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.


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