This week we look at:

  • Discussions continue on fourth COVID bill in the Senate
  • SBA announces the agency will begin accepting lender's documents for PPP loan forgiveness on August 10 (maybe)
  • IRS releases percentages for the premium tax credit for 2021
  • IRS position taken for strategic reasons in another conservation easement case doesn't bind the agency in a case with an unrelated taxpayer
  • Second Circuit agrees with Tax Court that property was note used in a trade or business

Copyright 2020, Kaplan, Inc.

Direct download: 2020-07-27_Third_Time_to_Court_on_Conservation_Easement.mp3
Category:general -- posted at: 11:53am EST

This week we look at:

  • IRS describes letters issued for Form 7200 when various issues arrive
    Loan was nonrecourse since lender did not take route that could have lead to deficiency judgment
  • Debt failed to be qualified principal residence interest
  • IRS proposes to add Schedules K-2 and K-3 for international partnership issues
  • PTIN fees to return next year

Copyright 2020, Kaplan, Inc.

Direct download: 2020-07-18_The_Tax_Court_Deals_with_Debt_Issues.mp3
Category:general -- posted at: 10:35am EST

This week we look at:

  • W2s will report FFCRA sick and FMLA pay to each employee
  • Congress extends PPP loan program through August 8, 2020
  • FAQ looks at the tax implications of receiving a CARES Provider Relief Payments
  • Depreciation limits for vehicles for 2020 released by the IRS
  • ยง265(a)(1) does not bar deduction under UBIT rules for a charity
  • Flowchart for BBA CPAR audit regime published by the IRS

Copyright 2020, Kaplan, Inc.

Direct download: 2020-07-12_BBA_Audit_Flowchart.mp3
Category:general -- posted at: 6:01pm EST

This week we look at:

  • IRS updates FAQ to discuss PPPFA changes to employer payroll tax deferral rules
  • Relief granted to allow for changes to be made in 2020 to safe harbor 401(k) plans
  • IRS outlines issues with marketing materials for CRAT tax shelter being promoted
  • Memorandum discusses what impact a superseded return has on the statute of limitations for returns filed on extension
  • IRS announces July 15 deadline will not be extended for 2019 returns

Copyright 2020, Kaplan, Inc.

Direct download: 2020-07-04_What_is_Not_Discussed.mp3
Category:general -- posted at: 1:43pm EST

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