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

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

Direct download: 2021-09-27_Issues_With_Buy_Sell_Agreement.mp3
Category:general -- posted at: 7:53pm EDT

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.

Direct download: 2021-09-20_Reasonable_Cause_to_Avoid_Negligence_Penalty.mp3
Category:general -- posted at: 4:40pm EDT

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.

Direct download: 2021-09-13_Is_An_Amended_Return_Required.mp3
Category:general -- posted at: 5:29pm EDT

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.

Direct download: 2021-09-13_Is_An_Amended_Return_Required.mp3
Category:general -- posted at: 5:29pm EDT

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.

Direct download: 2021-09-13_Is_An_Amended_Return_Required.mp3
Category:general -- posted at: 5:29pm EDT

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
Direct download: 2021-09-05_E-Signature_for_Some_Paper_Forms_Made_Permanent.mp3
Category:general -- posted at: 11:44am EDT

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
Direct download: 2021-08-30_Looking_for_a_Business_is_Not_a_Business.mp3
Category:general -- posted at: 6:22pm EDT

This week we look at:

  • Safe harbor guidance for PPP forgiveness and certain grants for reduction in revenue test for ERC
  • Auto depreciation limits announced for 2021
  • Taxpayers barred from producing evidence letter with no postmark applied was placed in mail by due date by US Court of Claims, even though the Tax Court allows such evidence

Copyright 2021, Kaplan, Inc.

Direct download: 2021-08-16_More_Grief_Over_Timely_Filing_Rule.mp3
Category:general -- posted at: 10:14am EDT

This week we look at:

  • This week we look at: IRS issues ERC guidance for 3rd/4th quarter and adds to other guidance - confirms issue for majority shareholders IRS memorandum pushes
  • IRS position regarding conservation easement extinguishment clauses
  • Best-selling author loses her appeal of Tax Court decision regarding her attempt to split off most of her publishing contract income from self-employment tax

Copyright 2021, Kaplan, Inc.

Direct download: 2021-08-09_We_Were_Right_in_April_Unfortunately.mp3
Category:general -- posted at: 8:51am EDT

This week we look at:

  • What we know about tax matters in the bipartisan infrastructure bill
  • SBA announces direct forgiveness application platform, more PPP changes
  • Taxpayer allowed a deduction for expenses related to MBA program
  • Paid leave credit expanded to cover more vaccine related issues
  • BBA CPAR email notes issues with imputed adjustment calculation
  • Second Circuit overturns foreign trust penalty decision in favor of IRS

Copyright 2021, Kaplan, Inc.

Direct download: 2021-08-02_PPP_Loan_Program_Changes_Return.mp3
Category:general -- posted at: 2:56pm EDT

This week's sermon is given by Pastor Paul Nelson

The reading for this week is Ephesians 3:14-21.

The Gospel for this week is Mark 6:30-34, 53-56.

Prince of Peace Lutheran Church is located at 3641 N. 56th Street, just north of Indian School Road on 56th Street in Arcadia. For more information about Prince of Peace, visit our website at http://www.popphoenix.org.

Direct download: 2021-07-25.mp3
Category:general -- posted at: 2:45pm EDT

This week we look at:

  • Taxpayer fails in attempt to use Cohan rule to obtain deductions
  • IRS proposes Form 7203 to use by shareholders to report basis in S corporation
  • IRS can consider potential recovery against executor as part of offer in compromise
  • IRS opens up site for full electronic submission and signing of Forms 2848 and 8821

Copyright 2021, Kaplan, Inc.

Direct download: 2021-07-26_Proposed_S_Corporation_Form.mp3
Category:general -- posted at: 9:33pm EDT

This week we look at:

  • AICPA reports lenders told to stop pre-forgiveness necessity inquiries
  • Digitally signed amended return rejected as not properly filed
  • No reasonable cause for late filing when taxpayer depended on attorney who simply took tax money
  • IRS position not substantially justified for basis challenge and overall accounting method

Copyright 2021, Kaplan, Inc.

Direct download: 2021-07-19_Tax_Practice_Issues_Week.mp3
Category:general -- posted at: 4:59pm EDT

This week we look at:

  • TAS declines to accept stand-along advance child tax credit cases
  • IRS agent’s tax home remained at his assigned office
  • FSA participants required to document qualification of expenses paid with debit card
  • IRS explanation of why Forms 1099R don’t identify QCDs
  • IRS discusses legal expense deductions

Copyright 2021, Kaplan, Inc.

Direct download: 2021-07-12_Information_Letter_Week.mp3
Category:general -- posted at: 10:59am EDT

This week we look at:

  • IRS extends special treatment of employee leave donation for COVID-19 relief
  • Guidance published on making farm NOL elections
  • Penalty relief for issues with 2021 Forms K-2 and K-3
  • Supreme Court turns down hearing dispute over taxing out of state employees

Copyright 2021, Kaplan, Inc.


This week we look at:

  • SBA reported to be withdrawing PPP loan questionnaires
  • Court finds not clear if taxpayer qualifies for home gain exclusion due to unforeseen circumstances
  • IRS extends special remote witnessing of signing plan documents through June 30, 2022, may make it permanent
  • CPA’s conviction for assisting in the filing of false returns upheld - rejected "I just used what the client gave me" defense
Direct download: 2021-06-28_Is_the_PPP_Questionnaire_Going_Away.mp3
Category:general -- posted at: 1:24pm EDT

Supreme Court finds no status for challenging ACA due to TCJA changes

IRS backlog was huge at May 1 which causes two pieces of guidance to be issued:

  • Do not file Form 990-EZ on paper (unless you want problems)
  • Offer in compromise program changes put in place due to backlog

Copyright 2021, Kaplan, Inc.

