Current Federal Tax Developments - New Jersey November 18, 2020

Slides

Updates

• Guidance Denying Deduction for PPP Forgivable Expenses Even if Forgiveness Not Granted by Year End Reported to Be on the Way from Treasury

• Passthrough Taxes Created by States as SALT Workarounds Will Be Allowed as Deduction Without Regard to any SALT Limitations

• Final Regulations Modify Tables for Computing RMDs, Effective Beginning in 2022

• IRS Gives Instructions for Preparation of Forms W-2 for Employers Who Deferred Employee OASDI Under Executive Order

• SBA Announces Will Create Questionnaire to Determine Need for PPP Loans, Purported Copies Being Circulated Online

• Draft 2020 Form 1065 Instructions Contain Details of Tax Basis Partners' Capital Account Reporting Requirements