2020-06-08 Payroll Protection Program Flexibility Act Becomes Law

This week we look at:

• Payroll Protection Program Flexibility Act of 2020 enacted into law on June 5, 2020

• Relief from physical presence rules given to qualified plans

• IRS expands Qualified Opportunity Zone relief and extends period for existing relief

• IRS returns to tax basis capital computation issues - gives two different proposed methods

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

Articles for this week’s update can be downloaded below:

2020-06-08 Current Federal Tax Developments

2020-06-01 Electronic Amended Returns Real Soon Now

This week we look at:

• PPP developments - only a single FAQ change but two bills to change the program.

• IRS releases guidance on how to deal with ATNOLs for corporations carrying back net operating losses.

• The ability to electronically file amended individual income tax returns will exist for 2019 returns later this summer.

• IRS announces additional due date relief.

An audio version of the broadcast can be streamed or downloaded below:

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

2020-06-01 Current Federal Tax Developments

2020-05-24 PPP Loan Forgiveness Interim Final Regulations - Update

The latest update on the new interim final regulations on PPP Loan Forgiveness rules.

A PDF with information on both IFRS can be downloaded below.

May 22 IFRs from SBA - PPP Loan Forgiveness

2020-05-25 Just Kidding

This week we look at:

• PPP guidance on foreign affiliates, §501(c)(12) utilities, the actual final extension of the PPP repayment date and the SBA backing off the threats on necessity of the loan certification

• IRS discusses which date to use to value certain stock based compensation

• Changes made to maximum medical FSA carryovers for cafeteria plans

• IRS issues COVID-19 related relief for cafeteria plans

• The tax consequences of payments to students discussed in IRS FAQ which uses §139 to exclude them from income

• IRS releases inflation adjusted HSA and HDHP numbers for 2021

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

A PDF with the articles related to this week’s updates can be downloaded below:

2020-05-25 Current Federal Tax Developments

2020-05-18 PPP Forgiveness Application

This week we look at the SBA's release of the PPP Loan Forgiveness Application and related instructions from Friday, May, 15.

An audio only version of this week’s session can be streamed or downloaded below.

Below is a document looking at the application form and instructions.

2020-05-18 PPP Loan Forgiveness Application: What Have We Learned?

2020-05-11 One More Week to Return Funds And You Get ERC

This week we look at:

• IRS changes its guidance on the payment of health insurance only and qualification for the Employee Retention Credit

• Borrowers can repay PPP loans by May 14 and then use Employee Retention Credit in the future.

• SBA issues guidance for non-discrimination rules and not for profits and also impact of student workers.

• Borrowers using new seasonal employer measuring periods will be able to sign unmodified PPP loan applications.

• SBA gives relief to businesses unable to rehire employees who wish to remain on unemployment.

• IRS issues guidance on excess deductions on termination following TCJA's addition of §67(g).

• Taxwriters disagree with IRS's view on deductibility of expenses used to obtain PPP loan forgiveness.

• Cannabis business found to be a reseller and not a producer. IRS issues guidance on taxpayers whom the agency wishes to return their economic impact payments.

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

Articles for this week’s developments can be downloaded via the link below:

2020-05-11 Current Federal Tax Developments

2020-05-04 No Deduction for You

This week we look at:

• PPP loan updates on corporate groups, businesses sold after February 15, 2020, loan review procedures, private companies need to show loan was necessary, treatment of seasonal employers, how to count 500 employees and maximum loan calculation amounts

• Update on faxing procedures for Forms 1139 and 1045

• No deduction allowed for amounts paid to achieve PPP loan forgiveness per IRS

• Draft Form 941 released for second quarter of 2020

• IRS clarifies filing date relief for U.S. Tax Court filings

• IRS and DOL issue relief for certain timeframes that apply to employee benefit plans

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

Articles for this week’s session are available for download below:

2020-05-04 Current Federal Tax Developments

2020-04-27 Is This Necessary?

This week we look at:

• PPP Loan program and EIDL Grants Get Additional Funding

• PPP guidance raises question of false certification that loans were necessary, provides other clarifications

• IRS provides additional guidance on payments to repair homes due to pyrrhotite damage

• Relief for taxpayers unable to meet foreign earned income exclusions due to COVID-19

• Special procedures for taxpayers who are not required to file but wish to file for advance payments

• IRS gives special relief related to COVID-19 travel restrictions impacting substantial presence test

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

A PDF with the articles for this week can be downloaded below:

2020-04-27 Current Federal Tax Developments

2020-04-20 End of First Funding Round for PPP Loans

This week we look at:

• SBA issues guidance on self-employed taxpayers and partners for PPP loan program

• Revenue Procedure issued explaining how to deal with retroactive change in life for qualified improvement property

• IRS gives guidance on filing Forms 1139 and 1045 via fax while Service Centers are shut down

• Proposed regulations released to set government portion of PTIN fee at $21

• Procedures issued to deal with Forms 706 returned by private delivery services from closed Service Centers

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

Articles for this week’s updates can be read below:

2020-04-20 Current Federal Tax Developments

2020-04-13 The IRS Returns to Issuing Guidance

This week we look at:

• PPP loan program FAQ gets updated by SBA

• IRS releases §163(j) relief for real estate and farming businesses

• Procedures released for making election to waive NOL carryback period under CARES provisions

• IRS explains the payroll tax deferral program

• Partnerships covered by BBA CPAR given temporary reprieve from centralized audit rules

• Six month extension granted to file Forms 1045 and 1139

• IRS greatly expands list of returns, payments and actions extended to July 15, 2020.