Direct download: 2021-06-21_ACA_Survives_Another_Trip_to_SCOTUS.mp3
Category:general -- posted at: 6:09pm EDT

This week we look at:

  • IRS publishes Q & A on 2021’s enhanced child and dependent care credit on website
  • Malpractice settlement related to taxpayer’s divorce was taxable to her - and situation made worse to going to Tax Court
  • IRS discusses interaction of depreciation related §481(a) adjustments and computation of ATI through 2021

Copyright 2021, Kaplan Financial Education

Direct download: 2021-06-14_Tax_Status_of_Legal_Settlement.mp3
Category:general -- posted at: 6:44pm EDT

This week we look at:

  • Senate Parliamentarian’s second opinion on reconciliation limits practical use of revision of reconciliation instructions

  • Long-time tax CPA who admits not reading Schedule B instructions hit with willful failure to file FBAR penalties

  • MoneyGram is not a bank, meaning losses from 2008 financial crisis secured debts were capital losses

Copyright 2021, Kaplan, Inc.

Direct download: 2021-06-07_Perhaps_Tax_Instructions_Arent_Just_for_Attorneys.mp3
Category:general -- posted at: 8:54pm EDT

This week we look at:

  • Green Book issued to explain administration’s revenue proposals
  • Whether or not a 1099 must be issued, income still must be reported
  • IRS gives more information about unemployment exclusion and community property states
  • TAM looks at lack of “fact of the liability” for all events test dispute

Copyright 2021, Kaplan, Inc.


This week we look at:

  • IRS will begin sending out advance child tax credit payments on July 15
  • IRS announces simplified method to file a return for those not required to file to qualify for advance payments
  • IRS provides Q&A on COBRA premium assistance payments

Copyright, Kaplan, Inc.

Direct download: 2021-05-24_ARPA_COBRA_Premium_Asssitance_Questions_and_Answers.mp3
Category:general -- posted at: 3:17pm EDT

This week we look at:

  • IRS begins revising returns that reported taxable unemployment and excess APTC
  • HSA and HDHP numbers for 2022 released
  • Census will not change the boundaries of qualified opportunity zones
  • IRS looking to automate submission of power of attorney forms

Copyright 2021, Kaplan, Inc.

Direct download: 2021-05-16_Direct_Submission_to_CAF_Coming.mp3
Category:general -- posted at: 7:45pm EDT

This week we look at:

  • IRS begins revising returns that reported taxable unemployment and excess APTC
  • HSA and HDHP numbers for 2022 released
  • Census will not change the boundaries of qualified opportunity zones
  • IRS looking to automate submission of power of attorney forms

Copyright 2021, Kaplan, Inc.

Direct download: 2021-05-16_Direct_Submission_to_CAF_Coming.mp3
Category:general -- posted at: 7:45pm EDT

This week we look at:

  • IRS looks at issues for use of an aircraft by a sole proprietor
  • Dividends from controlled C corporation are still part of net investment income under IRC §1411
  • IRS allowed to serve John Doe summons on Kraken exchange for information on customers

Copyright, Kaplan, Inc.

Direct download: 2021-05-10_Summons_and_Cryptocurrency_Exchanges.mp3
Category:general -- posted at: 4:11pm EDT

This week we look at:

  • A quick discussion of what know (little) and don't know (a lot) about not yet proposed changes to capital gain rates
  • IRS provides safe harbor for returns filed on or before December 27 for PPP expenses
  • IRS issues fact sheet to promote paid leave/family leave payroll tax credit subsidy for vaccine issues
  • Deviation allowing for electronic signatures for some forms extended again
  • IRS admits to delays in MeF payment processing near April 15

Copyright 2021, Kaplan, Inc.

Direct download: 2021-04-26_IRS_Extends_Deviation_for_Electronic_Signatures.mp3
Category:general -- posted at: 12:11pm EDT

This week we look at:

  • Cover letter from state judge was part of the divorce documents
  • PLR discusses medical expense definition
  • IRS announces gift tax return due date remained April 15
  • Only overpayments existing at April 15 can be applied to quarter one 2021 estimate payment

Copyright 2021, Kaplan, Inc.

Direct download: 2021-04-19_Why_the_Federal_Tax_Alimony_Test_Still_Matters.mp3
Category:general -- posted at: 1:42pm EDT

This week we look at:

  • IRS gives guidance on ARPA and the advance premium tax credit for 2020
  • CCA issued to give details on apply tax provisions to hard forks of virtual currency
  • IRS disagrees with court decision on treatment of defined benefit pension benefit for insolvency
  • A restaurant is defined for 100% deduction
  • The saga of 2020 Form 1040 overpayments, extensions and first quarter estimates

Copyright, Kaplan, Inc.

Direct download: 2021-04-12_Overpaying_on_May_Extensions.mp3
Category:general -- posted at: 10:56am EDT

This year week we look at:

  • IRS gives details on automatic refunds on unemployment exclusion
  • Formal notice of extension of time to file 2020 Forms 1040 issued
  • IRS updates ERC guidance for the version for first six months of 2021
  • A look at the mess that is the issue of whether controlling shareholder wages can qualify for ERC
Direct download: 2021-04-05_Entering_Tax_Section_51_-_Odd_Things_Happen_Here.mp3
Category:general -- posted at: 12:37pm EDT

This week we look at:

  • IRS makes a major change in computation of excludable ARPA unemployment
  • PPP loan program applications extended for two months - but funds only likely to last until mid-April without replenishment
  • PPE is defined by the IRS to represent medical care for purposes of deducting the expenses

Copyright 2021, Kaplan, Inc.

Direct download: 2021-03-29_IRS_Quietly_Revises_Unemployment_Worksheet.mp3
Category:general -- posted at: 5:23pm EDT

This week we look at:

  • IRS releases instructions on reporting ARPA unemployment exclusion
  • AICPA recommends IRS issue clarification on PPP forgiveness/passthrough issues
  • IRS pushes back the filing date for Forms 1040 only - everything else still due on April 15, including Q1 2021 estimates
Direct download: 2021-03-21_Tax_Season_for_1040s_Only_Goes_On_One_More_Month.mp3
Category:general -- posted at: 12:14pm EDT

A look at the American Rescue Plan Act of 2021

  • Unemployment exclusion for 2020
  • Recovery Rebate for 2021
  • Prepaid Child Tax Credit for 2021
  • Earned Income Tax Credit Changes
  • Refundable Dependent Care Assistance
  • Sick/Family Leave Credits
  • 2021 Employee Retention Credit
  • Premium Tax Credit Revisions

Copyright 2021, Kaplan, Inc.

