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Home > Federal Tax Update Podcast > 2020-05-08 One More Week to Return Funds and You Get ERC
Podcast: Federal Tax Update Podcast
Episode:

2020-05-08 One More Week to Return Funds and You Get ERC
Category: Business
Duration: 00:55:49
Publish Date: 2020-05-12 14:32:49
Description:

This week we look at:

  • IRS changes its guidance on the payment of health insurance only and qualification for the Employee Retention Credit

  • Borrowers can repay PPP loans by May 14 and then use Employee Retention Credit in the future.

  • SBA issues guidance for non-discrimination rules and not for profits and also impact of student workers.

  • Borrowers using new seasonal employer measuring periods will be able to sign unmodified PPP loan applications.

  • SBA gives relief to businesses unable to rehire employees who wish to remain on unemployment.

  • IRS issues guidance on excess deductions on termination following TCJA's addition of ยง67(g).

  • Taxwriters disagree with IRS's view on deductibility of expenses used to obtain PPP loan forgiveness.

  • Cannabis business found to be a reseller and not a producer. IRS issues guidance on taxpayers whom the agency wishes to return their economic impact payments.

Copyright 2020, Kaplan, Inc.
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