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Coronavirus Tax Coverage

The IRS should automatically waive failure-to-file and failure-to-pay penalties for the 2019 tax year so that taxpayers won’t inundate the agency with abatement requests, according to the American Institute of CPAs.
The Connecticut Department of Revenue Services has published guidance on the effects of the Coronavirus Aid, Relief, and Economic Security (CARES) Act on Connecticut tax law, answering questions such as whether federal economic impact payments are subject to state income tax, and whether COVID-19-related distributions from a qualified retirement account, as allowed under the CARES Act, are subject to state income tax withholding.
The District of Columbia Office of Tax and Revenue reminded taxpayers that, because of COVID-19, the deadline to file and pay individual and fiduciary income tax returns, partnership tax returns, and franchise tax returns is July 15, 2020; no late charges will apply to filings and payments made on or before that date.
The Michigan Economic Development Corporation announced that it has authorized the Michigan Small Business Restart Program to begin awarding $100 million in grant money to eligible small businesses recovering from COVID-19 disruptions; recently enacted legislation appropriated the federal Coronavirus Aid, Relief, and Economic Security Act funds to the program.
The Connecticut Department of Revenue Services has issued guidance on the changes made under the Coronavirus Aid, Relief, and Economic Security (CARES) Act to the depreciable life of qualified improvement property (QIP); for Connecticut corporation business tax purposes, the state conforms to the changes made to QIP depreciation under the CARES Act but doesn't conform to the ability to claim bonus depreciation on such assets.
The South Dakota Department of Revenue announced that some vehicle renewal and registration deadlines have been extended because of the governor's executive order issued in response to COVID-19; renewals that were due in March and May 2020 must now be renewed by July 31, 2020, and any new vehicles with temporary registrations that expired between the end of March and July 7, 2020, now have until July 31, 2020, to be registered.