Federal Tax Update: The Week of the Two Letters

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