Federal Tax Update Podcast

• Taxpayer discovers her documentation for a charitable contributions did not meet the IRC requirements
• IRS rules an enterprise involved in retail drug sales is a qualified trade or business under IRC §1202

Copyright 2022, Kaplan, Inc.

This week we look at:

• Physician’s payments are found not to be deductible alimony under pre-TCJA divorce agreement
• IRS announces option for employer leave-based donation programs related to aid for Ukraine
• IRS extends, likely for the final time. option to remotely sign certain plan documents

Copyright 2022, Kaplan, Inc.

This week we look at:

• Special rules under IRC §104 for military disability and retirement income
• Expenses claimed as management fees treated as distributions to owners
• Proposed regulations to limit use of certain techniques for use of anti-clawback rules
• It’s going to be a longer than expected wait to file K-2/K-3 for S corporations via MeF

Copyright 2022, Kaplan, Inc.

• Tax rules for no-additional cost services
• SCOTUS refuses to hear challenge to SALT cap
• IRS finally grants election/accounting method relief for retroactive 2019 changes
• Rules for a real estate professional
• IRS expands on Schedules K-2 and K-3 FAQs on April 11

Copyright 2022, Kaplan, Inc.

• IRS Suspends Mailing More Notices - This Time Related to Exempt Organizations
• Tax Court Affirms IRS Denial of Interest Abatement
• Securing a Strong Retirement Act Passes House Overwhelmingly
• Above the Line Classroom Teacher’s Deductions Increases to $300 in 2022

Copyright Kaplan, Inc.

This week we look at:

• IRS releases revised depreciation limits for 2022 for autos under IRC §280F
• Lawmakers send yet another letter to the IRS regarding stopping the sending of notices
• Farmer/fisherman estimated tax payment relief formalized in an IRS Notice

Copyright 2022, Kaplan, Inc.

This week we look at:

• Department of Labor warns §401(k) plan administrators regarding offer digital asset investment options
• No deduction allowed to corporation for paying tuition for training program for boyfriend of 100% shareholders’ daughter
• IRS announces program to deal with the backlog of returns and correspondence

This week we look at:

• IRS looks to increase EA user fees by over 100%
• Justice Department files motion to have staking case dismissed as moot
• IRS to grant relief to certain farmers and fisherman impacted by inability of some tax software to file Form 7203 by March 1

This week we look at:

• Proposed regulations on required minimum distributions
• AICPA and state societies letter on delay for K-2 and K-3 filings
• Data entry error did not provide reasonable cause for tax understatement

Copyright 2022, Kaplan, Inc.

This week we look at the IRS's newly issued 2021 Schedule K-2 and K-3 filing relief. How much does the option added in Question 15 of the newly released FAQ on K-2 and K-3 issues really help partnerships and S corporations? Who does and doesn't qualify for this relief? And what about 2022 and future years?

Copyright 2022, Kaplan, Inc.