This week we look at

  • AICPA writes the IRS again on issues with PTET taxes
  • SECURE Act Proposed Regulations RMD rules for inherited accounts in pay status effective date delayed
  • IRS releases S corporation relief guidance
  • AICPA Tax Section fact sheet on the employee retention credit

Copyright 2022, Kaplan, Inc.

Direct download: 2022-10-10_SECURE_Required_Minimum_Distribution_Relief.mp3
Category:general -- posted at: 4:56pm EDT

This week we look at:

  • FinCEN releases final regulations that will require beneficial owner reporting for small LLCs and corporations
  • IRS updates FAQ for state and local fiscal recovery funds used for home purchases
  • Hurricane Ian relief announced by Treasury, delays most filings to February 15, 2022

Copyright Kaplan, Inc.

Direct download: 2022-10-02_Beneficial_Owner_Reporting_Requirement_Coming_in_2024.mp3
Category:general -- posted at: 5:10pm EDT

This week we look at:

  • IRS issues reminder on penalty relief deadline that makes some modifications
  • IRS publishes another news release pushing the CCA on improper PPP loan forgiveness

Copyright Kaplan, Inc.

Direct download: 2022-09-26_IRS_News_Releases_Emphasizing_Recent_Guidance.mp3
Category:general -- posted at: 5:35pm EDT

This week we look at:

  • IRS memorandum states that PPP loan forgiveness is taxable if taxpayer did not actually qualify for forgiveness granted
  • AICPA adds to items requested for additional penalty relief under Notice 2022-36

Copyright, Kaplan, Inc.

Direct download: 2022-09-18_New_PPP_Loan_Tax_Guidance_Appears.mp3
Category:general -- posted at: 4:35pm EDT

This week we look at:

  • Chair and Ranking Member of the Senate Finance Committee send Enhancing American Retirement Now (EARN) Act to the Senate floor
  • IRS inadvertently makes Form 990-T data on non-§501(c)(3) organizations available for bulk download
  • Reasonable cause for failure to file/pay does not include common financial challenges
Direct download: 2022-09-11_Proposed_EARN_Act.mp3
Category:general -- posted at: 3:55pm EDT

This week we look at:

  • Trust terms mean estate gets no deduction for marital or charitable contribution for specified payment value
  • IRS provides for broad penalty relief for certain returns from 2019 to 2020
  • National Taxpayer Advocate publishes blog post explaining IRS penalty relief

Copyright Kaplan, Inc.

Direct download: 2022-08-29_IRS_Releases_Penalty_Relief.mp3
Category:general -- posted at: 5:35pm EDT

This week we look at

  • Inflation Reduction Act of 2022 signed into law on August 16, 2022
  • Information on electric vehicle for 2022 released by Treasury, IRS and Department of Energy
  • Outline electric vehicle credit for remainder of 2022 and 2023 changes
  • IRS releases sample Written Information Security Plan (WISP) for tax professionals
Direct download: 2022-08-22_First_IRA_2022_Guidance_ReleasedA.mp3
Category:general -- posted at: 5:48pm EDT

The House and Senate pass the Inflation Adjustment Act of 2022 and we look at some key provisions:

  • Increase in funding at the IRS
  • Continuation of 2021-2022 Premium Tax Credit Rules
  • Tax credits on clean energy vehicles
  • Expansion & extension of residential energy credits
  • Credit transfer provisions

Copyright, Kaplan, Inc.

Direct download: 2022-08-14_Highlights_of_the_Inflation_Reduction_Act_of_2022.mp3
Category:general -- posted at: 6:08pm EDT

This week we look at:

  • IRA 2022 passes the Senate with revisions, House to take it up this week and may vote on Friday
  • Inflation adjusted premium tax credit percentages released
  • IRS revises questions on digital assets on Form 1040 for 2022
  • $51 million payment was not deductible alimony
  • IRS finalizes removal of signature requirement on §754 election
Direct download: 2022-08-08_Revised_Virtual_Asset_Question_for_2022_Form_1040.mp3
Category:general -- posted at: 8:48pm EDT

This week we look at:

  • Proposed Inflation Reduction Act of 2022 - will it pass and what’s in it?
  • Taxpayer told by court suit is being dismissed, must file 2020 income tax return to obtain economic impact payment not previously sent to taxpayer
  • IRS Security Summit warns tax pros about significant security threats to taxpayer data in their systems

Copyright 2022, Kaplan, Inc.

Direct download: 2022-08-01_IRA_of_2022_-_Will_It_Pass_and_What_Is_In_It.mp3
Category:general -- posted at: 8:56pm EDT



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