Federal Tax Update Podcast

This week we look at:

• Fees to enter a daily fantasy sports contest is a wager in the view of the IRS
• Taxpayers must follow all of the criteria listed in Revenue Procedure to take advantage of the ruling
• IRS adds retrieving funds from state unclaimed property fund to list of items for self-certification for late retirement plan rollover
• Withholding is required if an employer sponsored retirement plan transfers funds to state unclaimed property fund
• Draft instructions for 2020 partnerships released outlining requirement to report K-1 capital accounts on tax basis
• CPA denied in attempt to reduce potential liability by claiming failure of another tax adviser in representing client to reduce penalty
• Short term extension granted to October 31 to file FBAR reports

Copyright 2020, Kaplan, Inc.

This week we look at:

• PPP forgiveness application deadline is not October 31

• Fax line to send in Forms 1045 and 1139 will shut down at the end of 2020

• Draft instructions to Form 8895 indicate that IRS not longer seeing charitable deductions as reducing QBI

• Taxpayer could not claim accrued expenses to restore manufacturing line until following year

• IRS FAQ on EIP for incarcerated individuals is subject to court review

Copyright 2020, Kaplan, Inc.

This week we look at:

• Final regulations issued for meals and entertainment
• Withholding on retirement and annuity distribution regulations issued
• S Corporations get special election for GILTI issues
• SBA issues guidance on change of ownership for entities with PPP loans outstanding

Copyright 2020, Kaplan, Inc.