Federal Tax Update Podcast

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.

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.

This week we look at:

• PPP loan program FAQ gets updated by SBA
• IRS releases §163(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.

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.