IRS Grants 60-Day Tax Relief to Travelers Stuck in U.S. (2)

The IRS said that travelers who meet certain requirements won’t be subject to taxes if they are stuck in the U.S. because of virus-related restrictions.

The agency issued the relief in guidance (Rev. Proc. 2020-20 and Rev. Proc. 2020-27) and a list of FAQs on Tuesday. The guidance is part of the agency’s effort to ease complications stemming from the coronavirus pandemic.

“The relief isn’t perfect and doesn’t account for everything a client would want, but it’s quite generous to provide this relief,” said Richard LeVine, a wealth adviser at Withersworldwide, a tax and wealth advisory ...