This week we look at:

  • IRS modifies 2021 Form 1065 draft instructions to add self-employment income information
  • IRS issues preliminary guidance on late repeal of Q4 ERC for most employers
  • Training to begin for agents for ERC audits in early 2022
  • Rejection of return due to suspected identity theft did not mean return was not filed before statute expired

Copyright 2021, Kaplan Financial Education

Direct download: 2021-11-29_ERC_Developments_Return.mp3
Category:general -- posted at: 4:34pm EST

This week we look at:

  • IRS modifies 2021 Form 1065 draft instructions to add self-employment income information
  • IRS issues preliminary guidance on late repeal of Q4 ERC for most employers
  • Training to begin for agents for ERC audits in early 2022
  • Rejection of return due to suspected identity theft did not mean return was not filed before statute expired

Copyright 2021, Kaplan Financial Education

Direct download: 2021-11-29_ERC_Developments_Return.mp3
Category:general -- posted at: 4:34pm EST

This week we look at:

  • House passes BBBA, but not clear what the Senate will do
  • IRS clarifies 2021-2022 treatment of meals and incidentals per diem
  • Self-directed IRA implodes on taxpayer due to find that assets were held personally and commingled with other assets
  • IRS gives guidance on timing of PPP forgiveness income, as well as very short term BBA partnership amended return relief

Copyright 2021, Kaplan, Inc.

Direct download: 2021-11-22_Self-Directed_IRA_Problems.mp3
Category:general -- posted at: 2:25pm EST

This week we look at:

  • TAS will not intervene in amended return delayed processing cases
  • Inflation adjusted amounts released for 2022
  • Taxpayer denied in request to make late §475(f)(1) election to mark to market as a trader

Copyright 2021, Kaplan Financial Education

Direct download: 2021-11-15_Inflation_Adjusted_Tax_Numbers_Are_Out.mp3
Category:general -- posted at: 7:01pm EST

This week we look at:

  • IRS announces retirement plan inflation adjusted numbers for 2022
  • Congress passes Infrastructure Investment and Jobs Act, sent to President for signature

Copyright 2021, Kaplan, Inc.

Direct download: 2021-11-08_Tax_Provisions_in_the_Infrastructure_Investment_and_Jobs_Act.mp3
Category:general -- posted at: 10:12am EST

This week we look at:

  • IRS announces retirement plan inflation adjusted numbers for 2022
  • Congress passes Infrastructure Investment and Jobs Act, sent to President for signature

Copyright 2021, Kaplan, Inc.

Direct download: 2021-11-08_Tax_Provisions_in_the_Infrastructure_Investment_and_Jobs_Act.mp3
Category:general -- posted at: 10:12am EST

This week we look at

  • The Build Back Better Act draft’s tax provisions (some)

  • What’s not in the bill

  • Individual provisions

  • Corporate provisions

Copyright 2021, Kaplan, Inc.

Direct download: 2021-11-01_Build_Back_Better_Act_Draft_-_Tax_Provisions.mp3
Category:general -- posted at: 9:42pm EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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