Federal Tax Update Podcast

This week we look at:

• IRS issues clarifications on claiming the employee retention credit

• SBA issues formal interim final rules modifying forgiveness rules for PPPFA

• Additional final regulations issued under §199A

• Proposed regulations released to deal with the TCJA parking lot tax

• IRS announces interest will be paid on refunds for returns filed by 7/15/20, with interest starting to accrue at 4/15/20

Copyright 2020, Kaplan Financial Education

This week we look at:

• Revised PPP forgiveness application and some rules to take into account PPPFA changes
  Relief granted for PPP loan qualification related to certain felony convictions of owners
• CARES special retirement plan provision relief published by IRS
• Using the wrong FedEx service to file a Tax Court petition costs taxpayer the option to challenge the IRS in Tax Court

Copyright 2020, Kaplan Financial Education

This week we look at:

• SBA begins issuing revised guidance to take into account PPPFA changes to PPP loan program
• IRS rules no inclusion in income or payroll tax liability for programs where employees donate leave time to COVID-19 charities
• Proposed regulations would expand deductions for medical expenses
• Post-TCJA real estate like-kind exchange proposed regulations issued by the IRS

Copyright 2020, Kaplan, Inc.

This week we look at:

• Payroll Protection Program Flexibility Act of 2020 enacted into law on June 5, 2020
• Relief from physical presence rules given to qualified plans
• IRS expands Qualified Opportunity Zone relief and extends period for existing relief
• IRS returns to tax basis capital computation issues - gives two different proposed methods

Copyright 2020, Kaplan Professional Education