2020-11-23 A Reasonable Expectation of Forgiveness

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