Federal Tax Update Podcast

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.

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.

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
• §265(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.

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• Memorandum discusses what impact a superseded return has on the statute of limitations for returns filed on extension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.