Federal Tax Update Podcast

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.

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.

• 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.

• 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.

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.

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

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

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.

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.

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.

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.

• 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.

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.

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.

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