This week we look at:

  • IRS modifies 2021 Form 1065 draft instructions to add self-employment income information
  • IRS issues preliminary guidance on late repeal of Q4 ERC for most employers
  • Training to begin for agents for ERC audits in early 2022
  • Rejection of return due to suspected identity theft did not mean return was not filed before statute expired

Copyright 2021, Kaplan Financial Education

Direct download: 2021-11-29_ERC_Developments_Return.mp3
Category:general -- posted at: 4:34pm EDT

This week we look at:

  • House passes BBBA, but not clear what the Senate will do
  • IRS clarifies 2021-2022 treatment of meals and incidentals per diem
  • Self-directed IRA implodes on taxpayer due to find that assets were held personally and commingled with other assets
  • IRS gives guidance on timing of PPP forgiveness income, as well as very short term BBA partnership amended return relief

Copyright 2021, Kaplan, Inc.

Direct download: 2021-11-22_Self-Directed_IRA_Problems.mp3
Category:general -- posted at: 2:25pm EDT

This week we look at:

  • TAS will not intervene in amended return delayed processing cases
  • Inflation adjusted amounts released for 2022
  • Taxpayer denied in request to make late §475(f)(1) election to mark to market as a trader

Copyright 2021, Kaplan Financial Education

Direct download: 2021-11-15_Inflation_Adjusted_Tax_Numbers_Are_Out.mp3
Category:general -- posted at: 7:01pm EDT

This week we look at:

  • IRS announces retirement plan inflation adjusted numbers for 2022
  • Congress passes Infrastructure Investment and Jobs Act, sent to President for signature

Copyright 2021, Kaplan, Inc.

Direct download: 2021-11-08_Tax_Provisions_in_the_Infrastructure_Investment_and_Jobs_Act.mp3
Category:general -- posted at: 10:12am EDT

This week we look at:

  • IRS announces retirement plan inflation adjusted numbers for 2022
  • Congress passes Infrastructure Investment and Jobs Act, sent to President for signature

Copyright 2021, Kaplan, Inc.

Direct download: 2021-11-08_Tax_Provisions_in_the_Infrastructure_Investment_and_Jobs_Act.mp3
Category:general -- posted at: 10:12am EDT

This week we look at

  • The Build Back Better Act draft’s tax provisions (some)

  • What’s not in the bill

  • Individual provisions

  • Corporate provisions

Copyright 2021, Kaplan, Inc.

Direct download: 2021-11-01_Build_Back_Better_Act_Draft_-_Tax_Provisions.mp3
Category:general -- posted at: 9:42pm EDT

This week we look up:

  • More talking but no action in DC on pending legislation 
  • Rehiring retired employees discussed in IRS FAQ
  • Appeals panel agrees that claim of right doctrine did not apply to grantor trust stock sale
  • IRS issues formal draft of S corporation basis reporting form

Copyright 2021, Kaplan, Inc.

Direct download: 2021-10-25_S_Corporation_Basis_Reporting_on_Form_1040.mp3
Category:general -- posted at: 8:29am EDT

This week we look at:

  • Two weeks later, Congress is still working on the infrastructure and reconciliation bills
  • IRS outlines information requirements for §41 refund claims
  • Taxpayer is not getting impermissible double benefit for paying alimony with pre-tax funds
  • COBRA extension dates clarified by IRS
  • IRS publishes documents regarding reliance on FAQs

Copyright 2021, Kaplan, Inc.

Direct download: 2021-10-18_Can_You_Rely_on_IRS_FAQs.mp3
Category:general -- posted at: 10:57am EDT

This week we look at:

  • Congress is still working on the infrastructure and reconciliation bills
  • We get the Tax Court on record for the proper treatment of hobby loss deductions-that is, where they are reported
  • IRS to begin charging a fee on October 28 to issue closing letters to estates

Copyright 2021, Kaplan, Inc.

Direct download: 2021-10-04_Hobby_Loss_Deduction_Problem.mp3
Category:general -- posted at: 10:08am EDT

This week we look at:

  • Congress is still working on the infrastructure and reconciliation bills
  • We get the Tax Court on record for the proper treatment of hobby loss deductions-that is, where they are reported
  • IRS to begin charging a fee on October 28 to issue closing letters to estates

Copyright 2021, Kaplan, Inc.

Direct download: 2021-10-04_Hobby_Loss_Deduction_Problem.mp3
Category:general -- posted at: 10:08am EDT



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