This week we look at:

  • Physician’s payments are found not to be deductible alimony under pre-TCJA divorce agreement
  • IRS announces option for employer leave-based donation programs related to aid for Ukraine
  • IRS extends, likely for the final time. option to remotely sign certain plan documents

Copyright 2022, Kaplan, Inc.

Direct download: 2022-05-22_What_Qualifies_as_Alimony.mp3
Category:general -- posted at: 7:55am EDT

This week we look at:

  • Special rules under IRC §104 for military disability and retirement income
  • Expenses claimed as management fees treated as distributions to owners
  • Proposed regulations to limit use of certain techniques for use of anti-clawback rules
  • It’s going to be a longer than expected wait to file K-2/K-3 for S corporations via MeF

Copyright 2022, Kaplan, Inc.

Direct download: 2022-05-02_A_Problem_with_Managemnet_Fees.mp3
Category:general -- posted at: 7:32pm EDT

This week we look at:
  • Tax rules for no-additional cost services
  • SCOTUS refuses to hear challenge to SALT cap
  • IRS finally grants election/accounting method relief for retroactive 2019 changes
  • Rules for a real estate professional
  • IRS expands on Schedules K-2 and K-3 FAQs on April 11

Copyright 2022, Kaplan, Inc.

Direct download: 2022-04-25_Taxing_Times_for_Retired_Airline_Pilot.mp3
Category:general -- posted at: 1:03pm EDT

This week we look at:
  • IRS Suspends Mailing More Notices - This Time Related to Exempt Organizations
  • Tax Court Affirms IRS Denial of Interest Abatement
  • Securing a Strong Retirement Act Passes House Overwhelmingly
  • Above the Line Classroom Teacher’s Deductions Increases to $300 in 2022

Copyright Kaplan, Inc.

Direct download: 2022-04-04_SECURE_Act_Second_Version_Passes_House.mp3
Category:general -- posted at: 6:39pm EDT

This week we look at:

  • IRS releases revised depreciation limits for 2022 for autos under IRC §280F
  • Lawmakers send yet another letter to the IRS regarding stopping the sending of notices
  • Farmer/fisherman estimated tax payment relief formalized in an IRS Notice

Copyright 2022, Kaplan, Inc.

Direct download: 2022-03-21_Limits_for_Vehicle_Depreciation_for_2022.mp3
Category:general -- posted at: 5:53pm EDT

This week we look at:

  • Department of Labor warns §401(k) plan administrators regarding offer digital asset investment options
  • No deduction allowed to corporation for paying tuition for training program for boyfriend of 100% shareholders’ daughter
  • IRS announces program to deal with the backlog of returns and correspondence
Direct download: 2022-03-14_Personal_vs_Business_Expenses.mp3
Category:general -- posted at: 6:08pm EDT

This week we look at:

  • IRS looks to increase EA user fees by over 100%
  • Justice Department files motion to have staking case dismissed as moot
  • IRS to grant relief to certain farmers and fisherman impacted by inability of some tax software to file Form 7203 by March 1
Direct download: 2022-03-07_Farmer_and_Fisherman_Tax_Software_Relief.mp3
Category:general -- posted at: 2:12pm EDT

This week we look at:

  • Proposed regulations on required minimum distributions
  • AICPA and state societies letter on delay for K-2 and K-3 filings
  • Data entry error did not provide reasonable cause for tax understatement

Copyright 2022, Kaplan, Inc.

Direct download: 2022-02-28_At_Least_One_Couple_Are_Not_Tax_People.mp3
Category:general -- posted at: 7:52pm EDT

This week we look at the IRS's newly issued 2021 Schedule K-2 and K-3 filing relief. How much does the option added in Question 15 of the newly released FAQ on K-2 and K-3 issues really help partnerships and S corporations? Who does and doesn't qualify for this relief? And what about 2022 and future years?

Copyright 2022, Kaplan, Inc.

Direct download: 2022-02-21_IRS_Releases_K2_and_K3_Relief.mp3
Category:general -- posted at: 10:23am EDT

This week we look at:

  • IRS adds more information on research credit claims issues
  • LB&I announces new partner basis campaign
  • IRS expands list of notices being temporarily suspended
  • K-2 and K-3 filing issues being addressed by vendors, IRS defends process

Copyright, Kaplan, Inc.

Direct download: 2020-02-14_IRS_Suspends_Issuing_More_Notice_Types.mp3
Category:general -- posted at: 10:39am EDT

This week we look at:

  • Continuing saga of the K-2 and K-3 filing issues, including an extreme delay in accepting them electronically.
  • Consider interim filing method to electronically file these returns
  • OPR Director announces that IRS plans to add features to TaxPro site by mid-summer, additional features added for following year.
  • OPR Director also notes that Treasury has finished reviewing the revisions to Circular 230

Copyright 2022, Kaplan, Inc.

Direct download: 2022-02-07_TaxPros_Account_Improvements_Coming.mp3
Category:general -- posted at: 2:32pm EDT

  • This week we look at: IRS revises instructions for Schedule K-2 and K-3 and points taxpayers to fact more may need to file this than might have thought they would
  • IRS stops issuing one (and just one) automated notice, complains about issues blocking doing more
  • AICPA issues statement critical of IRS statement on giving relief, wants all Tax Professionals United for Taxpayer Relief Coalition recommendations adopted

Copyright 2022, Kaplan, Inc.

Direct download: 2022-01-31_There_are_K-2s_and_K-3s_in_Your_Future.mp3
Category:general -- posted at: 6:32pm EDT

This week we look at

  • IRS issues updated substantially equal payment guidance
  • Final version of basis reporting form for S corporation shareholders issued by IRS
  • IRS clarifies how to report expenses used to obtain PPP forgiveness on Schedule M-2
  • IRS completes guidance on reporting options for timing of PPP loan forgiveness income recognition

Copyright 2022, Kaplan, Inc.

Direct download: 2022-01-24_Forms_and_Instructions_Week.mp3
Category:Federal Tax Update -- posted at: 9:09am EDT

This week we look at:

  • Form 1024 joins Form 1023 in becoming online only filings
  • Pressure builds on the IRS to pause automated notices in light of inability to handle correspondence on notices already issued
  • IRS announces beginning of filing season along with other information for the season

Get updates as they are written up on our website at http://www.currentfederaltaxdevelopments.com

Copyright 2022, Kaplan, Inc.


This week we look at:

  • IRS publishes detail on changes for amended returns and research credits
  • Taxpayers do not have to pay in tax IRS undercomputed when adjusting for unemployment compensation
  • Expenses used for PPP loan forgiveness do not reduce AAA for S corporations per IRS instructions
  • Information letter addresses when industry accountant becomes a paid preparer

Copyright 2022, Kaplan, Inc.

Direct download: 2022-01-10_Expenses_Used_for_PPP_Forgiveness_and_S_Corporations.mp3
Category:general -- posted at: 6:24pm EDT

This week we look at:

  • IRS quietly revises Ida relief revision
  • Reagan-era regulations on conservation easements found to be invalid by Eleventh Circuit
  • IRS objects to attempt to use 7 month old valuation for GRAT
  • Taxpayer fails at attempt to use a deposit in collection case
  • Deadline arrives for taxpayers who deferred FICA/SECA to make first of two installment payments

Copyright 2022, Kaplan Financial Education

Direct download: 2021-01-03_IRS_Quietly_Changes_Web_Guidance.mp3
Category:general -- posted at: 8:15pm EDT

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