- Wondering where California Senator Kamala Harris stands on tax policy now that she is officially Joe Biden’s vice presidential running mate? Tax Foundation federal policy analyst Taylor LaJoie takes a look at some of the tax policy proposals Harris proposed along the campaign trail, how they differ from Joe Biden’s, and a few shared ideas between the Biden and Harris plan.
- Heard in a keynote address at NATP’s TaxCon last week, Sharyn Fisk, IRS director of the Office of Professional Responsibility, told attendees that one of her goals as new director is to update Circular 230, which has not been updated since June 2014. Legislation allowing IRS to regulate tax preparers has not passed and Circular 230 remains out-of-date. Fisk stated her goal would be to remove references to the now obsolete registered return preparer program.
- The Small Business Administration in consultation with Treasury has released FAQs on Paycheck Protection Program loan forgiveness. The FAQs provide guidance on general loan forgiveness, payroll costs, nonpayroll costs, and reductions to a borrower’s forgiveness amount.
- The Joint Board for the Enrollment of Actuaries announced a temporary waiver “physical presence†requirement for CPE credit for any formal programs conducted from January 1, 2020, through December 31, 2022. The Joint Board made the decision due to the hardships that the COVID-19 pandemic has caused. Enrolled actuaries are still required to earn the same number of credit hours under formal programs that otherwise would be required. (IR-2020-177)
- This week’s Procedurally Taxing blog explores the question, “Can the IRS even implement payroll deferral?†A guest blogger analysis of the president’s recent executive order on payroll taxes suggests that IRS may lack the authority to implement the executive order.
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