Federal Tax Update Podcast

Congress passed the SECURE 2.0 Act of 2022 that was signed into law on December 29, 2022. This program gives a brief overview of the provisions of this Act that will help tax professionals advise their clients about the impacts and opportunities found in this law.

This week we look at:

• IRS to issue regulations for definitions for new clean vehicle credit
• List published on IRS website to assist in determining if a vehicle could qualify for new clean vehicle credit
• Incremental cost safe harbors for §45W commercial clean vehicle credit issued by IRS
• 2023 mileage rates release
• Final 2022 Schedule K-2 and K-3 Form 1065 instructions released

This week we look at:

• Congress passes spending bill which included SECURE 2.0 Act of 2022
• Final Schedules K-2 and K-3 instructions issued for Form 1120S
• IRS delays digital asset reporting until regulations are issued
• Expanded Form 1099-K reporting delayed for one year by the IRS

Copyright 2022, Kaplan, Inc.

This week we look at:

IRS memorandum looks at marketed program to defer recognition of legal fees

Automatic change of accounting method procedure released by the IRS

IRS publishes news release on upcoming FICA/SE tax 2020 deferral payment due date

This week we look at:

• IRS releases second draft of instructions for preparing 2022 Schedules K-2 and K-3 for partnerships and S corporations
• IRS begins issuing proposed regulations to deal with court losses on method used to add listed transactions not following the Administrative Procedures Act

Copyright 2022, Kaplan, Inc.

This week we look at:

• IRA 2022 prevailing wage and apprenticeship requirement guidance issued by the IRS
• Taxpayers denied partnership loss due to a large number of issues, many of which were enough standing alone to deny the loss entirely 

Copyright 2022, Kaplan, Inc.

This week we look at:

• Damage award found to not be for physical injuries, entire amount taxable
• Partnership language in LLC operating agreement revision terminated S corporation status (creating a C corporation)
• Taxpayer failed to wait required 6 months for IRS to act on refund claim before filing suit

Copyright 2022, Kaplan, Inc.

This week we look at:

• IRS news releases this week on:
  • Qualified charitable distributions
  • Seventh Annual National Tax Security Awareness Week

Copyright, Kaplan, Inc.

This week we look at:

• Tax Court finds that adding to listed transactions requires IRS to comply with Administrative Procedures Act
• Election results and likely tax actions in lame duck session
• What about next year with the new Congress?

Copyright 2022, Kaplan, Inc.

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.