Direct download: 2021-03-15_American_Rescue_Plan_Act_of_2021.mp3
Category:general -- posted at: 4:44pm EDT

This week we look at:

  • Late revisions to PPP loan program
  • House passes new COVID-19 relief bill, moves on to Senate
  • Taxpayer gets out of tax on $300,000 of credit card rewards
  • Texas taxpayers get extension to June 15

Copyright 2021, Kaplan, Inc.

Direct download: 2021-03-01_Will_We_See_A_New_Tax_Bill.mp3
Category:general -- posted at: 6:39pm EDT

This week we look at:

  • A §280E case with potential impact outside of the cannabis industry

  • Legal malpractice settlement could not be treated as excludable physical injury award

  • IRS admits to an issue with 260,000 notices

  • Calls come to extend the April 15 deadline again this year

Copyright 2021, Kaplan, Inc.

Direct download: 2021-02-22_Should_April_15_Be_Pushed_Back_Again.mp3
Category:general -- posted at: 6:11pm EDT

This week we look at:

  • Taxpayer finds no relief from FBAR penalties
  • Tax Court outlines when it will allow a taxpayer to argue substance over form
  • IRS warns about a phishing scam aimed at tax professionals
Direct download: 2021-04-15_Substance_Over_Form_for_Taxpayers.mp3
Category:general -- posted at: 4:53pm EDT

This week we look at:

  • Form 1040 final instructions add to virtual currency confusion
  • Teachers COVID-19 supply safe harbor released
  • No relief for employee with unused FSA dependent care funds
  • Form 1099 relief for CARES items not treated as taxable

Copyright 2021, Kaplan, Inc.

Direct download: 2021-02-08_Virtual_Currency_Confusion.mp3
Category:general -- posted at: 5:00pm EDT

This week we look at

  • IRS recommendations to those victimized by unemployment ID theft
  • Revised Form 7200 gives information on advance ERC payment
  • Interim IRS online system to submit Forms 2848 and 8821
  • AICPA letter on ERC and PPP forgiveness applications

Copyright 2021, Kaplan, Inc.

Direct download: 2021-01-30_Upload_your_POAs.mp3
Category:general -- posted at: 12:40pm EDT

This week we look at:

  • Penalty relief related to partners’ tax basis capital
  • IRS provides limited option for ERC claims on 4th quarter 941
  • Revised PPP First Draw Maximum Loan Calculation
  • PPP Borrowers Who Received Too Much Have to Pay Excess Back
  • Second disbursement for PPP First Draw Loan procedures
  • Gross Receipts Calculation for Second Draw Loans
  • PPP Revised Forms Released

Copyright 2021, Kaplan, Inc.

Direct download: 2021-01-25_PPP_and_ERC_Clarifications_For_CAA_Changes.mp3
Category:general -- posted at: 11:37am EDT

This week we look at:

  • Amounts advanced by partner were a debt leading to income for other partners
  • Auto valuation COVID-19 relief for employers
  • Final qualified plan loan offset rules
  • Opening of electronic filing pushed back to February 12
  • IP-PIN program now open nationwide

Copyright 2021, Kaplan, Inc.

Direct download: 2021-01-18_Hurry_Up_and_Wait_for_Tax_Season.mp3
Category:general -- posted at: 6:48pm EDT

This week we look at IFRs issued for the new PPP Loan programs:

  • Interim Final Rule - Revised First Draw PPP Loan
  • Interim Final Rule - Second Draw PPP Loan Program

Copyright 2021, Kaplan, Inc.

Direct download: 2021-01-11_Revised_PPP_Program_IFRs.mp3
Category:general -- posted at: 11:27am EDT

This week we look at:

  • Final small business accounting method regulations issued

  • User fee for estate tax closing letter proposed

  • 3rd Circuit overrides Tax Court on notice of address change to IRS

  • Due dates for claims for refund for 2020 returns

  • FinCEN plans to add crypto-currency accounts to FBAR

Copyright 2021, Kaplan, Inc.

Direct download: 2021-01-04_Statute_of_Limitations_on_Refunds_for_2019_Returns.mp3
Category:general -- posted at: 9:18am EDT

This week we are looking the proposed PPP loan revisions

  • Proposed COVID-19 Relief Bill
  • Reopen and revise PPP loans
  • Create second draw need based PPP loan program
  • Fix the deduction issue
  • Simplified forgiveness applications (2)

Copyright, Kaplan, Inc.

Direct download: 2020-12-21_PPP_Loans_Version_2.0_Proposal.mp3
Category:general -- posted at: 6:33pm EDT

This week we look at:

  • IRS issues Q&As on CARES Act §§102 and 103
  • Tax organizations respond to IRS Commissioner on no penalty relief
  • SBA issues guidance on tax reporting for CARES Act §1112 payments
  • SBA adds Q&A on Forms 3509 and 3510

Copyright 2020, Kaplan, Inc.

Direct download: 2020-12-14_Paying_Tax_on_1112_Payments.mp3
Category:general -- posted at: 1:44pm EDT

This week week we look at:

  • MFA to be available for all online tax products
  • Commuter highway vehicles and COVID-19
  • Opt-in IP PIN program going nationwide
  • Taxpayer willfully failed to report Swiss bank account

Copyright 2020, Kaplan, Inc.

Direct download: 2020-12-07_IRS_Security_Week.mp3
Category:general -- posted at: 10:16am EDT

This week we look at:

  • A taxpayer is denied permission to file a late mark to market election as a trader
  • Final regulations are issued related to the TCJA unrelated business income changes
  • Like kind exchange regulations finalized by the IRS

Copyright 2020, Kaplan, Inc.

