Sun, 11 June 2023
This week we look at: - 3 proposed tax bills introduced by Chair of House Ways & Means Committee
- Wellness indemnification payment is taxable income to employee and subject to payroll taxes
- IRS grants request to make election to skip claiming bonus depreciation when partnership discovers claiming bonus is bad news at the state level for certain partners
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Sun, 4 June 2023
This week we look at: - Fourth Circuit does not agree with view expressed by Seventh Circuit in Menard, Inc. that C corporation reasonable compensation only depends on a reasonable return to investors
- Eleventh Circuit holds that “hobby loss” expenses under §183 are miscellaneous itemized deductions
- Elderly attorney had reasonable cause for failure to file payroll tax returns and timely pay payroll tax liabilities
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Mon, 29 May 2023
This week we look at: - Tax Court finds they have no authority to review the IRS notice for certification of seriously delinquent tax debt to State Department
- IRS publishes warning signs for employers to use to identify ERC scams
- Fourth Circuit finds that Section 7502 fully supplants common law mailbox rule for filing documents
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Sun, 21 May 2023
This week we look at: - Supreme Court rules in favor of IRS on issue of when notice must be sent when the IRS issues a third-party summons
- IRS agent gets distracted by small issues, fails to investigate potentially much larger one and it costs the IRS at Tax Court
- IRS announces 2024 HSA and excepted benefit HRA inflation adjusted amounts
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Sun, 14 May 2023
This week we look at: - IRS email discusses issues that arise with payroll tax refunds when a PEO is involved who itself has unpaid tax liabilities
- Letter ruling provides that Forms 1099-C must be filed by a credit union due to writing off certain debts as part of a legal settlement
- IRS plans to add more detail to partnership K-1 liability disclosures on 2023 returns
Direct download: 2023-05-15_The_PEO_and_Your_ERC_Refund.mp3
Category: general
-- posted at: 5:31pm EDT
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Sun, 7 May 2023
This week we look at: - IRS issues CCA making clear how strict the §125 substantiation rules are
- Taxpayer’s lack of documentation forces him to accept preparer’s gross gambling winnings and limits his gambling loss deduction
- Tax Courts finds that last second rule for filing a Tax Court petition is not the same as for returns filed via eFile
Copyright, Kaplan, Inc.
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Sun, 23 April 2023
This week we look at: - Another taxpayer fails to establish either spouse as a real estate professional
- SPIFF was not a separate trade or business
- IRS releases revised Form 3115
- IRS letter to Senator on PEOs and ERC
- FinCEN publishes FAQ on Corporate Transparency Act reporting
Copyright, Kaplan, Inc.
Direct download: 2023-04-23_Catching_Up_After_Tax_Season.mp3
Category: general
-- posted at: 5:35pm EDT
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Sun, 2 April 2023
This week we look at: - IRS announces non-acquiescence in Tax Court case on taxpayer asserting substance over form
- IRS highlights bad tax advice on social media
- IRS rules that assets held in intentionally defective grantor trust do not obtain date of death basis
- IRS releases proposed battery regulations for new EV credits
Copyright, Kaplan, Inc.
Direct download: 2023-04-02_EV_Battery_Rules_Released.mp3
Category: general
-- posted at: 7:02pm EDT
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Sun, 26 March 2023
This week we look at: - IRS begins 2023’s Dirty Dozen Tax Scams with problematical ERC refund claims
- IRS announces position on evaluating when a non-fungible token is a collectible
- C corporation not allowed to take home office expenses for owner-employee’s home
- IRS email reminder that BBA opt-outs must be made on original returns
Direct download: 2023-03-26_ERC_Scams_Lead_the_Dirty_Dozen.mp3
Category: general
-- posted at: 6:03pm EDT
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Sun, 19 March 2023
This week we look at: - Trust that was meant to be a CRAT found not to be one and attempted fix was too late and not undertaken correctly
- PLR looked at whether item for consumption by infant to reduce risk of developing a condition was all or partially a medical expense
- IRS produces FAQ on whether different types of health expenses qualify as medical expenses
Direct download: 2023-03-20_Taxes_and_Medical_Expenses.mp3
Category: general
-- posted at: 6:57pm EDT
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