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 EST

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