Joe B. Kristan, CPA

Luxury Auto depreciation limits updated for 2020 with Rev. Proc. 2020-37

Don't expect to get your ACA taxes back. AICPA calls for filing penalty relief for 2019. Getting early PPP forgiveness. Seattle payroll tax in play. Sales tax holidays and rates. Accidental coronavirus bonus for newlyweds - and unweds.

Tax Day is July 15 this year. Why to extend, how to extend. What about the states? New deadline, same old scams. When real estate buyers have to withhold taxes. PPP shaming. Paper filing? Postal delivery is ON FIRE!

President signs PPP extension. IRS touts new non-employee 1099. Backup withholding. Tennessee reels in more remote sellers. Extending > Amending. July 10 notice deadlines. Too smart to be innocent.

Congress passes PPP extension. TIGTA looks at IRS tax notice avalanche. Don't email your SSN. COVID crushing state revenues. Opportunities in German Beer arbitrage in Finland. Does Casey's really require an explanation?

Supreme Court upholds Montana Tuition Credit program. California curbs net operating losses. North Carolina decouples on interest, losses. July 15 as tax day. IRS secret shopper completes spare in Wisconsin

IRS says July 15 deadline stays. Quickie refund deadline also moves to 7/15. Taxpayer Advocate says pandemic highlights IRS tech weakness. Lingering in Iowa will cost more. Breaking windows is bad.

Tomorrow is last day to file for 2018 carryback "Quick refund." Interest on 2019 refunds. Tax Court and passports. IRS R&D Credit Win. Why it's OK to stimulate the dead. What's a gift? Downsides of RV tax deductions.

IRS bids to settle syndicated easement cases. IRS workers return to COVID-19 risk. IRS stands pat on international residency relief. Iowa grain glitch guidance. A Florida man reviews his tax return.

IRS paying interest on refunds from April. More due date change rumbling. RMD Reversals. Extending Opportunity Zone rollover deadlines. US vs. Euro wine taxes. The IRS secret shoppers.

Undoing that required 2020 retirement distribution. Reconsidering EIDL loans. S Corp owner comp and PPP forgiveness. Main Street Lending for non-profits. How the IRS can help you buy your Bentley.

Quick refunds stymied by slow processing. Publicity for PPP borrowers. Returning accidental virus benefit payments. What to do when the IRS shows up. No break for cash-rent Iowa capital gains. No miracles in Tax Court.

Court upholds administrative rule treating farm rentals differently from other rental activity; taxpayer fails to demonstrate material participation.

Simplified PPP forgiveness - who qualifies? Disaster uncertainty. Digital tax impasse. Small-town Iowa city embezzlement. CPA trips over his paperwork in Tax Court. France begins a comeback.

New PPP guidance good news for gig workers. PCORI fee didn't go away. Teetering on the edge of the ACA cliff. North Dakota celebrates Wayfair. Tax Court questions miraculous real estate appreciation.

IRS updates Applicable Federal Rates (AFR): minimum interest rates required by IRS for gifts, loans & sales. Includes long-term tax-exempt rate for applying Section 382 to Net Operating Losses (NOLs) for ownership changes occuring in the month.

95% write-down on proposed ACA large employer penalties. Iowa uncouples from 163(j), Corporate GILTI. Old IRS notices, new deadlines. COVID telecommuting and State taxes. Preparer, prepare thyself.

First new SBA PPP Guidance. PPP disallowance and QBID deductions. State estimate deadlines. Iowa to dump GILTI, 163(j)? VAT isn't the same as simple. Pirates v. Royals, deficit killer. "Charity" operators cash in on donated clothes.

PPP expense deduction in Senate this week? Health care ministries as medical expense. COVID scams. Is extending past 7/15 wise? Living in Minnesota, deducting in New York.

Treasury erases PPP Payroll Cliff. Big PPP Webinar today. Taxable non-profits and loss silos. The expensive coach tax. Deductions for non-conventional health care. A tropical storm plans an Iowa visit.

Bill extending PPP spending window to 24 weeks goes to President. Borrower-friendly, but beware the 60% payroll cliff. IRS allows remote retirement plan signatures. IRS Phone Phrustration. K.C. Chiefs come back for sales tax win.

