FICPA Podcasts

Federal Tax Update: One More Week to Return Funds And You Get

May 11, 2020

https://vimeo.com/416544667

https://www.currentfederaltaxdevelopments.com/podcasts/2020/5/9/2020-05-11-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.