Federal Tax Update Podcast

This week we look at

• IRS issues bonus depreciation final regulations
• Excess deductions on termination final regulations are issued
• IRS grants relief for CCH e-filing problems on September 1

Copyright 2020, Kaplan, Inc.

This week we look at:

• IRS discusses options for expedited private letter ruling requests
• Web page for marijuana industry posted by the IRS
• Corporation by law had no shareholders, thus no S election was possible
• Draft form to be used by self-employed to claim COVID-19 sick pay credits published
• Final version of Form 941-X to be used to revised 2Q 2020 Forms 941 released

Copyright 2020, Kaplan, Inc.

This week we look at:

• IRS discusses options for expedited private letter ruling requests
• Web page for marijuana industry posted by the IRS
• Corporation by law had no shareholders, thus no S election was possible
• Draft form to be used by self-employed to claim COVID-19 sick pay credits published
• Final version of Form 941-X to be used to revised 2Q 2020 Forms 941 released

Copyright 2020, Kaplan, Inc.

This week we look at:

• A California decisions discusses the concept of domicile for state residency status
• IRS publishes special per diem rates for FY 2020/2021, including high-low rates
• Medicaid coverage of COVID-19 testing and diagnostic services is not minimum essential coverage
• Tax Court looks at the effective date for a change in innocent spouse provisions
• An IP PIN ruled not to be part of the signature for an electronically filed tax returns

Copypright 2020, Kaplan, Inc.

This week we look at:

• IRS loses in an attempt to challenge a contribution of closely held stock to charity

• Notice issued giving guidance on retirement plan changes enacted at the end of 2019

• Second new version of Form 941 for 2020 released in draft form

• Minister discovers he won't qualify to be paid social security or Medicare coverage due to not understanding employment taxes and pastors

• IRS publishes web page on BBA Centralized Partnership Audit Regime

Copyright 2020, Kaplan, Inc.