Stay up to date on what's happening!

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

Tax Podcast: IRS Throws in the Towel on One SALT Workaround

  • November 16, 2020

This week's topics: IRS releases 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 fails to convince Tax Court his LLC was acting as an agent for his IRA custodian. Continue Reading