Federal Tax Update Podcast

This week we look at

• IRS recommendations to those victimized by unemployment ID theft
• Revised Form 7200 gives information on advance ERC payment
• Interim IRS online system to submit Forms 2848 and 8821
• AICPA letter on ERC and PPP forgiveness applications

Copyright 2021, Kaplan, Inc.

This week we look at:

• Penalty relief related to partners’ tax basis capital
• IRS provides limited option for ERC claims on 4th quarter 941
• Revised PPP First Draw Maximum Loan Calculation
• PPP Borrowers Who Received Too Much Have to Pay Excess Back
• Second disbursement for PPP First Draw Loan procedures
• Gross Receipts Calculation for Second Draw Loans
• PPP Revised Forms Released

Copyright 2021, Kaplan, Inc.

This week we look at:

• Amounts advanced by partner were a debt leading to income for other partners
• Auto valuation COVID-19 relief for employers
• Final qualified plan loan offset rules
• Opening of electronic filing pushed back to February 12
• IP-PIN program now open nationwide

Copyright 2021, Kaplan, Inc.

This week we look at IFRs issued for the new PPP Loan programs:

• Interim Final Rule - Revised First Draw PPP Loan
• Interim Final Rule - Second Draw PPP Loan Program

Copyright 2021, Kaplan, Inc.

This week we look at:

• Final small business accounting method regulations issued

• User fee for estate tax closing letter proposed

• 3rd Circuit overrides Tax Court on notice of address change to IRS

• Due dates for claims for refund for 2020 returns

• FinCEN plans to add crypto-currency accounts to FBAR

Copyright 2021, Kaplan, Inc.