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Home > Federal Tax Update Podcast > 2020-11-16 IRS Throws in the Towel on One SALT Workaround
Podcast: Federal Tax Update Podcast
Episode:

2020-11-16 IRS Throws in the Towel on One SALT Workaround
Category: Business
Duration: 00:45:51
Publish Date: 2020-11-15 17:49:33
Description:

This week we look at:

  • AICPA reports that the IRS is about to release what many will find is unwelcome guidance on expenses expected to be used for forgiveness under PPP loan program
  • IRS gives up on state entity level taxes on passthrough businesses as a workaround to the TCJA limit on the deduction of state and local taxes
  • Taxpayer attempts to argue his LLC was acting as an agent for his IRA custodian, but fails to convince the Tax Court

Copyright 2020, Kaplan, Inc.
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