Direct download: 2020-11-30_Being_Late_Proves_Costly.mp3
Category:general -- posted at: 6:30pm EDT

This week we look at:

  • IRS rules taxpayers cannot deductions expenses that qualify for PPP loan forgiveness if reasonably expect forgiveness
  • Revenue Procedure issued for taxpayer who don't get the entire expected forgiveness in the end
  • IRS adds request for additional information on Schedules K-1 for Form 1120-S for 2020
  • IRS Commissioner indicates there will not any sort of broad relief for late filing and late payment of taxes
  • No relief for late filing when CPA firm submitted efile return a few seconds late
  • IRS updates ERC FAQ to deal with acquisition of employers who had taken out PPP loans

Copyright 2020, Kaplan Financial Education

Direct download: 2020-11-23_A_Reasonable_Expectation_of_Forgiveness.mp3
Category:general -- posted at: 11:51am EDT

This week we look at:

  • AICPA reports that the IRS is about to release what many will find is unwelcome guidance on expenses expected to be used for forgiveness under PPP loan program
  • IRS gives up on state entity level taxes on passthrough businesses as a workaround to the TCJA limit on the deduction of state and local taxes
  • Taxpayer attempts to argue his LLC was acting as an agent for his IRA custodian, but fails to convince the Tax Court

Copyright 2020, Kaplan, Inc.

Direct download: 2020-11-16_IRS_Throws_in_the_Towel_on_One_SALT_Workaround.mp3
Category:general -- posted at: 12:49pm EDT

This week we look at:

  • The IRS releases revised tables to compute required minimum distributions from retirement plan accounts - but not until 2022
  • Taxpayer denied relief from late filing penalties even though he believed his CPA had filed an extension on his behalf
  • IRS publishes news release indicating relief for certain collection related actions due to COVID-19

Copyright 2020, Kaplan, Inc.

Direct download: 2020-11-09_Slowing_Down_RMDs_-_But_Not_Until_2022.mp3
Category:general -- posted at: 8:25pm EDT

This week we look at

  • IRS gives guidance to Congressional office on treatment of taxes paid on real estate cooperative
  • Guidance issued for W-2s to be issued for employers who deferred employee FICA at the end of 2020
  • SBA announces that a questionnaire will be sent to large PPP loan borrowers regarding need for the loan

Copyright 2020, Kaplan, Inc.

Direct download: 2020-11-02_SBAs_Coming_Questionnaire_for_Large_PPP_Loans_Volume.mp3
Category:general -- posted at: 7:35am EDT

This week we look at:

  • Fees to enter a daily fantasy sports contest is a wager in the view of the IRS
  • Taxpayers must follow all of the criteria listed in Revenue Procedure to take advantage of the ruling
  • IRS adds retrieving funds from state unclaimed property fund to list of items for self-certification for late retirement plan rollover
  • Withholding is required if an employer sponsored retirement plan transfers funds to state unclaimed property fund
  • Draft instructions for 2020 partnerships released outlining requirement to report K-1 capital accounts on tax basis
  • CPA denied in attempt to reduce potential liability by claiming failure of another tax adviser in representing client to reduce penalty
  • Short term extension granted to October 31 to file FBAR reports

Copyright 2020, Kaplan, Inc.

Direct download: 2020-10-27_Tax_Basis_Capital_Accounts_and_the_2020_Form_1065.mp3
Category:general -- posted at: 12:30pm EDT

This week we look at:

  • PPP forgiveness application deadline is not October 31

  • Fax line to send in Forms 1045 and 1139 will shut down at the end of 2020

  • Draft instructions to Form 8895 indicate that IRS not longer seeing charitable deductions as reducing QBI

  • Taxpayer could not claim accrued expenses to restore manufacturing line until following year

  • IRS FAQ on EIP for incarcerated individuals is subject to court review

Copyright 2020, Kaplan, Inc.

Direct download: 2020-10-19_FAQs_Not_as_Protected_from_Scrutiny_as_IRS_Hoped.mp3
Category:general -- posted at: 11:33am EDT

This week we look at:

  • Final regulations issued for meals and entertainment
  • Withholding on retirement and annuity distribution regulations issued
  • S Corporations get special election for GILTI issues
  • SBA issues guidance on change of ownership for entities with PPP loans outstanding

Copyright 2020, Kaplan, Inc.

Direct download: 2020-10-03_PPP_Loans_and_Change_of_Ownership.mp3
Category:general -- posted at: 11:33am EDT

This week we look at

  • IRS issues bonus depreciation final regulations
  • Excess deductions on termination final regulations are issued
  • IRS grants relief for CCH e-filing problems on September 1

Copyright 2020, Kaplan, Inc.

Direct download: 2020-09-28_Excess_Deductions_Will_Actually_Be_Deductible_-_Final.mp3
Category:general -- posted at: 7:31pm EDT

This week we look at:

  • IRS discusses options for expedited private letter ruling requests
  • Web page for marijuana industry posted by the IRS
  • Corporation by law had no shareholders, thus no S election was possible
  • Draft form to be used by self-employed to claim COVID-19 sick pay credits published
  • Final version of Form 941-X to be used to revised 2Q 2020 Forms 941 released

Copyright 2020, Kaplan, Inc.

Direct download: 2020-09-21_Revised_Forrms_Issued_for_COVID-19_Relief.mp3
Category:general -- posted at: 12:48pm EDT

This week we look at:

  • IRS discusses options for expedited private letter ruling requests
  • Web page for marijuana industry posted by the IRS
  • Corporation by law had no shareholders, thus no S election was possible
  • Draft form to be used by self-employed to claim COVID-19 sick pay credits published
  • Final version of Form 941-X to be used to revised 2Q 2020 Forms 941 released

Copyright 2020, Kaplan, Inc.

Direct download: 2020-09-21_Revised_Forrms_Issued_for_COVID-19_Relief.mp3
Category:general -- posted at: 12:48pm EDT

This week we look at:

  • A California decisions discusses the concept of domicile for state residency status
  • IRS publishes special per diem rates for FY 2020/2021, including high-low rates
  • Medicaid coverage of COVID-19 testing and diagnostic services is not minimum essential coverage
  • Tax Court looks at the effective date for a change in innocent spouse provisions
  • An IP PIN ruled not to be part of the signature for an electronically filed tax returns

Copypright 2020, Kaplan, Inc.

