Federal Tax Update Podcast

This week we look at:

• PPP developments - only a single FAQ change but two bills to change the program.
• IRS releases guidance on how to deal with ATNOLs for corporations carrying back net operating losses.
• The ability to electronically file amended individual income tax returns will exist for 2019 returns later this summer.
• IRS announces additional due date relief.

Copyright 2020, Kaplan, Inc.

The latest update on the new interim final regulations on PPP Loan Forgiveness rules.

A PDF with information on both IFRS can be downloaded below.

May 22 IFRs from SBA - PPP Loan Forgiveness

Copyright 2020, Kaplan, Inc.

This week we look at:

• PPP guidance on foreign affiliates, §501(c)(12) utilities, the actual final extension of the PPP repayment date and the SBA backing off the threats on necessity of the loan certification

• IRS discusses which date to use to value certain stock based compensation

• Changes made to maximum medical FSA carryovers for cafeteria plans

• IRS issues COVID-19 related relief for cafeteria plans

• The tax consequences of payments to students discussed in IRS FAQ which uses §139 to exclude them from income

• IRS releases inflation adjusted HSA and HDHP numbers for 2021

Copyright 2020, Kaplan, Inc.

This week we look at:

• IRS changes its guidance on the payment of health insurance only and qualification for the Employee Retention Credit

• Borrowers can repay PPP loans by May 14 and then use Employee Retention Credit in the future.

• SBA issues guidance for non-discrimination rules and not for profits and also impact of student workers.

• Borrowers using new seasonal employer measuring periods will be able to sign unmodified PPP loan applications.

• SBA gives relief to businesses unable to rehire employees who wish to remain on unemployment.

• IRS issues guidance on excess deductions on termination following TCJA's addition of §67(g).

• Taxwriters disagree with IRS's view on deductibility of expenses used to obtain PPP loan forgiveness.

• Cannabis business found to be a reseller and not a producer. IRS issues guidance on taxpayers whom the agency wishes to return their economic impact payments.

Copyright 2020, Kaplan, Inc.

This week we look at:

• PPP loan updates on corporate groups, businesses sold after February 15, 2020, loan review procedures, private companies need to show loan was necessary, treatment of seasonal employers, how to count 500 employees and maximum loan calculation amounts
• Update on faxing procedures for Forms 1139 and 1045
• No deduction allowed for amounts paid to achieve PPP loan forgiveness per IRS
• Draft Form 941 released for second quarter of 2020
• IRS clarifies filing date relief for U.S. Tax Court filings
• IRS and DOL issue relief for certain timeframes that apply to employee benefit plans

Copyright 2020, Kaplan, Inc.