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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

SBA clarifies deferral period for PPP loan payments

  • October 7, 2020

The Small Business Administration released guidance Wednesday clarifying that lenders must recognize the previously established extended deferral period for payments on the principal, interest, and fees on all Paycheck Protection Program (PPP) loans, even if the executed promissory note indicates only a six-month deferral. 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