https://vimeo.com/482078904
https://www.currentfederaltaxdevelopments.com/podcasts/2020/11/21/2020-11-23-a-reasonable-expectation-of-forgiveness
This week we look at:
- IRS rules taxpayers cannot deductions expenses that qualify for PPP loan forgiveness if reasonably expect forgiveness
- Revenue Procedure issued for taxpayer who don't get the entire expected forgiveness in the end
- IRS adds request for additional information on Schedules K-1 for Form 1120-S for 2020
- IRS Commissioner indicates there will not any sort of broad relief for late filing and late payment of taxes
- No relief for late filing when CPA firm submitted efile return a few seconds late
- IRS updates ERC FAQ to deal with acquisition of employers who had taken out PPP loans