The IRS is turning to fax machines to cope with office closures spurred by the coronavirus outbreak
. That legislation liberalized so-called net operating loss rules, which allow companies to apply for quickie tax returns. It’s a time-tested way of getting money fast to cash-strapped businesses. The problem was those forms, until now, had to be filed on paper.
It’s not the first time the IRS is turning to faxes in the wake of coronavirus. It previously asked companies to fax the form needed to claim new tax breaks for keeping workers on the rolls, and also for offering family and medical leave. Meanwhile, the mail is piling up at the IRS. “There is so much mail that the post office can’t hold it so we are literally holding it in trailers until our employees can get back,” Sunita Lough, deputy commissioner for enforcement, said Monday at a webcast panel sponsored by the Tax Policy Center. Not everyone can turn to the fax, though — if you’ve filed your own individual tax return the old-fashioned way, and it hasn’t already been processed, you’re out of luck.
“Treasury gave out some pretty darn favorable taxpayer-friendly guidance here,” said Rick Grafmeyer, a lobbyist at Capitol Tax Partners. The agency also extended a slew of deadlines, including some that were easy to miss. Among them: The IRS is giving people, a priority for the real estate industry. The agency also extended a deadline for people to roll over capital gains into Opportunity Zone funds. “On behalf of 1.4 million realtors across the United States, I want to commend the IRS for moving quickly,” said Vince Malta, president of the National Association of Realtors.
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