The Indiana Department of Revenue recently issued Income Tax Information Bulletin 119 addressing Indiana’s conformity to the Internal Revenue Code (IRC.) The bulletin addresses IRC provisions that are not followed by Indiana and clarifies specific issues related to the “CARES Act” including student loan payments, suspension of loss limitations, special rules for retirement distributions, coronavirus-related teacher expenses and net operating losses. See the bulletin here.
This article was submitted by Doug Klitzke, Indiana Department of Revenue. If you would like to submit content or write an article for the Tax Section, please email Kara Sikorski at email@example.com.
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