Direct download: 2020-09-14_What_Is_Not_Part_of_a_Signature.mp3
Category:general -- posted at: 3:30pm EDT

This week we look at:

  • IRS loses in an attempt to challenge a contribution of closely held stock to charity

  • Notice issued giving guidance on retirement plan changes enacted at the end of 2019

  • Second new version of Form 941 for 2020 released in draft form

  • Minister discovers he won't qualify to be paid social security or Medicare coverage due to not understanding employment taxes and pastors

  • IRS publishes web page on BBA Centralized Partnership Audit Regime

Copyright 2020, Kaplan, Inc.

Direct download: 2020-09-07_Remember_the_Secure_Act.mp3
Category:general -- posted at: 6:29pm EDT

This week we look at:

  • Crowdsourcing platform payments made in convertible virtual current for performing microtasks is taxable income
  • Payroll tax holiday guidance finally released by Treasury days before holiday is scheduled to begin
  • IRS temporarily expands and simplifies use of e-signatures
  • SBA issues new PPP guidance with de minimis owner rule and rules related to rents and mortgages as nonpayroll costs

Copyright Kaplan, Inc.

Direct download: 2020-08-31_Excellent_Guidance_to_Confirm_Fears.mp3
Category:general -- posted at: 3:28pm EDT

This week we look at:

  • Qualified plan loan offset amount proposed regulations issued to deal with TCJA plan loan rollover provision
  • US Chamber of Commerce and other organizations issue letter describing issues with payroll tax holiday Presidential memo
  • IRS warns employees to wait to file Forms 941-X on second quarter 2020 941s until new form released in late September
  • Chair of Ways & Means asks to IRS to pause sending notices that may relate to unopened payments and IRS complies two days later
  • IRS begins accepting 2019 amended individual returns electronically
  • Payments of interest on 2019 tax refunds are being paid out to taxpayers

Copyright Kaplan, Inc.

Direct download: 2020-08-24_The_Week_of_the_Two_Letters.mp3
Category:general -- posted at: 2:23pm EDT

This week we look at:

  • Summary of §163(j) final regulations SBA publishes PPP loan forgiveness FAQ
  • IRS reminds employers of ability to establish leave sharing plans for employees to provide COVID-19 relief
  • Proposed revenue procedure released to allow qualified residential living facilities to be §163(j) real estate businesses
  • IRS updates qualified plan safe harbor distribution notices for SECURE Act and CARES Act changes
  • President issues memorandum providing for deferral of employee OASDI, but leaves open issue of whether amounts will be forgiven

Copyright 2020, Kaplan, Inc.

Direct download: 2020-08-10_Deferring_Employee_FICA_-_Forgiveness_TBD.mp3
Category:general -- posted at: 9:55am EDT

This week we look at:

  • IRS releases multiple regulation project texts on TCJA items
  • No syndicate relief offered for tax shelters by the IRS for small business accounting or §163(j)
  • Taxpayers informed how to deal with inventory issues when opting out of application of §471(a)
  • Forms 3115 for automatic method changes to be faxed in beginning in August

Copyright 2020, Kaplan, Inc.

Direct download: 2020-08-02_Rise_of_the_Syndicates.mp3
Category:general -- posted at: 3:48pm EDT

This week we look at:

  • Discussions continue on fourth COVID bill in the Senate
  • SBA announces the agency will begin accepting lender's documents for PPP loan forgiveness on August 10 (maybe)
  • IRS releases percentages for the premium tax credit for 2021
  • IRS position taken for strategic reasons in another conservation easement case doesn't bind the agency in a case with an unrelated taxpayer
  • Second Circuit agrees with Tax Court that property was note used in a trade or business

Copyright 2020, Kaplan, Inc.

Direct download: 2020-07-27_Third_Time_to_Court_on_Conservation_Easement.mp3
Category:general -- posted at: 11:53am EDT

This week we look at:

  • IRS describes letters issued for Form 7200 when various issues arrive
    Loan was nonrecourse since lender did not take route that could have lead to deficiency judgment
  • Debt failed to be qualified principal residence interest
  • IRS proposes to add Schedules K-2 and K-3 for international partnership issues
  • PTIN fees to return next year

Copyright 2020, Kaplan, Inc.

Direct download: 2020-07-18_The_Tax_Court_Deals_with_Debt_Issues.mp3
Category:general -- posted at: 10:35am EDT

This week we look at:

  • W2s will report FFCRA sick and FMLA pay to each employee
  • Congress extends PPP loan program through August 8, 2020
  • FAQ looks at the tax implications of receiving a CARES Provider Relief Payments
  • Depreciation limits for vehicles for 2020 released by the IRS
  • §265(a)(1) does not bar deduction under UBIT rules for a charity
  • Flowchart for BBA CPAR audit regime published by the IRS

Copyright 2020, Kaplan, Inc.

Direct download: 2020-07-12_BBA_Audit_Flowchart.mp3
Category:general -- posted at: 6:01pm EDT

This week we look at:

  • IRS updates FAQ to discuss PPPFA changes to employer payroll tax deferral rules
  • Relief granted to allow for changes to be made in 2020 to safe harbor 401(k) plans
  • IRS outlines issues with marketing materials for CRAT tax shelter being promoted
  • Memorandum discusses what impact a superseded return has on the statute of limitations for returns filed on extension
  • IRS announces July 15 deadline will not be extended for 2019 returns

Copyright 2020, Kaplan, Inc.

