As COVID-19 continued to spread across the United States, President Trump declared the outbreak to be a national emergency on March 13, 2020. That declaration triggered several tax changes that may be of interest to the asset management industry and related portfolio companies.
There are very powerful tax code provisions that ordinarily lie dormant but activate for certain periods of time, in certain geographical areas upon an event or area being officially designated as a disaster area. The Presidential declaration on March 13 caused the entire United States to become a qualified disaster area due to the Coronavirus pandemic.
In this paper, Anthony Tuths, Principal, Alternative Investment Tax, KPMG LLP, describes two of the more useful tax provisions to the Asset Management industry that have now become activated.
Discover two important tax provisions to the Asset Management industry that have now become activated by the disaster declaration for the United States.
