Federal Tax Update Podcast

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

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.

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

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.