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






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