The IRS continues to provide administrative relief related to COVID-19 to taxpayers. The agency has relaxed procedures for complying with provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act and obtaining the intended benefits of its provisions around net operating loss (NOL) carryback and alternative minimum tax (AMT) credit refund claims. It also has provided additional tax filing and payment extension relief, suspension of liens and levies, and electronic signature and document sharing capabilities. This range of administrative relief currently extends through July 15, 2020.
In response to changing circumstances and taxpayer suggestions, the IRS continues to issue administrative guidance relating to the CARES Act. Accordingly, we will continue to issue alerts on late-breaking developments.