Keeping CPAs Up to Date on Tax Matters
A site devoted to articles on current developments in federal taxes geared toward CPAs in tax practice.
This week we look at:
Final regulations issued for meals and entertainment
Withholding on retirement and annuity distribution regulations issued
S Corporations get special election for GILTI issues
SBA issues guidance on change of ownership for entities with PPP loans outstanding
An audio only version of this week’s broadcast can be downloaded or streamed below.
A PDF with the articles for this week’s update can be downloaded below:
This week we look at:
IRS issues bonus depreciation final regulations
Excess deductions on termination final regulations are issued
IRS grants relief for CCH e-filing problems on September 1
An audio only version can be streamed and downloaded below:
The articles for this week’s developments can be downloaded as a PDF below:
This week we look at:
IRS discusses options for expedited private letter ruling requests
Web page for marijuana industry posted by the IRS
Corporation by law had no shareholders, thus no S election was possible
Draft form to be used by self-employed to claim COVID-19 sick pay credits published
Final version of Form 941-X to be used to revised 2Q 2020 Forms 941 released
An audio only version of this week’s broadcast can be streamed or downloaded below:
The articles for this week’s updates can be downloaded in the PDF below:
This week we look at:
A California decisions discusses the concept of domicile for state residency status
IRS publishes special per diem rates for FY 2020/2021, including high-low rates
Medicaid coverage of COVID-19 testing and diagnostic services is not minimum essential coverage
Tax Court looks at the effective date for a change in innocent spouse provisions
An IP PIN ruled not to be part of the signature for an electronically filed tax returns
An audio only version of this week’s broadcast can be downloaded or streamed below.
Articles describing this week’s update can be downloaded at:
This week we look at:
IRS loses in an attempt to challenge a contribution of closely held stock to charity
Notice issued giving guidance on retirement plan changes enacted at the end of 2019
Second new version of Form 941 for 2020 released in draft form
Minister discovers he won't qualify to be paid social security or Medicare coverage due to not understanding employment taxes and pastors
IRS publishes web page on BBA Centralized Partnership Audit Regime
An audio version of this week’s broadcast can be downloaded or streamed below:
A PDF with this week’s articles can be downloaded below:
This week we look at:
Crowdsourcing platform payments made in convertible virtual current for performing microtasks is taxable income
Payroll tax holiday guidance finally released by Treasury days before holiday is scheduled to begin
IRS temporarily expands and simplifies use of e-signatures
SBA issues new PPP guidance with de minimis owner rule and rules related to rents and mortgages as nonpayroll costs
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Articles for this week’s update can be downloaded as a PDF below:
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:
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.
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:
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:
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:
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:
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:
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:
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:
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:
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:
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:
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:
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.
