DC Tax Flash: IRS Provides Added Relief for Claiming Rehabilitation Credit
The Internal Revenue Service (IRS) today issued Notice 2020-58, which provides temporary relief to taxpayers in satisfying the substantial rehabilitation test for claiming the rehabilitation tax credit under Internal Revenue Code section 47.
"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," the IRS explains. "This relief applies to the substantial rehabilitation test for claiming the credit or qualifying under the TCJA transition rule."
The six-page text of Notice 2020-58 is posted here.
An IRS press release on the guidance is posted here.
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