2020-08-24 The Week of the Two Letters

This week we look at:

• Qualified plan loan offset amount proposed regulations issued to deal with TCJA plan loan rollover provision

• US Chamber of Commerce and other organizations issue letter describing issues with payroll tax holiday Presidential memo

• IRS warns employees to wait to file Forms 941-X on second quarter 2020 941s until new form released in late September

• Chair of Ways & Means asks to IRS to pause sending notices that may relate to unopened payments and IRS complies two days later

• IRS begins accepting 2019 amended individual returns electronically

• Payments of interest on 2019 tax refunds are being paid out to taxpayers

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

Articles for this week’s session can be downloaded as a PDF below:

2020-08-24 The Week of the Two Letters

2020-08-17 Checks Stuck in the Trailer

This week we look at:

• Taxpayer denied relief for late rollover when taxpayer had "borrowed" funds from IRA

• Management company was not the customer for rental of vacation home

• IRS gives relief for taxpayers who end up with dishonored checks due to IRS delays in opening mail

• SBA updates PPP FAQ with information on insurance as a payroll cost

• Guidance on interaction of EIDL advances and PPP loan forgiveness

• SBA issues IFR on appeal procedures for PPP loans

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

An PDF with articles on this week’s developments can be downloaded below.

2020-08-17 Current Federal Tax Developments

2020-08-10 Deferring Employee FICA - Forgiveness?

This week we look at:

• Summary of §163(j) final regulations SBA publishes PPP loan forgiveness FAQ

• IRS reminds employers of ability to establish leave sharing plans for employees to provide COVID-19 relief

• Proposed revenue procedure released to allow qualified residential living facilities to be §163(j) real estate businesses

• IRS updates qualified plan safe harbor distribution notices for SECURE Act and CARES Act changes

• President issues memorandum providing for deferral of employee OASDI, but leaves open issue of whether amounts will be forgiven

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

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

2020-08-10 Current Federal Tax Developments

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