tax years (and the partners in place at those times), rather than impacting the 2020 year (and its partners). The reduced tax life and bonus depreciation associated with the Qualified Improvement Property are excellent candidates for this temporary leeway.