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 Copyright 2020, Kaplan Financial Education
