2020-08-03 Rise of the Syndicates

This week we look at:

• IRS releases multiple regulation project texts on TCJA items

• No syndicate relief offered for tax shelters by the IRS for small business accounting or §163(j)

• Taxpayers informed how to deal with inventory issues when opting out of application of §471(a)

• Forms 3115 for automatic method changes to be faxed in beginning in August

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

Articles for this week broadcast can be downloaded as a PDF below:

2020-08-03 Current Federal Tax Developments

2020-07-27 Third Time to Court on Conservation Easement

This week we look at:

• Discussions continue on fourth COVID bill in the Senate

• SBA announces the agency will begin accepting lender's documents for PPP loan forgiveness on August 10 (maybe)

• IRS releases percentages for the premium tax credit for 2021

• IRS position taken for strategic reasons in another conservation easement case doesn't bind the agency in a case with an unrelated taxpayer

• Second Circuit agrees with Tax Court that property was not used in a trade or business

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

Articles on this week’s update can be downloaded in the PDF below:

2020-07-27 Current Federal Tax Developments

2020-07-20 The Tax Court Deals with Debt Issues

This week we look at:

• IRS describes letters issued for Form 7200 when various issues arrive

• Loan was nonrecourse since lender did not take route that could have lead to deficiency judgment

• Debt failed to be qualified principal residence interest

• IRS proposes to add Schedules K-2 and K-3 for international partnership issues

• PTIN fees to return next year

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

The articles for this week’s developments can be downloaded as a PDF below:

2020-07-18 Current Federal Tax Developments

2020-07-13 BBA Audit Flowchart

This week we look at:

• W2s will report FFCRA sick and FMLA pay to each employee

• Congress extends PPP loan program through August 8, 2020

• FAQ looks at the tax implications of receiving a CARES Provider Relief Payments

• Depreciation limits for vehicles for 2020 released by the IRS

• §265(a)(1) does not bar deduction under UBIT rules for a charity

• Flowchart for BBA CPAR audit regime published by the IRS

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

The articles for this week developments can be downloaded in the PDF below:

2020-07-13 Current Federal Tax Developments

2020-07-06 What is Not Discussed

This week we look at:

• IRS updates FAQ to discuss PPPFA changes to employer payroll tax deferral rules

• Relief granted to allow for changes to be made in 2020 to safe harbor 401(k) plans

• IRS outlines issues with marketing materials for CRAT tax shelter being promoted

• Memorandum discusses what impact a superseded return has on the statute of limitations for returns filed on extension

• IRS announces July 15 deadline will not be extended for 2019 returns

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

The articles for this week’s updates can be downloaded as a PDF below:

2020-07-06 Current Federal Tax Developments

2020-06-29 CARES Fix for the RMDs that Aren't RMDs

This week we look at:

• IRS issues clarifications on claiming the employee retention credit

• SBA issues formal interim final rules modifying forgiveness rules for PPPFA

• Additional final regulations issued under §199A

• Proposed regulations released to deal with the TCJA parking lot tax

• IRS announces interest will be paid on refunds for returns filed by 7/15/20, with interest starting to accrue at 4/15/20

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

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

2020-06-27 Current Federal Tax Developments

2020-06-22 CARES Retirement Plan Rules Issued

This week we look at:

• Revised PPP forgiveness application and some rules to take into account PPPFA changes

• Relief granted for PPP loan qualification related to certain felony convictions of owners

• CARES special retirement plan provision relief published by IRS

• Using the wrong FedEx service to file a Tax Court petition costs taxpayer the option to challenge the IRS in 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:

2020-06-22 Current Federal Tax Developments

2020-06-15 TCJA Returns! Like Kind Exchanges

This week we look at:

• SBA begins issuing revised guidance to take into account PPPFA changes to PPP loan program

• IRS rules no inclusion in income or payroll tax liability for programs where employees donate leave time to COVID-19 charities

• Proposed regulations would expand deductions for medical expenses

• Post-TCJA real estate like-kind exchange proposed regulations issued by the IRS

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

The articles for this week’s update can be downloaded below:

2020-06-15 Current Federal Tax Developments

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