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Tax Podcast: Being Late Proves Costly

  • November 29, 2020

This week's topics: A taxpayer is denied permission to file a late mark to market election as a trader; final regulations are issued related to the TCJA unrelated business income changes; like kind exchange regulations finalized by the IRS. Continue Reading

Tax Podcast: A Reasonable Expectation of Forgiveness

  • November 23, 2020

This week's topics: IRS rules taxpayers can't deduct expenses that qualify for PPP loan forgiveness if expect forgiveness; Revenue Procedure issued for taxpayers who don't get the entire expected forgiveness; IRS adds request for additional information on Schedules K-1 for Form 1120-S for 2020; IRS Commissioner indicates no broad relief for late filing and late payment of taxes; No relief for late filing when CPA firm submitted efile return a few seconds late; IRS updates ERC FAQ to deal with acquisition of employers who had taken out PPP loans. Continue Reading