This week we look at:

  • Payroll tax credit starts on April 1.
  • IRS reverses courses, announces gift/GSTT returns will also be due on July 15, 2020.
  • IRS issues guidance that clarifies which April 15 deadlines are moved back to July 15, 2020.
  • Congress passes the CARES Act with a number of tax provisions.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-03-30_Due_Dates_and_CARES_Act.mp3
Category:general -- posted at: 3:10pm EST

This week we look at:

  • Congress passes payroll tax credit for newly mandated paid sick leave

  • Initial April 15 delay guidance only delayed payment date but no actual extension to file

  • Late Friday guidance replaces first delay guidance with a real delay in April 15 filing date, though questions still remain

Copyright 2020, Kaplan, Inc.

Direct download: 2020-03-23_Moving_Tax_Day_to_July_15.mp3
Category:general -- posted at: 2:16pm EST

Current Federal Tax Developments for the week of March 16, 2020: Waiting for Relief

  • President declares emergency over COVID-19, directs Treasury to provide relief--and now we are waiting.
  • HR 6201 passes the House and moves on to the Senate, containing a few tax provisions mainly related to mandatory sick leave provision rule
  • AICPA letter issued to IRS regarding the informal §199A guidance the agency has issued
  • HDHPs are allowed to pay for COVID-19 testing and treatment without jeopardizing ability of insured to make HSA contributions.
  • Dropping a tax document in the mailbox turns out not to be a good idea, as USPS postmark was after the private postmark date on envelope.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-03-16_Waiting_for_Relief.mp3
Category:general -- posted at: 2:04pm EST

Current Federal Tax Developments for the week of March 9, 2020: Sometimes Too Late Really is Too Late:

  • IRS denies a taxpayer's request to make a late mark to market election under §475(f)
  • Loss limits for passive activities, basis and at-risk also limit self-employment loss use
  • Revenue Procedure grants relief for filing some information returns for certain foreign trusts

Copyright 2020, Kaplan Financial Education

Direct download: 2020-03-09_Sometimes_Too_Late_is_Really_Too_Late.mp3
Category:general -- posted at: 3:11pm EST

Current Federal Tax Developments for the week of March 2, 2020: Late Filing

  • Taxpayer who voluntarily exited OVDI program ended up with very poor result.
  • Illnesses of corporate officers not found to give reasonable cause for late filing of S corporation returns.
  • Supreme Court refuses to review Ninth Circuit ruling upholding IRS regulation that only items listed in §7502 can be used to prove timely filing.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-03-02_Late_Filing_Week.mp3
Category:general -- posted at: 2:38pm EST

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