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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
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
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
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
This week's topics: IRS issues bonus depreciation final regulations; excess deductions on termination final regulations are issued; IRS grants relief for CCH e-filing problems on September 1. Continue Reading
This week's topics include expedited private letter ruling requests, marijuana industry, S elections, COVID-19 sick pay credits for self-employed, Form 941-X. Continue Reading
This week's topics include the concept of domicile for state residency status; special 2020-21 per diem rates; minimum essential coverage; innocent spouse provisions; signatures for electronically filed tax returns. Continue Reading
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
This week's topic includes: crowdsourcing platform payments, payroll tax holiday guidance, use of e-signatures, and PPP guidance issued by SBA Continue Reading
This week's topics: TCJA plan loan rollover provision, payroll tax holiday Presidential memo, Form 941-X, IRS' late notices, electronic amended individual returns, interest payments on 2019 tax refunds. Continue Reading