The session will look at developments that have taken place over the past month in taxes and related areas. We will look at the hundreds of pages of final and proposed regulations related to the §163(j) business interest deduction to see what has changed from the 2018 proposed regulations we have been working with. As well, we'll discuss the status of new legislation Congress has been considering to provide additional COVID-19 relief, including possible expansion of the employee retention credit and a second PPP loan program. We'll also look at other IRS rulings, FAQs and court cases that impact federal taxes occurring up to the day of the session.
- Details of Congressional action (or lack of action) on a new COVID-19 relief bill
- Final regulations released under IRC §163(j) interest rules added by the Tax Cuts and Jobs Act as well as additional proposed regulations--what has changed?
- Notice 2020-59 - the §163(j) safe harbor for taxpayers engaged in a trade or business that manages or operates qualified residential living facilities to treat such a business as a real property trade or business for §163(j)
- IRS's proposed addition of 20 page Schedule K-2 (an addition to Form 1065 Schedule K) and 22 page Schedule K-3 (to go with each partner's K-1) to 2020 partnership filings for partnerships that have foreign information, including the foreign tax credit