This week we look at:

  • A taxpayer is denied permission to file a late mark to market election as a trader
  • Final regulations are issued related to the TCJA unrelated business income changes
  • Like kind exchange regulations finalized by the IRS

Copyright 2020, Kaplan, Inc.

Direct download: 2020-11-30_Being_Late_Proves_Costly.mp3
Category:general -- posted at: 6:30pm EDT

This week we look at:

  • IRS rules taxpayers cannot deductions expenses that qualify for PPP loan forgiveness if reasonably expect forgiveness
  • Revenue Procedure issued for taxpayer who don't get the entire expected forgiveness in the end
  • IRS adds request for additional information on Schedules K-1 for Form 1120-S for 2020
  • IRS Commissioner indicates there will not any sort of broad relief for late filing and late payment of taxes
  • No relief for late filing when CPA firm submitted efile return a few seconds late
  • IRS updates ERC FAQ to deal with acquisition of employers who had taken out PPP loans

Copyright 2020, Kaplan Financial Education

Direct download: 2020-11-23_A_Reasonable_Expectation_of_Forgiveness.mp3
Category:general -- posted at: 11:51am EDT

This week we look at:

  • AICPA reports that the IRS is about to release what many will find is unwelcome guidance on expenses expected to be used for forgiveness under PPP loan program
  • IRS gives up on state entity level taxes on passthrough businesses as a workaround to the TCJA limit on the deduction of state and local taxes
  • Taxpayer attempts to argue his LLC was acting as an agent for his IRA custodian, but fails to convince the Tax Court

Copyright 2020, Kaplan, Inc.

Direct download: 2020-11-16_IRS_Throws_in_the_Towel_on_One_SALT_Workaround.mp3
Category:general -- posted at: 12:49pm EDT

This week we look at:

  • The IRS releases revised tables to compute required minimum distributions from retirement plan accounts - but not until 2022
  • Taxpayer denied relief from late filing penalties even though he believed his CPA had filed an extension on his behalf
  • IRS publishes news release indicating relief for certain collection related actions due to COVID-19

Copyright 2020, Kaplan, Inc.

Direct download: 2020-11-09_Slowing_Down_RMDs_-_But_Not_Until_2022.mp3
Category:general -- posted at: 8:25pm EDT

This week we look at

  • IRS gives guidance to Congressional office on treatment of taxes paid on real estate cooperative
  • Guidance issued for W-2s to be issued for employers who deferred employee FICA at the end of 2020
  • SBA announces that a questionnaire will be sent to large PPP loan borrowers regarding need for the loan

Copyright 2020, Kaplan, Inc.

Direct download: 2020-11-02_SBAs_Coming_Questionnaire_for_Large_PPP_Loans_Volume.mp3
Category:general -- posted at: 7:35am EDT

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