Federal Tax Update Podcast

This week we look at:

• A quick discussion of what know (little) and don't know (a lot) about not yet proposed changes to capital gain rates
• IRS provides safe harbor for returns filed on or before December 27 for PPP expenses
• IRS issues fact sheet to promote paid leave/family leave payroll tax credit subsidy for vaccine issues
• Deviation allowing for electronic signatures for some forms extended again
• IRS admits to delays in MeF payment processing near April 15

Copyright 2021, Kaplan, Inc.

This week we look at:

• Cover letter from state judge was part of the divorce documents
• PLR discusses medical expense definition
• IRS announces gift tax return due date remained April 15
• Only overpayments existing at April 15 can be applied to quarter one 2021 estimate payment

Copyright 2021, Kaplan, Inc.

This week we look at:

• IRS gives guidance on ARPA and the advance premium tax credit for 2020
• CCA issued to give details on apply tax provisions to hard forks of virtual currency
• IRS disagrees with court decision on treatment of defined benefit pension benefit for insolvency
• A restaurant is defined for 100% deduction
• The saga of 2020 Form 1040 overpayments, extensions and first quarter estimates

Copyright, Kaplan, Inc.

This year week we look at:

• IRS gives details on automatic refunds on unemployment exclusion
• Formal notice of extension of time to file 2020 Forms 1040 issued
• IRS updates ERC guidance for the version for first six months of 2021
• A look at the mess that is the issue of whether controlling shareholder wages can qualify for ERC