Current Federal Tax Developments

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2020-11-16 IRS Throws in the Towel on One SALT Workaround

November 15, 2020 by Ed Zollars, CPA

This week we look at:

  • AICPA reports that the IRS is about to release what many will find is 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 attempts to argue his LLC was acting as an agent for his IRA custodian, but fails to convince the Tax Court

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

Articles on this week’s developments can be downloaded below:

2020-11-16 Current Federal Tax Developments

November 15, 2020 /Ed Zollars, CPA
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