Federal Tax Update Podcast

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.

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

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.

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.

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.