2020-10-19 FAQs Not as Protected from Scrutiny as IRS Hoped

This week we look at:

• PPP forgiveness application deadline is not October 31

• Fax line to send in Forms 1045 and 1139 will shut down at the end of 2020

• Draft instructions to Form 8895 indicate that IRS not longer seeing charitable deductions as reducing QBI

• Taxpayer could not claim accrued expenses to restore manufacturing line until following year

• IRS FAQ on EIP for incarcerated individuals is subject to court review

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