Federal Tax Update Podcast (general)

This week we look at:

• IRS releases Form 1120-S Schedule K-2 and K-3 draft instructions with similar exceptions to Form 1065 version
• IRS gives some indication on when §174 guidance will come out
• Tax benefits alone not enough to establish taxpayer had a profit motive in solar lens leasing business
• IRS grants late rollover relief to victim of fraud

Copyright 2022, Kaplan Inc.

This week we look at:

• It’s PTIN renewal time again and the IRS has released a news release announcing the fact
• IRS publishes draft 2022 Form 1065 Schedules K-2 and K-3 instructions with revised exceptions to filing Schedules K-2 and K-3

Copyright Kaplan, Inc.

This week we look at:

• IRS announces and appears to roll out pilot program to block automated calling systems
• 2023 inflation adjusted general tax amounts released by the IRS
• Retirement/IRA limitations released for 2023

Copyright, Kaplan, Inc.

This week we look at

• AICPA writes the IRS again on issues with PTET taxes
• SECURE Act Proposed Regulations RMD rules for inherited accounts in pay status effective date delayed
• IRS releases S corporation relief guidance
• AICPA Tax Section fact sheet on the employee retention credit

Copyright 2022, Kaplan, Inc.

This week we look at:

• FinCEN releases final regulations that will require beneficial owner reporting for small LLCs and corporations
• IRS updates FAQ for state and local fiscal recovery funds used for home purchases
• Hurricane Ian relief announced by Treasury, delays most filings to February 15, 2022

Copyright Kaplan, Inc.

This week we look at:

• IRS issues reminder on penalty relief deadline that makes some modifications
• IRS publishes another news release pushing the CCA on improper PPP loan forgiveness

Copyright Kaplan, Inc.

This week we look at:

• IRS memorandum states that PPP loan forgiveness is taxable if taxpayer did not actually qualify for forgiveness granted
• AICPA adds to items requested for additional penalty relief under Notice 2022-36

Copyright, Kaplan, Inc.

This week we look at:

• Chair and Ranking Member of the Senate Finance Committee send Enhancing American Retirement Now (EARN) Act to the Senate floor
• IRS inadvertently makes Form 990-T data on non-§501(c)(3) organizations available for bulk download
• Reasonable cause for failure to file/pay does not include common financial challenges

This week we look at:

• Trust terms mean estate gets no deduction for marital or charitable contribution for specified payment value
• IRS provides for broad penalty relief for certain returns from 2019 to 2020
• National Taxpayer Advocate publishes blog post explaining IRS penalty relief

Copyright Kaplan, Inc.

This week we look at

• Inflation Reduction Act of 2022 signed into law on August 16, 2022
• Information on electric vehicle for 2022 released by Treasury, IRS and Department of Energy
• Outline electric vehicle credit for remainder of 2022 and 2023 changes
• IRS releases sample Written Information Security Plan (WISP) for tax professionals