This week we look at:

  • PPP Loan program and EIDL Grants Get Additional Funding
  • PPP guidance raises question of false certification that loans were necessary, provides other clarifications
  • IRS provides additional guidance on payments to repair homes due to pyrrhotite damage
  • Relief for taxpayers unable to meet foreign earned income exclusions due to COVID-19
  • Special procedures for taxpayers who are not required to file but wish to file for advance payments
  • IRS gives special relief related to COVID-19 travel restrictions impacting substantial presence test

Copyright 2020, Kaplan, Inc.

Direct download: 2020-04-27_Is_This_Necessary.mp3
Category:general -- posted at: 9:38pm EST

This week we look at:

  • SBA issues guidance on self-employed taxpayers and partners for PPP loan program
  • Revenue Procedure issued explaining how to deal with retroactive change in life for qualified improvement property
  • IRS gives guidance on filing Forms 1139 and 1045 via fax while Service Centers are shut down
  • Proposed regulations released to set government portion of PTIN fee at $21
  • Procedures issued to deal with Forms 706 returned by private delivery services from closed Service Centers

Copyright 2020, Kaplan, Inc.

Direct download: 2020-04-20_End_of_First_Funding_Round_for_PPP_Loans.mp3
Category:general -- posted at: 6:57pm EST

This week we look at:

  • PPP loan program FAQ gets updated by SBA
  • IRS releases ยง163(j) relief for real estate and farming businesses
  • Procedures released for making election to waive NOL carryback period under CARES provisions
  • IRS explains the payroll tax deferral program
  • Partnerships covered by BBA CPAR given temporary reprieve from centralized audit rules
  • Six month extension granted to file Forms 1045 and 1139
  • IRS greatly expands list of returns, payments and actions extended to July 15, 2020.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-04-13_The_IRS_Returns_to_Issuing_Guidance.mp3
Category:general -- posted at: 12:02pm EST

This week review the status of developing guidance on key provisions of the CARES Act:

  • Recovery Rebate for Individuals, Including Advance Payment
  • Deferral of the Required Minimum Distributions for 2020
  • PPP SBA loan program - things we've learned and things we still need guidance on
  • Forgiveness of PPP loans - are payroll costs different for this than for the maximum loan or not? Does anyone know for sure?
  • Emergency EIDL Loans - the forgotten provision
  • Employee retention payroll credit - the alternative (maybe) to a PPP loan
  • Delay of deposits for employer portion of OASDI taxes - can take if you don't have a PPP loan forgiven

Copyright 2020, Kaplan, Inc.


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