S corporation gambit to accelerate losses fails. COVID-19 fraud risks. Iowa and CARES Act conformity. Data Tax. Golf course as conservation purpose. Farewell to the last Civil War pensioner.

PPP loan bill opposition crumbles. No PPP for bankrupt farmers. Deduction 2020 COVID losses on 2019 returns. IRS and high-income non-filers. Sales taxes and small business. IRS nixes $24 million "gift."

Open that plain envelope with a card. Ag producers get new relief. New guidance on PPP and retention credits. Big Idaho state income tax decision. Things they don't sell at Whole Foods.

The PPP deal is again altered. Lenders, PPP, and Clawbacks. Don't sleep on the July 15 deadline. NOL deductions are good policy. Taxing COVID-19 telecommuters. The soporific power of the tax law.

Administration pushes more COVID-19 relief; Senate in no rush. New PPP forgiveness issued late Friday night. Retention credit expansion interest increases. Adam Sweet video on PPP forgiveness form. Last Civil War pension still pays $73.13 monthly

A new, smaller PPP modification bill starts to move. HSA limits increased. Why everything with the IRS is going slow. States, losses and nexus. Amelia Earhart solos the Atlantic.

IRS updates Health Savings Account (HSA) maximum contributions, minimum deductibles, and out-of-pocket maximums for 2021. The 2019 HSA contribution window is open through July 15, 2020.

No new Coronavirus legislation before June. We have enough PPP guidance? USDA gives ag producer assistance details. Iowa rules on PPP loan, COVID payment tax. Mistaken persistence and its 72-month reward.

What we learn from the new PPP forgiveness application. Stimulus checks as debit cards. Court says FBAR fines constitutional. Hidden marginal tax rates and poverty. How do you protect your secret identity on your expense report?

IRS updates Applicable Federal Rates (AFR): minimum interest rates required by IRS for gifts, loans & sales. Includes long-term tax-exempt rate for applying Section 382 to Net Operating Losses (NOLs) for ownership changes occuring in the month.

Form and instructions outline required documentation.

PPP safe harbor repayment deadline pushed back four days. Safe harbor for PPP loans < $2 million. IRS loses a conservation easement case. Presidency residency. First vaccination 224 years ago today.

Deadline moved from May 14 after SBA exempts loans under $2 million from scrutiny. Will this new date also apply for Employee Retention Credit eligibility?

Employers allowed to loosen flex plan election rules. House Dems release HEROES Act bill. Conservation easements suffer Tax Court loss. Supremes hear Trump return cases. Shelby Cobra bites owner.

Conservation deal syndicator warns of tough audits ahead. Capital Gain tax elimination? Explaining stimulus payment surprises. Stimulus, response, and dead folks. Sword fight: not insane, but not happening.

PPP borrowers can opt to tax credit by repaying loans by 5/14. Congress presses IRS on PPP deductions. Dead people lose PPP payments. First PPP loan fraud arrests. VE Day 75th anniversary.

Another week to repay "uneeded" SBA loans. Pressure on IRS to allow PPP deductions. Employment credits when employees stay away. Settling with the IRS virtually. Never trust your brother.

Mnuchin defends PPP expense disallowance. Double-standard or Double-dip? Trump says payroll tax cut or bust. PPP and nonprofit endowments. My lonely voice. Dealing with an extra digit on your refund. Court undresses SBA stripper PPP loan bar.

PPP easier for the big to navigate. What are rules for sole proprietors? What if you sell after getting a PPP loan? GILTI planning. Oregon eases up. Bankruptcy court consults Oracle of New Hartford.

IRS says expenses that contribute to loan forgiveness are non-deductible under Sec. 265.

Mnuchin uses Squawk Box to trim PPP eligibility. Counting employees. FASB delays some standards. Iowa 1st quarter payments still due tomorrow. More state COVID-19 relief. Overachieving at age 17.

Squinting to see a big charitable deduction. Seasonal employers and PPP loans. Home office deductions for COVID telecommuters? "Get my Payment" glitches fixed. Tax Court won't be bamboozled.

Counting to 500 employees. Farmers and Gamblers (no, not the same thing) can get PPP loans. COVID-19 payment scams proliferate. IRS employees start to return. States struggle. The 1918 pandemic deadline.

House approves renewed forgivable loan funding. Questions on who gets forgivable loans. IRS proposes relief for non-profits' taxable activities. Nebraska reneges on 2nd quarter dates. Pop or Soda?

