This week we look at:

  • Crowdsourcing platform payments made in convertible virtual current for performing microtasks is taxable income
  • Payroll tax holiday guidance finally released by Treasury days before holiday is scheduled to begin
  • IRS temporarily expands and simplifies use of e-signatures
  • SBA issues new PPP guidance with de minimis owner rule and rules related to rents and mortgages as nonpayroll costs

Copyright Kaplan, Inc.

Direct download: 2020-08-31_Excellent_Guidance_to_Confirm_Fears.mp3
Category:general -- posted at: 3:28pm EDT

This week we look at:

  • Qualified plan loan offset amount proposed regulations issued to deal with TCJA plan loan rollover provision
  • US Chamber of Commerce and other organizations issue letter describing issues with payroll tax holiday Presidential memo
  • IRS warns employees to wait to file Forms 941-X on second quarter 2020 941s until new form released in late September
  • Chair of Ways & Means asks to IRS to pause sending notices that may relate to unopened payments and IRS complies two days later
  • IRS begins accepting 2019 amended individual returns electronically
  • Payments of interest on 2019 tax refunds are being paid out to taxpayers

Copyright Kaplan, Inc.

Direct download: 2020-08-24_The_Week_of_the_Two_Letters.mp3
Category:general -- posted at: 2:23pm EDT

This week we look at:

  • Summary of §163(j) final regulations SBA publishes PPP loan forgiveness FAQ
  • IRS reminds employers of ability to establish leave sharing plans for employees to provide COVID-19 relief
  • Proposed revenue procedure released to allow qualified residential living facilities to be §163(j) real estate businesses
  • IRS updates qualified plan safe harbor distribution notices for SECURE Act and CARES Act changes
  • President issues memorandum providing for deferral of employee OASDI, but leaves open issue of whether amounts will be forgiven

Copyright 2020, Kaplan, Inc.

Direct download: 2020-08-10_Deferring_Employee_FICA_-_Forgiveness_TBD.mp3
Category:general -- posted at: 9:55am EDT

This week we look at:

  • IRS releases multiple regulation project texts on TCJA items
  • No syndicate relief offered for tax shelters by the IRS for small business accounting or §163(j)
  • Taxpayers informed how to deal with inventory issues when opting out of application of §471(a)
  • Forms 3115 for automatic method changes to be faxed in beginning in August

Copyright 2020, Kaplan, Inc.

Direct download: 2020-08-02_Rise_of_the_Syndicates.mp3
Category:general -- posted at: 3:48pm EDT

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