This week we look at:

  • Fees to enter a daily fantasy sports contest is a wager in the view of the IRS
  • Taxpayers must follow all of the criteria listed in Revenue Procedure to take advantage of the ruling
  • IRS adds retrieving funds from state unclaimed property fund to list of items for self-certification for late retirement plan rollover
  • Withholding is required if an employer sponsored retirement plan transfers funds to state unclaimed property fund
  • Draft instructions for 2020 partnerships released outlining requirement to report K-1 capital accounts on tax basis
  • CPA denied in attempt to reduce potential liability by claiming failure of another tax adviser in representing client to reduce penalty
  • Short term extension granted to October 31 to file FBAR reports

Copyright 2020, Kaplan, Inc.

Direct download: 2020-10-27_Tax_Basis_Capital_Accounts_and_the_2020_Form_1065.mp3
Category:general -- posted at: 12:30pm EST

This week we look at:

  • PPP forgiveness application deadline is not October 31

  • Fax line to send in Forms 1045 and 1139 will shut down at the end of 2020

  • Draft instructions to Form 8895 indicate that IRS not longer seeing charitable deductions as reducing QBI

  • Taxpayer could not claim accrued expenses to restore manufacturing line until following year

  • IRS FAQ on EIP for incarcerated individuals is subject to court review

Copyright 2020, Kaplan, Inc.

Direct download: 2020-10-19_FAQs_Not_as_Protected_from_Scrutiny_as_IRS_Hoped.mp3
Category:general -- posted at: 11:33am EST

This week we look at:

  • Final regulations issued for meals and entertainment
  • Withholding on retirement and annuity distribution regulations issued
  • S Corporations get special election for GILTI issues
  • SBA issues guidance on change of ownership for entities with PPP loans outstanding

Copyright 2020, Kaplan, Inc.

Direct download: 2020-10-03_PPP_Loans_and_Change_of_Ownership.mp3
Category:general -- posted at: 11:33am EST

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