Federal Tax Update Podcast

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.

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.

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.

This week we look at:

• Taxpayer has issues with auto expenses, retirement plan contributions and demolition expenses in Tax Court
• Buy-sell agreement that wasn’t followed and was a found as a way to transfer business to brother as a way to escape transfer tax not followed by District Court

Copyright 2021, Kaplan Financial Education

This week we look at:

• Ways and Means Committee finishes markup of proposed new tax bill.
• Language of legal settlement made all of the settlement amount taxable to taxpayer regardless of the fact that payor likely had other reasons to settle
• Taxpayer had reasonable basis to rely upon prior case settlement even though Court found opposite results this time

Copyright 2021, Kaplan, Inc.

This week we look at:

• High low per diem and related guidance for FY 2021/2022 released
• Rules for reporting COVID-19 credit related leave on Forms W-2 for 2021
• Is the client required to amend a return? And, if so, when?

Copyright 2021, Kaplan, Inc.

This week we look at:

• High low per diem and related guidance for FY 2021/2022 released
• Rules for reporting COVID-19 credit related leave on Forms W-2 for 2021
• Is the client required to amend a return? And, if so, when?

Copyright 2021, Kaplan, Inc.

This week we look at:

• High low per diem and related guidance for FY 2021/2022 released
• Rules for reporting COVID-19 credit related leave on Forms W-2 for 2021
• Is the client required to amend a return? And, if so, when?

Copyright 2021, Kaplan, Inc.

This weeks we look at:

• IRS makes permanent its limited e-signature program initiated last year
• Unambiguous plain text in the IRC vs. Congressional intent: how that impacts tax research and professional responsibilities

This week we look at:

• Looking for a trade or business is not itself a trade or business.
• IRS describes a harsh result for taxpayers that make a late deposit of deferred CARES Act FICA