The IRS Notice 2020-17 (the “Notice”), issued in connection with the President Trump’s Emergency Declaration relating to the coronavirus 2019, provides relief for certain taxpayers to make payments of federal income tax.  This relief from income tax payment deadlines is being provided to “affected taxpayers,” defined in the Notice as individuals and corporations with federal income tax payment due April 15, 2020.

Under this relief, individual taxpayers with federal income tax payment due April 15, 2020 may postpone the payment to July 15, 2020.  The applicable postponed payment amount is up to $1 million regardless of filing status.

Corporate taxpayers with federal income tax payment due April 15, 2020 may postpone the payment to July 15, 2020.  The applicable postponed payment amount is up to $10 million for each consolidated group or for each C corporation that in not filing a consolidated return.

Note that no extension is provided for the payment or deposit of any other type of Federal tax, or for the filing of any tax return or information return.

Please see additional detail in the Notice.  https://www.irs.gov/pub/irs-drop/n-20-17.pdf

미 하원에서 지난 3월 14일 “Families First Coronavirus Act”가 통과 되었다. 이 법안은  COVID19에 영향을 받은 가족들에게 가족휴가 및 의료휴가를 제공하면서 고용주들에게는 세제혜택을 제공한다. 이 법안은 상원의원을 통과하여야 하고 Trump 대통령의 승인을 받아야 한다. 이 법안의 주요 골자는 다음과 같다:

• 500명 미만의 임직원이 근무하는 회사의 경우에는 가족휴가(Family leave) 및 의료휴가(Medical leave)가 연장되어 제공된다. COVID19에 따라서 격리를 해야 하는 경우나, 가족 구성원이 격리를 하고 있어 도움이 필요하거나, 학교가 문을 닫은 자녀를 보살펴야 하는 경우가 이에 해당하며, 해당 임직원은 최대 12주 까지의 휴가를 사용 할 권리가 주어지게 된다. 이 휴가는 고용에 영향을 줄 수 없으며 휴가 중 2주는 유급휴가이며 나머지 기간에는 평소 급여의 2/3을 받게 된다.

• 500명 미만의 임직원이 근무하는 회사의 경우 임시 연방 비상 유급 병가 (Temporary Federal Emergency Paid Sick Leave)가 제공되게 된다. 격리중인 직원이나 COVID19의 진단 및 예방을 위해서 휴가를 내는 경우가 이에 해당한다. 가족구성원을 돌보기 위해서나 학교가 문을 닫은 자녀를 보살펴야 하는 경우에는 평소 급여의 2/3을 받게 된다.

• 500명 미만의 임직원이 근무하는 회사의 경우, 직원에게 지급한 유급병가에 대하여 동일한 금액의 세제혜택을 제공한다. 이러한 세제혜택은 고용주가 납부해야 하는 사회보장세에 사용될 수 있다. 이 혜택은 하루 사용할 수 있는 금액과 분기별로 사용할 수 있는 날짜에 제한이 있다.

• 500명 미만의 임직원이 근무하는 회사의 경우, 직원에게 지급한 유급가족휴가에 대해서도 환급가능한 법인고용세에 대한 혜택이 주어지게 된다. 하루에 $200씩, 매 분기별로 $11,000까지 사용 할 수 있다.

자세한 내용은 다음에서 확인 할 수 있다:

H.R. 6201.  https://www.congress.gov/bill/116th-congress/house-bill/6201/text

이 외에도, 국회의원들은 COVID19에 대한 경제적인 여파를 극복 할 수 있는 방안들에 대해서 검토하고 있다. 납부하는 6.2%의 사회보장세 및 1.45%의 메디케어 세금 면제, 직원을 고용하고 고용을 유지하는데에 대한 세제혜택, 2020년도의 이월결손금에 대해서 과거로 소급공제(carryback)를 허용 및 80%의 제한을 두지 않는 방안 들이 검토되고 있는 것으로 알려져 있다.

관련 된 내용이 추가로 발생 할 경우, 추가로 알려드리도록 하겠습니다.

The U.S. House of Representative passed the Families First Coronavirus Act (the “Bill”) to provide relief for families affected by the COVID19.  The Bill requires certain employers to provide emergency family and medical leave and provides a new business tax credit and relief provisions to these employers.  The Bill is subject to the Senates’ vote and President Trump’s approval.  Here are some key provisions contained in the Bill:

• Expanded Emergency Family and Medical Leave is provided to employees of an employer with fewer than 500 employees. The qualifying employees have the right to take up to 12 weeks of job-protected leave for the quarantine instructions due to COVID19, to care of an at-risk family member who is following an quarantine requirement or recommendation, or to care for a child whose school or place of care has been closed.  The qualifying employees are entitled to two weeks of paid leave, and 2/3 of usual pay during the remaining 12 weeks.

• Temporary Federal Emergency Paid Sick Leave Benefit provides two weeks of paid sick leave for qualifying employees of an employer with fewer than 500 employees. The benefit is provided to the qualifying employees to quarantine or seek a diagnosis or preventative care of COVID19.  The benefit is reduced to 2/3 of the employee’s regular pay if the leave is to care for a effected family member or to care for a chile whose school or place of care has been closed.

• New Business Tax Credit is provided for amount equal to 100% of qualified sick leave wages paid by employers with fewer than 500 employees. The credit is allowed against the employer portion of social security payroll taxes.  The credit is limited to a daily amount and number of days in quarter limitations.

• Refundable Business Payroll Tax Credit is provided for required paid family leave. The credit is equal to 100% of qualified family leave wages paid by the qualifying employer with fewer than 500 employees.  The credit capped at $200 per day for each effected employee and $11,000 for each quarter.

Additional detail will be provided in the H.R. 6201.  https://www.congress.gov/bill/116th-congress/house-bill/6201/text

Additionally, Congressional leaders are discussing options to stimulate economic effects of COVID19.  Some of the key stimulus measures in discussion include the suspension of certain payroll taxes, including employer’s share of 6.2% Social Security tax and 1.45% Medicare tax through the remainder of 2020; introduction of employer tax credit for hiring or retaining employees; allowing 2020 net operating loss carryback and removing the 80% taxable income limitation.

We will continually monitor the legislature developments and apprise you when additional information is available.

The IRS updated the instructions for Form 1065, U.S. Return of Partnership Income, adding additional disclosure requirement related to partners’ income adjustments related to IRC sections 704(c) and 743(b).

IRC section 704(c) and regulations thereunder provide rules pertaining to how income and loss should be allocated between partners related to built-in-gains or built-in-loss assets contributed by the partners.  The updated instructions expand on the additional information required to be provided in relation to how items of income, gain, loss, and deduction are affected by the application of section 704(c).  See the instructions to Line 20AA of schedules K/K-1.

IRC section 743(b) and regulations thereunder provide that in the case of a sale or exchange of a partnership interest for which a section 754 election is in place, a partnership shall adjust the basis of partnership property.  The purpose of the adjustment is to eliminate the difference between inside basis of the partnership property and the outside basis of the partnership interest for the transferee partner.  The updated instructions require income, gain, deduction or loss items relating to section 743(b) adjustments on Line 11F (in the case of positive adjustment) and on Line 13V (in the case of negative adjustment).  In addition, the updated instruction require explanation for detail of 743(b) basis adjustment on Line 20AH.

Link to Form 1065 instructions https://www.irs.gov/pub/irs-pdf/i1065.pdf.