Tax Podcast: IRS Throws in the Towel on One SALT Workaround

November 16, 2020

Stay up to date on federal tax developments with this weekly tax podcast by Edward K. Zollars, CPA, Phoenix, Arizona. 

This week's topic: IRS Throws in the Towel on One SALT Workaround

  • AICPA reports that the IRS is about to release what many will find is unwelcome guidance on expenses expected to be used for forgiveness under PPP loan program
  • IRS gives up on state entity level taxes on passthrough businesses as a workaround to the TCJA limit on the deduction of state and local taxes
  • Taxpayer attempts to argue his LLC was acting as an agent for his IRA custodian, but fails to convince the Tax Court

Federal Tax Development Update - 11/16/20

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