Direct download: 2020-07-04_What_is_Not_Discussed.mp3
Category:general -- posted at: 1:43pm EDT

This week we look at:

  • IRS issues clarifications on claiming the employee retention credit

  • SBA issues formal interim final rules modifying forgiveness rules for PPPFA

  • Additional final regulations issued under §199A

  • Proposed regulations released to deal with the TCJA parking lot tax

  • IRS announces interest will be paid on refunds for returns filed by 7/15/20, with interest starting to accrue at 4/15/20

Copyright 2020, Kaplan Financial Education

Direct download: 2020-06-27_CARES_Fix_for_the_RMDs_that_Arent_RMDs.mp3
Category:general -- posted at: 7:48pm EDT

This week we look at:

  • Revised PPP forgiveness application and some rules to take into account PPPFA changes
    Relief granted for PPP loan qualification related to certain felony convictions of owners
  • CARES special retirement plan provision relief published by IRS
  • Using the wrong FedEx service to file a Tax Court petition costs taxpayer the option to challenge the IRS in Tax Court

Copyright 2020, Kaplan Financial Education

Direct download: 2020-06-22_CARES_Retirement_Plan_Rules_Issued.mp3
Category:general -- posted at: 12:33pm EDT

This week we look at:

  • SBA begins issuing revised guidance to take into account PPPFA changes to PPP loan program
  • IRS rules no inclusion in income or payroll tax liability for programs where employees donate leave time to COVID-19 charities
  • Proposed regulations would expand deductions for medical expenses
  • Post-TCJA real estate like-kind exchange proposed regulations issued by the IRS

Copyright 2020, Kaplan, Inc.

Direct download: 2020-06-19_TCJA_Returns-Like_Kind_Exchanges.mp3
Category:general -- posted at: 9:43pm EDT

This week we look at:

  • Payroll Protection Program Flexibility Act of 2020 enacted into law on June 5, 2020
  • Relief from physical presence rules given to qualified plans
  • IRS expands Qualified Opportunity Zone relief and extends period for existing relief
  • IRS returns to tax basis capital computation issues - gives two different proposed methods

Copyright 2020, Kaplan Professional Education

Direct download: 2020-06-08_PPPFA_Becomes_Law.mp3
Category:general -- posted at: 3:16pm EDT

This week we look at:

  • PPP developments - only a single FAQ change but two bills to change the program.
  • IRS releases guidance on how to deal with ATNOLs for corporations carrying back net operating losses.
  • The ability to electronically file amended individual income tax returns will exist for 2019 returns later this summer.
  • IRS announces additional due date relief.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-05-30_Electronic_Amended_Returns_Real_Soon_Now.mp3
Category:general -- posted at: 5:27pm EDT

The latest update on the new interim final regulations on PPP Loan Forgiveness rules.

A PDF with information on both IFRS can be downloaded below.

May 22 IFRs from SBA - PPP Loan Forgiveness

Copyright 2020, Kaplan, Inc.

Direct download: 2020-05-24_PPP_Loan_Forgiveness_Interim_Final_Rules.mp3
Category:general -- posted at: 10:14pm EDT

This week we look at:

  • PPP guidance on foreign affiliates, §501(c)(12) utilities, the actual final extension of the PPP repayment date and the SBA backing off the threats on necessity of the loan certification

  • IRS discusses which date to use to value certain stock based compensation

  • Changes made to maximum medical FSA carryovers for cafeteria plans

  • IRS issues COVID-19 related relief for cafeteria plans

  • The tax consequences of payments to students discussed in IRS FAQ which uses §139 to exclude them from income

  • IRS releases inflation adjusted HSA and HDHP numbers for 2021

Copyright 2020, Kaplan, Inc.

Direct download: 2020-05-25_Just_Kidding.mp3
Category:general -- posted at: 9:07pm EDT

This week we look at:

  • IRS changes its guidance on the payment of health insurance only and qualification for the Employee Retention Credit

  • Borrowers can repay PPP loans by May 14 and then use Employee Retention Credit in the future.

  • SBA issues guidance for non-discrimination rules and not for profits and also impact of student workers.

  • Borrowers using new seasonal employer measuring periods will be able to sign unmodified PPP loan applications.

  • SBA gives relief to businesses unable to rehire employees who wish to remain on unemployment.

  • IRS issues guidance on excess deductions on termination following TCJA's addition of §67(g).

  • Taxwriters disagree with IRS's view on deductibility of expenses used to obtain PPP loan forgiveness.

  • Cannabis business found to be a reseller and not a producer. IRS issues guidance on taxpayers whom the agency wishes to return their economic impact payments.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-05-11_One_More_Week_to_Return_Funds_And_You_Get_ERC.mp3
Category:general -- posted at: 3:32pm EDT

This week we look at:

  • PPP loan updates on corporate groups, businesses sold after February 15, 2020, loan review procedures, private companies need to show loan was necessary, treatment of seasonal employers, how to count 500 employees and maximum loan calculation amounts
  • Update on faxing procedures for Forms 1139 and 1045
  • No deduction allowed for amounts paid to achieve PPP loan forgiveness per IRS
  • Draft Form 941 released for second quarter of 2020
  • IRS clarifies filing date relief for U.S. Tax Court filings
  • IRS and DOL issue relief for certain timeframes that apply to employee benefit plans

Copyright 2020, Kaplan, Inc.

Direct download: 2020-05-04_No_Deduction_for_You.mp3
Category:general -- posted at: 4:26pm EDT

This week we look at:

  • PPP Loan program and EIDL Grants Get Additional Funding
  • PPP guidance raises question of false certification that loans were necessary, provides other clarifications
  • IRS provides additional guidance on payments to repair homes due to pyrrhotite damage
  • Relief for taxpayers unable to meet foreign earned income exclusions due to COVID-19
  • Special procedures for taxpayers who are not required to file but wish to file for advance payments
  • IRS gives special relief related to COVID-19 travel restrictions impacting substantial presence test

Copyright 2020, Kaplan, Inc.

Direct download: 2020-04-27_Is_This_Necessary.mp3
Category:general -- posted at: 9:38pm EDT

This week we look at:

  • SBA issues guidance on self-employed taxpayers and partners for PPP loan program
  • Revenue Procedure issued explaining how to deal with retroactive change in life for qualified improvement property
  • IRS gives guidance on filing Forms 1139 and 1045 via fax while Service Centers are shut down
  • Proposed regulations released to set government portion of PTIN fee at $21
  • Procedures issued to deal with Forms 706 returned by private delivery services from closed Service Centers

Copyright 2020, Kaplan, Inc.

