FOX BUSINESS

Remote work has become more commonplace as a result of the coronavirus pandemic, but experts caution against expecting any major changes to U.S. tax laws that would account for these trends.

According to a June survey from PwC, 55% of employers said they expect most of their employees to work from home even after the pandemic is no longer a threat.

The Trump administration on Wednesday announced new guidance pertaining to defined contribution plans – like 401(k) accounts – and what investments the funds are able to access.

Retirement savers will now have access to private equity investments through defined contribution plans, the Department of Labor said in an information letter.

U.S.Treasury Secretary Steven Mnuchin has backed a recent, controversial IRS ruling that expenses paid for with the forgivable Paycheck Protection Program loans are not tax-deductible.

Mnuchin told FOX Business’ Maria Bartiromo this week that he has reviewed the issue personally and that the guidance is correct, saying it’s “basically tax 101.”

“The money coming in the PPP is not taxable,” Mnuchin said

Taxpayers and lawmakers are not happy with a newly released policy regarding the Paycheck Protection Program, which some argue diminishes the value of the loans for recipients.

The IRS issued guidance late Thursday preventing business owners who have their PPP loans forgiven from claiming tax breaks on otherwise deductible expenses if they were paid for using the government aid.

The loans are tax-exempt, so the guidance was based on existing law, which generally aims to prevent people from receiving a “double tax benefit.”

“At least you can get back to tax planning – comparing this year to last year,” Slott said.“Now … you have something to compare ‘19 to ‘18 that looks similar.”

“If it’s a big enough issue, you should speak to a qualified tax preparer and seek professional advice on your personal situation,” Ed Slott, CPA and founder of IRAhelp.com, told FOX Business.“While you may be able to find some answers on your own by researching online, you can’t guarantee it’s accurate or applies to your unique situation.”

“This is more to alert people to take other sources of income into account,” Ed Slott, CPA and founder of IRAhelp.com, told FOX Business.“It helps to highlight situations that caused problems last year.”

Retirement expert Ed Slott on why companies are trying to stop employees from raiding their 401(k) investment.