Fax is fast, refunds not so much. Telework and Minnesota withholding. Just Keep the $500. Flex plans and over-the-counter meds. Happy Birthday, New Coke.

Senate refills PPP loan program. Senator cautions borrowers. International tax relief for COVID-stranded taxpayers. COVID and state voluntary disclosure payments. Boomer Sooners.

Will the PPP program get new funding today? Maximizing PPP loan forgiveness. States need money, and they may want yours. The case for business loss deductions. Sam Houston's big day.

Puzzling through the SBA guidance. What it means for banks. IRS payment tracker opens, struggles. State pension funding and COVID-19. And there's always a tax angle.

Federal 1040s, 1120s for 2019 aren't due today. What states have extended. PPP Guidance comes out for the self-employed. Eastern Iowa municipal embezzlement. When April 15 became Tax Day.

IRS says you should fax your loss carryback starting Friday. States, deadlines and PPP forgiveness. Where's my virus money? IRS lines are down. The lingering allure of bad tax ideas.

IRS fixes partnership procedural glitch. Forgiven loans, forgone deductions? IRS says to wait on CARES Act refund claims. Iowa, Idaho tax deferral updates. Appomattox day.

2018 NOLs can be claimed on Forms 1139 and 1045 until June 30, 2020

Push for $250M more for SBA PPP loans. AICPA FAQs on COVID-19 relief. Stranded Abroad, Taxed Abroad? IRS Scam warning. Montana, California add COVID-19 relief.

Treasury updates PPP FAQ. A community banker on the PPP front lines. States ponder rebate taxation. Rainy Days. Leaving Fort Mandan.

IRS changes course on requiring returns for rebates. IRS challenges in getting $ to non-filers. Navigating the tax credit and forgivable loan maze. All 50 states have deferred deadlines, but some more that others.

Payroll Protection Loans on the fast track. Treasury releases loan, tax credit guidance. IRS announces payroll tax penalty waiver. States gear up for transfer pricing battles. Rebates depend on "prehistoric" software.

Covid-19 relief options can be hard to figure out. What we know about the SBA forgivable loans. NOL quirks fixed by CARES Act. Virus relief? Scammers are ON IT!

Senate sends Coronavirus relief to House. Amended returns and refunds coming. Cash payments. Forgivable loans. Disaster loans and grants. IRS backs off during crisis.

Coronavirus deal imminent. Returns will be amended. Administrative adjustments will be requested. Feds clarify due date guidance. More states delay deadlines. King Zog, champion smoker.

Coronavirus legislation stalls. More states extend due dates. How proposed rebates would work, and rebate lessons from history. Meredith scores DPAD win. And live from Finland.

Internal Revenue Service extends the income tax filing and payment deadline from its traditional April 15th due date to July 15th, 2020.

No April filings or extensions required. April estimated payment deadline also pushed back to July 15.

Limited tax credit, paid leave for quarantined and isolated employees and families. Limited relief for payment due dates panned. Tax Policy for the Coronavirus crisis.

NOL carrybacks, individual business loss limits, liberalized interest deductions among items in today's proposal.

Limited and unclear April 15 relief fails to satisfy. Is IRS leaving key relief tools in the box? Suggestions for more filing relief. Other policy responses. And the bitter fruits of tax crime.

IRS issues Rev. Rul. 2020-09 prescribing April 2020 AFRs

Coronavirus relief legislation stalls. Will tax credits provide help in time for struggling employers to pay sick leave? States begin to provide relief. And is Courier a timeless font?

Now that President Trump has declared a national emergency, taxpayers await direction from the IRS regarding upcoming deadlines.

More on a possible universal 1040 extension. Do payroll tax holidays work? USPS trumps postage meter. Why taxpayers may benefit from a due date break.

Blanket extension of the April 15 deadline? Congress cool on payroll tax holiday. California virus employer relief. ACA compliance in COVID-19 era. And some non-viral news.

Taking a tax loss. Wash your hands, not your sales. Will there be a tax response to the Coronavirus?

IRS struggles with non-banked cannabis cash. Energy extenders languish. What if that 1099 is wrong? Can nagging speed up your tax refund?

How businesses who haven't been filing in all the right states might be able to make it good. Refund size is the wrong metric. How Iowa's filing season is going. China, Coronavirus and Taxes. Are corporate taxes fair?

