Federal Tax Update: IRS Throws in the Towel on One SALT Workaround

https://vimeo.com/479550587

https://www.currentfederaltaxdevelopments.com/podcasts/2020/11/15/2020-11-16-irs-throws-in-the-towel-on-one-salt-workaround

 

This week we look at:

• AICPA reports that the IRS is about to release what many will find is unwelcome guidance on expenses expected to be used for forgiveness under PPP loan program
• IRS gives up on state entity level taxes on passthrough businesses as a workaround to the TCJA limit on the deduction of state and local taxes
• Taxpayer attempts to argue his LLC was acting as an agent for his IRA custodian, but fails to convince the Tax Court