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

The articles for this week’s updates can be found in the PDF you can download below:

2020-04-13 Current Federal Tax Developments

2020-04-06 CARES Act Developments This Week Through the Morning of April 5

This week review the status of developing guidance on key provisions of the CARES Act:

• Recovery Rebate for Individuals, Including Advance Payment

• Deferral of the Required Minimum Distributions for 2020

• PPP SBA loan program - things we've learned and things we still need guidance on

• Forgiveness of PPP loans - are payroll costs different for this than for the maximum loan or not? Does anyone know for sure?

• Emergency EIDL Loans - the forgotten provision Employee retention payroll credit - the alternative (maybe) to a PPP loan

• Delay of deposits for employer portion of OASDI taxes - can take if you don't have a PPP loan forgiven

An audio only version of this week’s podcast can be streamed or downloaded at:

This week rather than written text, we are including a PDF of the slides that go along with this week’s presentation:

2020-04-06 Current Federal Tax Developments Slides

2020-03-30 Due Dates and CARES Act

This week we look at:

• Payroll tax credit starts on April 1.

• IRS reverses courses, announces gift/GSTT returns will also be due on July 15, 2020.

• IRS issues guidance that clarifies which April 15 deadlines are moved back to July 15, 2020.

• Congress passes the CARES Act with a number of tax provisions

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

Articles for this week’s update can be downloaded from:

2020-03-30 Current Federal Tax Developments

2020-03-23 Moving Tax Day to July 15

This week we look at:

• Congress passes payroll tax credit for newly mandated paid sick leave

• Initial April 15 delay guidance only delayed payment date but no actual extension to file

• Late Friday guidance replaces first delay guidance with a real delay in April 15 filing date, though questions still remain

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

A PDF with articles for this week’s developments can be downloaded below:

2020-03-23 Current Federal Tax Developments

2020-03-16 Waiting for Relief

Current Federal Tax Developments for the week of March 16, 2020: Waiting for Relief

• President declares emergency over COVID-19, directs Treasury to provide relief--and now we are waiting.

• HR 6201 passes the House and moves on to the Senate, containing a few tax provisions mainly related to mandatory sick leave provision rule

• AICPA letter issued to IRS regarding the informal §199A guidance the agency has issued

• HDHPs are allowed to pay for COVID-19 testing and treatment without jeopardizing ability of insured to make HSA contributions.

• Dropping a tax document in the mailbox turns out not to be a good idea, as USPS postmark was after the private postmark date on envelope

Articles for this week’s final three developments can be found in the following PDF file:

2020-03-16 Current Federal Tax Developments

2020-03-09 Sometimes Too Late is Just Too Late

Current Federal Tax Developments for the week of March 9, 2020: Sometimes Too Late Really is Too Late:

• IRS denies a taxpayer's request to make a late mark to market election under §475(f)

• Loss limits for passive activities, basis and at-risk also limit self-employment loss use

• Revenue Procedure grants relief for filing some information returns for certain foreign trusts

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

Articles for this week’s update can be downloaded below:

2020-03-09 Current Federal Tax Developments

2020-03-02 Late Filing Week

Current Federal Tax Developments for the week of March 2, 2020: Late Filing

• Taxpayer who voluntarily exited OVDI program ended up with very poor result.

• Illnesses of corporate officers not found to give reasonable cause for late filing of S corporation returns.

• Supreme Court refuses to review Ninth Circuit ruling upholding IRS regulation that only items listed in §7502 can be used to prove timely filing.

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

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

2020-03-02 Current Federal Tax Developments

2020-02-24 Meals and Entertainment Guidance;

Current Federal Tax Developments for the week of February 24, 2020: Meals and Entertainment After TCJA

• Proposed regulations can be relied upon in the interim, as well as continued reliance on Notice 2018-76
  Separate invoicing rule for food/beverage first released in Notice 2018-76 is also in the proposed regulations

• Definition of entertainment stays similar to older definition, but does not include business meals

• Adopts Notice 2018-76 rules for business meals

• Detailed guidance on meals related exceptions to 50% disallowance found at §274(e)

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

The article for this week’s broadcast can be downloaded below:

2020-02-24 Current Federal Tax Developments

2020-02-17 The Week of Fortnite and Schedule 1

Current Federal Tax Developments for the week of February 17, 2020: The Week of Fortnite and Schedule 1

• IRS urges tax professionals to make use of mutli-factor authentication

• V-bucks and Roblox removed from list of convertible virtual currencies on FAQ

• Challenge to validity of regulations on disclosing basis in appraisal found wanting by the Tax Court

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

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

2020-02-17 Current Federal Tax Developments

2020-02-10 Waiting for the §163(j) Regulations

This week we look at:

• Regulations implementing changes to FAVR and cents-per-mile methods finalized by IRS

• OIRA finishes review of final §163(j) regulations, starts review of additional proposed regulations

• Tax Court finds that language in deed fails to comply with regulations for qualified conservation easements

• Form 1023 now goes fully online--but only after 90 days when applicants can still use paper

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

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

2020-02-10 Current Federal Tax Developments

2020-02-03 Western Wisconsin Week

This week we look at:

• Special agent in charge of Los Angeles CID talks about their potential use of the virtual currency question on Schedule 1, Form 1040.

• Taxpayer wins on claim LLC was not a sham, but finds the result is actually worse when court rules amounts paid to law firm were start-up expenses under §195 TAM rules that taxpayer did not have an intangible related to synergistic benefits that could be written off.

• Taxpayer could not use claim of right provision under §1341(a) to claim a deduction related to gain recognized in prior year when trustee of grantor sold stock that trustee was barred from selling by the trust agreement.

• IRS and taxpayer agree that a regulation on the books since 2001 mandates a result different from what the court had arrived at when agreeing with IRS position on §7502(a) and late filed returns asserted originally in the case.

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

Articles for this week’s update can be downloaded below:

2020-02-03 Current Federal Tax Developments