Federal Tax Update Podcast

This week we look at:

• Late revisions to PPP loan program
• House passes new COVID-19 relief bill, moves on to Senate
• Taxpayer gets out of tax on $300,000 of credit card rewards
• Texas taxpayers get extension to June 15

Copyright 2021, Kaplan, Inc.

This week we look at:

• A §280E case with potential impact outside of the cannabis industry

• Legal malpractice settlement could not be treated as excludable physical injury award

• IRS admits to an issue with 260,000 notices

• Calls come to extend the April 15 deadline again this year

Copyright 2021, Kaplan, Inc.

This week we look at:

• Taxpayer finds no relief from FBAR penalties
• Tax Court outlines when it will allow a taxpayer to argue substance over form
• IRS warns about a phishing scam aimed at tax professionals

This week we look at:

• Form 1040 final instructions add to virtual currency confusion
• Teachers COVID-19 supply safe harbor released
• No relief for employee with unused FSA dependent care funds
• Form 1099 relief for CARES items not treated as taxable

Copyright 2021, Kaplan, Inc.