2020-11-23 A Reasonable Expectation of Forgiveness - a podcast by The Ohio Society of CPAs

from 2020-11-21T16:51:53

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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