Federal Tax Update: Deferring Employee FICA - Forgiveness

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