Resources and LP's response to COVID-19.
Even among this disruption, there are a few things you can do today to help prepare you, your family and your business for the uncertain future.
- Protect your IP while working remotely. Companies should tell their employees about the risk of hackers and theft when working remotely, as hackers are getting more savvy and looking for ways to gain access to company systems and data. You should also have protocols over confidential and proprietary information, especially trade secrets. And, you should consider patents as a quick way to protect your ideas, and keep an eye on your IP portfolios. We have a checklist to help you make sure you’re doing everything you can to stay protected as the world continues to work remotely.
- Take note if you are involved in a 1031 exchange or looking at an OZ investment. The IRS just announced extensions to July 15 of the 45-day identification period and the 180-day exchange period for like-kind exchanges. Certain time periods for “reverse” 1031 exchanges have also been extended. There is no extension for a deadline that expired before April 1. See IRS Notice 2020-23 referring to IRS Revenue Procedure 2018-58. Now you just need to find replacement property that you can confidently price and finance. The IRS also extended to July 15 the 180-day deadline for making a rollover investment into an opportunity zone fund (presumably only for deadlines that expire on or after April 1).
- Know your Illinois estimated tax payment deadlines. Illinois taxpayers, while the IL DOR followed the IRS by extending the filing and payment deadline for 2019 income taxes to July 15, 2020 it did not extend the April 15 or June 15, 2020 deadline for paying 2020 Illinois estimated income taxes on IL-1040-ES 2020. Though you should note that the DOR is allowing you to calculate your 2020 IL estimated income tax payments based on 100 percent of your 2018 income tax. Why? Because if you don’t file your 2019 income tax returns until this July 15, you won’t know your 2019 income tax liability at the time the 2020 IL estimated income tax payments are due. If you pay (on time) in four equal installments the lesser of 90 percent of your tax liability for this year or 100 percent of your tax liability for either 2018 or 2019, you can avoid late payment costs.
For more resources and LP's response to COVID-19, visit this webpage.