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Tax Podcast: Tax Basis Capital Accounts and the 2020 Form 1065

  • October 26, 2020

This week's topics: What constitutes a wager to the IRS; Revenue Procedure; retrieving and transferring funds from state unclaimed property fund; draft instructions for 2020 partnerships released; 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. Continue Reading

Tax Podcast: FAQs Not as Protected from Scrutiny as IRS Hoped

  • October 19, 2020

This week's topics: 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. Continue Reading

Tax Podcast: Simplified PPP Forgiveness Application for Small Loans

  • October 12, 2020

This week's topics: simplified PPP forgiveness applications for loans of $50,000 or less; lenders told what to do when borrowers supply more expense documentation than necessary for full PPP loan forgiveness; pre-PPPFA loan documents do not need to be modified to obtain PPPFA longer deferral period; QR codes will be added to CP14 and CP14 IA notices beginning later this month; SIFL rates for last half of 2020 published; taxpayer finds no relief available for payroll taxes paid years earlier on nonqualified deferred compensation that will not paid due to subsequent bankruptcy of the employer. Continue Reading

Tax Podcast: PPP Loans and Change of Ownership

  • October 5, 2020

This week's topics: 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. Continue Reading

Tax Podcast: Remember the SECURE Act

  • September 7, 2020

This week's topics: Crowdsourcing platform payments, payroll tax holiday guidance, 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. Continue Reading