Federal Tax Update Podcast

This week we look at:

• Crowdsourcing platform payments made in convertible virtual current for performing microtasks is taxable income
• Payroll tax holiday guidance finally released by Treasury days before holiday is scheduled to begin
• IRS temporarily expands and simplifies use of e-signatures
• SBA issues new PPP guidance with de minimis owner rule and rules related to rents and mortgages as nonpayroll costs

Copyright Kaplan, Inc.

This week we look at:

• Qualified plan loan offset amount proposed regulations issued to deal with TCJA plan loan rollover provision
• US Chamber of Commerce and other organizations issue letter describing issues with payroll tax holiday Presidential memo
• IRS warns employees to wait to file Forms 941-X on second quarter 2020 941s until new form released in late September
• Chair of Ways & Means asks to IRS to pause sending notices that may relate to unopened payments and IRS complies two days later
• IRS begins accepting 2019 amended individual returns electronically
• Payments of interest on 2019 tax refunds are being paid out to taxpayers

Copyright Kaplan, Inc.

This week we look at:

• Summary of §163(j) final regulations SBA publishes PPP loan forgiveness FAQ
• IRS reminds employers of ability to establish leave sharing plans for employees to provide COVID-19 relief
• Proposed revenue procedure released to allow qualified residential living facilities to be §163(j) real estate businesses
• IRS updates qualified plan safe harbor distribution notices for SECURE Act and CARES Act changes
• President issues memorandum providing for deferral of employee OASDI, but leaves open issue of whether amounts will be forgiven

Copyright 2020, Kaplan, Inc.

This week we look at:

• IRS releases multiple regulation project texts on TCJA items
• No syndicate relief offered for tax shelters by the IRS for small business accounting or §163(j)
• Taxpayers informed how to deal with inventory issues when opting out of application of §471(a)
• Forms 3115 for automatic method changes to be faxed in beginning in August

Copyright 2020, Kaplan, Inc.