Relief for US participants in foreign retirement and benefit plans. The Bots are coming for federal and state non-filers. TIGTA says IRS too lenient on bad refundable credit claims. HSAs, M&E, Transit funding, more!

Conservation Easements still selling despite IRS challenges. Extend that 1120-S today. Texas does Wayfair. Death of a President. Death of livestock. State income tax collections.

Supreme Court says states settle fights between group members over refunds. Vineyards get a break. Iowa preparer pleads guilty. Don't "verify your social security number." And check out Harry Truman's 1935 1040!

No signature, no $1.7M refund. New overseas housing allowances. How taxes work in Scandinavia. IRS Commisioner speaks on Crypto.

Iowa's Department of Revenue introduced a bill that contains a fix for Iowa net operating losses and changes to the partnership audit rules that would piggyback off of Federal.

An attempt to turn deferred comp into capital gain comes home with an empty bag. A return of the corporate AMT already? IRS gets personal with high-income non-filers. Sales tax trouble for an Iowa State Fair fixture. Wisconsin ponders personal property …

Where Iowa and Federal taxes differ, for now. An Eastern Iowa businessman gets 15 months for tax offenses. Also: Grain bin sales taxes, Presidential tax pardons, and more!

IRS issues Rev. Rul. 2020-06 prescribing March 2020 AFRs

State conformity may cause an unconstitutional tax. How the IRS watches you hands-free. Not outsmarting the IRS in Minnesota. And a cab driver thwarts an IRS impersonation scam.

Not filing that little form showing non-deductible basis can haunt you, or maybe your children. Also: Talking Fraud, Stealing Identities from the dead and from living students, Tax Freedom Days, and more!

The IRS changes its withholding regulations. Have you updated your W-4? How they withheld on President Lincoln. Also: IRS EIN rules raise privacy problems for bank employees. Taxpayers aren't overwhelming the IRS with 1040s yet. And much more!

Hey Partnerships, here comes the IRS! IRS explains reduced gain on insurance policy transfers. More conservation easement debacles. Candidate payroll tax proposals, vaping blowback, and more!

Another conservation easement goes off the rails. IRS collections up; Free File underused; Bloomberg's Tax Plans; and waiting 92 years to talk to the tax authorities.

Iowa Governor Reynolds introduced a proposal for individual income tax cuts paired with an increase in the state sales tax rate.

New accountings rule could change your 2019 business tax return

States with a GILTI conscience, impending interest limit regs, and more in today’s roundup. And is it crazy enough to say you don’t have to pay taxes?

Conservation easements gone wrong, Going around in circles in an O-zone, Cryptocurrency timing, and much more!

Sales-Tax Ruling Strains Small Online Sellers - Ruth Simon, Wall Street Journal ($) (via TaxProf Blog)

University town businessman with sales tax problems also has federal tax challenges - David Mullen, Ames Tribune.

TIGTA Spotlights IRS 2019 Filing Season Shortcomings, Successes - William Hoffman, Tax Notes.

IRS Clarifies that Rev. Proc. 84-35 Still Applies to Small Partnerships - Kristine A. Tidgren, Ag Docket.

Treasury Hopes to Release Final Interest Limit Rules as Package - Eric Yauch, Tax Analysts.

Once More Unto the Breach: 199A Filing Season Round 2 - Eric Yauch, Tax Notes "Taxpayers and return preparers alike have digested final rules and other guidance on the passthrough deduction over the past year, but other changes may upend any sense of …

45L is a section of the Internal Revenue Code that provides a tax credit of up to $2,000 for each qualified residential dwelling unit an eligible contractor builds utilizing energy-efficient technology.

Cryptocurrency Summons Should Be Narrowed - Kristin Parillo, Tax Notes ($). “A California federal magistrate judge has recommended that a court uphold an IRS summons seeking data on an individual’s Coinbase Inc. holdings, but narrow the date range of the …

The tax law can be cruel, but it is harshest on taxpayers who don’t keep good records. The Tax Court gave an attorney a tough lesson on this last week.

Esports join NFL, other traditional games as jock tax target, Kay Bell. “Who's really surprised?”

If you are a farmer who sold to a cooperative in 2018, you will need to provide additional information if you’re looking to take advantage of deductions this tax season.