2020-11-23 A Reasonable Expectation of Forgiveness

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

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