2020-04-13 The IRS Returns to Issuing Guidance

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.

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