This week we look at:

  • IRS/Malta look to shut down promoted tax shelter
  • Lenders instructed not to issue Forms 1099C on discharges of student loans
  • 469 rental definition does not apply to self-employment income rules
  • IRS to issue letters on advance child tax credit and third economic impact payment
  • Hurricane Ida relief extended to February 15

Copyright 2021, Kaplan Financial Education

Direct download: 2021-12-27_Day_After_Boxing_Day_Edition.mp3
Category:general -- posted at: 12:49pm EST

This week we look at:

  • BBBA fails to clear Congress before adjourning for the year and Senator Manchin states he is a no vote on this bill
  • Mileage rates released by the IRS
  • IRS updates automatic changes for small business accounting methods added by TCJA
  • IRS publishes, with minimal changes, annual disclosure Revenue Procedure

Copyright 2021, Kaplan, Inc.

Direct download: 2021-12-20_BBBA_Is_Not_Coming_Soon.mp3
Category:general -- posted at: 5:58pm EST

This week we look at:

  • BBBA process continues but no Senate text yet available
  • Taxpayer discovers she needs to report K-1 income in year of divorce
  • IRS gives guidance for retroactive changes to 4th quarter ERC
  • IRS grants relief to certain partnerships filing short year returns related to Schedules K2 & K3

Copyright 2021, Kaplan Financial Education

Direct download: 2021-12-13_Quarter_4_ERC_Guidance.mp3
Category:general -- posted at: 4:19pm EST

This week we look at:

  • Tacit consent given for filing of joint tax return
  • “Money number” adjustments related to partnership items give rise to positive imputed adjustment
  • Entity type, not exempt vs. taxable status, is the key factor in determining if partner is an eligible partner for BBA opt out

Copyright 2021, Kaplan, Inc.

Direct download: 2021-12-05_BBA_Email_Week.mp3
Category:general -- posted at: 5:00pm EST

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