August 24, 2020
https://vimeo.com/450540075
https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/22/2020-08-24-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
August 17, 2020
https://vimeo.com/448352674
https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/16/2020-08-17-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
- SBA issues IFR on appeal procedures for PPP loans
August 10, 2020
https://vimeo.com/446207863
https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/9/2020-08-10-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
