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