Direct download: 2020-04-20_End_of_First_Funding_Round_for_PPP_Loans.mp3
Category:general -- posted at: 6:57pm EDT

This week we look at:

  • PPP loan program FAQ gets updated by SBA
  • IRS releases §163(j) relief for real estate and farming businesses
  • Procedures released for making election to waive NOL carryback period under CARES provisions
  • IRS explains the payroll tax deferral program
  • Partnerships covered by BBA CPAR given temporary reprieve from centralized audit rules
  • Six month extension granted to file Forms 1045 and 1139
  • IRS greatly expands list of returns, payments and actions extended to July 15, 2020.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-04-13_The_IRS_Returns_to_Issuing_Guidance.mp3
Category:general -- posted at: 12:02pm EDT

This week review the status of developing guidance on key provisions of the CARES Act:

  • Recovery Rebate for Individuals, Including Advance Payment
  • Deferral of the Required Minimum Distributions for 2020
  • PPP SBA loan program - things we've learned and things we still need guidance on
  • Forgiveness of PPP loans - are payroll costs different for this than for the maximum loan or not? Does anyone know for sure?
  • Emergency EIDL Loans - the forgotten provision
  • Employee retention payroll credit - the alternative (maybe) to a PPP loan
  • Delay of deposits for employer portion of OASDI taxes - can take if you don't have a PPP loan forgiven

Copyright 2020, Kaplan, Inc.


This week we look at:

  • Payroll tax credit starts on April 1.
  • IRS reverses courses, announces gift/GSTT returns will also be due on July 15, 2020.
  • IRS issues guidance that clarifies which April 15 deadlines are moved back to July 15, 2020.
  • Congress passes the CARES Act with a number of tax provisions.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-03-30_Due_Dates_and_CARES_Act.mp3
Category:general -- posted at: 3:10pm EDT

This week we look at:

  • Congress passes payroll tax credit for newly mandated paid sick leave

  • Initial April 15 delay guidance only delayed payment date but no actual extension to file

  • Late Friday guidance replaces first delay guidance with a real delay in April 15 filing date, though questions still remain

Copyright 2020, Kaplan, Inc.

Direct download: 2020-03-23_Moving_Tax_Day_to_July_15.mp3
Category:general -- posted at: 2:16pm EDT

Current Federal Tax Developments for the week of March 16, 2020: Waiting for Relief

  • President declares emergency over COVID-19, directs Treasury to provide relief--and now we are waiting.
  • HR 6201 passes the House and moves on to the Senate, containing a few tax provisions mainly related to mandatory sick leave provision rule
  • AICPA letter issued to IRS regarding the informal §199A guidance the agency has issued
  • HDHPs are allowed to pay for COVID-19 testing and treatment without jeopardizing ability of insured to make HSA contributions.
  • Dropping a tax document in the mailbox turns out not to be a good idea, as USPS postmark was after the private postmark date on envelope.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-03-16_Waiting_for_Relief.mp3
Category:general -- posted at: 2:04pm EDT

Current Federal Tax Developments for the week of March 9, 2020: Sometimes Too Late Really is Too Late:

  • IRS denies a taxpayer's request to make a late mark to market election under §475(f)
  • Loss limits for passive activities, basis and at-risk also limit self-employment loss use
  • Revenue Procedure grants relief for filing some information returns for certain foreign trusts

Copyright 2020, Kaplan Financial Education

Direct download: 2020-03-09_Sometimes_Too_Late_is_Really_Too_Late.mp3
Category:general -- posted at: 3:11pm EDT

Current Federal Tax Developments for the week of March 2, 2020: Late Filing

  • Taxpayer who voluntarily exited OVDI program ended up with very poor result.
  • Illnesses of corporate officers not found to give reasonable cause for late filing of S corporation returns.
  • Supreme Court refuses to review Ninth Circuit ruling upholding IRS regulation that only items listed in §7502 can be used to prove timely filing.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-03-02_Late_Filing_Week.mp3
Category:general -- posted at: 2:38pm EDT

Current Federal Tax Developments for the week of February 24, 2020: Meals and Entertainment After TCJA

  • Proposed regulations can be relied upon in the interim, as well as continued reliance on Notice 2018-76
  • Separate invoicing rule for food/beverage first released in Notice 2018-76 is also in the proposed regulations
  • Definition of entertainment stays similar to older definition, but does not include business meals
  • Adopts Notice 2018-76 rules for business meals
  • Detailed guidance on meals related exceptions to 50% disallowance found at §274(e)

Copyright 2020, Kaplan, Inc.

Direct download: 2020-02-24_Meals_and_Entertainment_Guidance.mp3
Category:general -- posted at: 4:35pm EDT

Current Federal Tax Developments for the week of February 17, 2020: The Week of Fortnite and Schedule 1

  • IRS urges tax professionals to make use of multi-factor authentication
  • V-bucks and Roblox removed from list of convertible virtual currencies on FAQ
  • Challenge to validity of regulations on disclosing basis in appraisal found wanting by the Tax Court

Copyright 2020, Kaplan, Inc.

Direct download: 2020-02-17_The_Week_of_Fortnite_and_Schedule_1.mp3
Category:general -- posted at: 1:38pm EDT

This week we look at:

  • Regulations implementing changes to FAVR and cents-per-mile methods finalized by IRS
  • OIRA finishes review of final §163(j) regulations, starts review of additional proposed regulations
  • Tax Court finds that language in deed fails to comply with regulations for qualified conservation easements
  • Form 1023 now goes fully online--but only after 90 days when applicants can still use paper

Copyright 2020, Kaplan, Inc.

Direct download: 2020-02-10_Waiting_on_163j_Regulations.mp3
Category:general -- posted at: 5:17pm EDT

This week we look at:

  • Special agent in charge of Los Angeles CID talks about their potential use of the virtual currency question on Schedule 1, Form 1040.

  • Taxpayer wins on claim LLC was not a sham, but finds the result is actually worse when court rules amounts paid to law firm were start-up expenses under §195 TAM rules that taxpayer did not have an intangible related to synergistic benefits that could be written off.

  • Taxpayer could not use claim of right provision under §1341(a) to claim a deduction related to gain recognized in prior year when trustee of grantor sold stock that trustee was barred from selling by the trust agreement.

