{"id":824,"date":"2020-08-11T15:48:17","date_gmt":"2020-08-11T15:48:17","guid":{"rendered":"https:\/\/ayoub-associates.com\/blog\/?p=824"},"modified":"2020-08-11T15:48:20","modified_gmt":"2020-08-11T15:48:20","slug":"irs-grants-additional-relief-for-rehabilitation-credit-deadlines","status":"publish","type":"post","link":"https:\/\/ayoub-associates.com\/blog\/irs-grants-additional-relief-for-rehabilitation-credit-deadlines\/","title":{"rendered":"IRS grants additional relief for rehabilitation credit deadlines"},"content":{"rendered":"\n<p>IR-2020-173, July 30, 2020<\/p>\n\n\n\n<p>WASHINGTON \u2014 Because of the burdens the COVID-19 pandemic has placed on taxpayers claiming the rehabilitation credit, the Internal Revenue Service today issued&nbsp;<a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/n_20_58.pdf\">Notice 2020-58 (PDF)<\/a>&nbsp;that provides additional relief to taxpayers in satisfying the substantial rehabilitation test.<\/p>\n\n\n\n<p>Projects must satisfy the &#8220;substantial rehabilitation test&#8221; within a 24- or 60-month period for determining whether the rehabilitation work is sufficient to qualify a building for the rehabilitation credit.<\/p>\n\n\n\n<p>The Tax Cuts and Jobs Act (TJCA) generally requires the rehabilitation credit to be claimed over a five-year period for amounts that taxpayers pay or incur for qualified rehabilitation expenditures after December 31, 2017. However, taxpayers may claim the credit all in one year under pre-TCJA rules for projects that qualify under a transition rule.<\/p>\n\n\n\n<p>The notice issued today allows taxpayers that have a measuring period under the substantial rehabilitation test ending on or after April 1, 2020, and before March 31, 2021, now have until March 31, 2021 to satisfy the test. This relief applies to the substantial rehabilitation test for claiming the credit or qualifying under the TCJA transition rule.<\/p>\n\n\n\n<p>Previously, the IRS issued&nbsp;<a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/n-20-23.pdf\">Notice 2020-23<\/a><a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/n-20-23.pdf\">&nbsp;(PDF)<\/a>&nbsp;that provided additional time for satisfying the substantial rehabilitation test.<\/p>\n\n\n\n<p>Additional\u00a0<a href=\"https:\/\/www.irs.gov\/coronavirus-tax-relief-and-economic-impact-payments\">tax relief related to the COVID-19 pandemic<\/a> can be found on IRS.gov.  <a href=\"https:\/\/www.irs.gov\/newsroom\/irs-grants-additional-relief-for-rehabilitation-credit-deadlines\">https:\/\/www.irs.gov\/newsroom\/irs-grants-additional-relief-for-rehabilitation-credit-deadlines<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IR-2020-173, July 30, 2020 WASHINGTON \u2014 Because of the burdens the COVID-19 pandemic has placed on taxpayers claiming the rehabilitation credit, the Internal Revenue Service today issued&nbsp;Notice 2020-58 (PDF)&nbsp;that provides [&hellip;]<\/p>\n","protected":false},"author":88892,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-824","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRS grants additional relief for rehabilitation credit deadlines - Ayoub Sidhum &amp; Co.<\/title>\n<meta name=\"description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. We service Corona, Riverside, Pomona, Fontana, Chino Hills, Yorba Linda, Norco, Mira Loma, Orange County, Riverside, San Bernardino and Los Angeles, CA.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ayoub-associates.com\/blog\/irs-grants-additional-relief-for-rehabilitation-credit-deadlines\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IRS grants additional relief for rehabilitation credit deadlines - Ayoub Sidhum &amp; Co.\" \/>\n<meta property=\"og:description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. 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