Current Federal Tax Developments

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2020-10-19 FAQs Not Protected from Scrutiny as IRS Had Hoped

October 17, 2020 by Ed Zollars, CPA

This week we look at:

  • 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

An audio only version of this week’s broadcast can be downloaded or streamed below:

A PDF of this week’s articles can be downloaded below:

2020-10-19 Current Federal Tax Developments

October 17, 2020 /Ed Zollars, CPA
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