  • IRS and taxpayer agree that a regulation on the books since 2001 mandates a result different from what the court had arrived at when agreeing with IRS position on §7502(a) and late filed returns asserted originally in the case.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-02-03_Western_Wisconsin_Week.mp3
Category:general -- posted at: 2:38pm EDT

Current Federal Tax Developments for the week of January 27, 2020: Real Soon Now

  • IRS can use sample of transactions to carry burden for §165(c) kickbacks/bribery issues per CCA
  • IRS gives IRA custodians relief on RMD notices for 2020--but it means IRA owners may get bad advice about required distributions
  • Treasury indicates that guidance on excess distributions on termination deduction is “just around the corner.”
  • Microsoft denied assertion of privilege for most documents prepared by outside accounting firm in transfer pricing case

Copyright 2020, Kaplan, Inc.

Direct download: 2020-01-27_Real_Soon_Now.mp3
Category:general -- posted at: 11:08am EDT

Current Federal Tax Developments for the week of January 20, 2020: Relief Week

  • IRS expands rules excluding from income discharge of certain student loan debt
  • Did the IRS just endorse a SALT workaround? Or maybe not…
  • Small partnership late filing relief revenue procedure still in effect despite repeal of TEFRA provision
  • Tax Court found taxpayer’s petition was more likely than not filed timely

Copyright 2020, Kaplan, Inc.

Direct download: 2020-01-20_Relief_Week.mp3
Category:general -- posted at: 11:59am EDT

This week we look at:

  • A look at the interaction of qualified plans and post-70 ½ deductible IRA contributions under the SECURE Act.

  • A date change in the final version of the SECURE Act related to the kiddie tax.

  • An ESOP is found to be disqualified from inception due to both issues in its plan document and in operation of the plan.

  • IRS announces e-file start dates, with business returns now being accepted.

  • Two cases look at the timing of the required IRS supervisor review of proposed penalties in an exam.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-01-13_When_Bad_Things_Happen_Penalties_and_Disqualification.mp3
Category:general -- posted at: 5:32pm EDT

This week we look at:

  • Case from the Archive: Taxpayer Shows How to Win When the IRS Claims Your Business is a Hobby

  • Taxpayers who have SFR prepared won’t see a §199A deduction in the SFR 2020

  • Auto mileage rates issued at the last minute

  • Charitable contributions of virtual currency guidance issued by IRS in FAQ

  • Taxpayers can’t raise substance over form argument since the taxpayer picked the form

  • Final Qualified Opportunity Fund regulations issued by the IRS

  • IRS issues updated guidance on withholding on pensions

Copyright 2020, Kaplan, Inc.

Direct download: 2020-01-06_Beginning_a_New_Decade.mp3
Category:general -- posted at: 8:41pm EDT

This week we look at:

  • §199A final regulations – a pre-tax season package that had to be quickly understood
  • 2019’s year end tax bills – comes in three parts, along with a good portion of the government’s full appropriations package
  • The IRS’s fascination with tax basis capital, and the profession’s reaction to the same
  • §199A FAQ – so we’ll have fewer sub-regulatory guidance items, but that doesn’t mean it all gets reviewed like regulations. Or, perhaps, be careful what you wish for…
  • States looking to extend their tax reach, but in a case with limited application SCOTUS did find there are some limits
  • Additional items beyond the top five…

Copyright 2019, Kaplan, Inc.

Direct download: 2019-12-30_The_Years_Big_Tax_Developments.mp3
Category:general -- posted at: 3:00pm EDT

Current Federal Tax Developments for the week of December 23, 2019: A Tax Bill for the Holidays

  • Further Consolidated Appropriations Act, 2020 signed into law on December 20, 2019
    • SECURE Act
      • The good: Delay in required beginning date for plan distributions, later plan adoption date, etc.
      • The bad: Death of the stretch IRA
    • Extenders apply retroactively - so there are some amended returns that will be needed
    • Tax-exempt version of the parking lot tax is gone, but the for profit version is still around

Copyright 2019, Kaplan, Inc.

Direct download: 2019-12-23_A_Tax_Bill_for_the_Holidays.mp3
Category:general -- posted at: 1:53pm EDT

Current Federal Tax Developments for the week of December 16, 2019: The Sound of Silence

  • IRS does not have the discretion to waive repayment of advance premium credit
  • Employer who reimburses employee when transit card fails to function has to include amount in wages per CCA
  • IRS issues more proposed regulations on state tax issues and charitable contributions, but remains silent on passthrough tax issues
  • IRS grants relief from use of tax basis capital account on partnership K-1s for one year

Copyright 2019, Kaplan, Inc.

Direct download: 2019-12-16_The_Sound_of_Silence.mp3
Category:general -- posted at: 7:20pm EDT

Current Federal Tax Developments for the week of December 9, 2019: Bring in the Forms

  • Final version of 2020 Form W-4 released Final versions of 2019 Forms 1040, 1040-SR, Schedules 2 and 3 released
  • Shortly thereafter, final version of Schedule 1 released still containing question about virtual currency
  • Relief for provision of Forms 1095-B and C
  • Detailed guidance issued for IRS agents on BBA audit procedures

Copyright 2019, Kaplan, Inc.

Direct download: 2019-12-09_Bring_on_the_Forms.mp3
Category:general -- posted at: 10:18am EDT

Current Federal Tax Developments for the week of December 2, 2019: Horses and Hobbies

  • Commissioner rules that insurance payments for pyrrohite damage does not require Forms 1099
  • Horse business found not to be a hobby, losses allowed
  • IRS updates per diem rules for TCJA, following similar update for auto mileage rules

Copyright 2019, Kaplan, Inc.

Direct download: 2019-12-02_Horses_and_Hobbies.mp3
Category:general -- posted at: 9:22pm EDT

Current Federal Tax Developments for the week of December 2, 2019: Horses and Hobbies

  • Commissioner rules that insurance payments for pyrrohite damage does not require Forms 1099
  • Horse business found not to be a hobby, losses allowed
  • IRS updates per diem rules for TCJA, following similar update for auto mileage rules

Copyright 2019, Kaplan, Inc.

Direct download: 2019-12-02_Horses_and_Hobbies.mp3
Category:general -- posted at: 9:22pm EDT



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