Current Federal Tax Developments

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2020-11-23 A Reasonable Expectation of Forgiveness

November 21, 2020 by Ed Zollars, CPA

This week we look at:

  • IRS rules taxpayers cannot deductions expenses that qualify for PPP loan forgiveness if reasonably expect forgiveness

  • Revenue Procedure issued for taxpayer who don't get the entire expected forgiveness in the end

  • IRS adds request for additional information on Schedules K-1 for Form 1120-S for 2020

  • IRS Commissioner indicates there will not any sort of 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

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

The articles for this week’s update can downloaded in this PDF:

2020-11-23 Current Federal Tax Developments

November 21, 2020 /Ed Zollars, CPA
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