This week we look at:

  • IRS issues reminder on penalty relief deadline that makes some modifications
  • IRS publishes another news release pushing the CCA on improper PPP loan forgiveness

Copyright Kaplan, Inc.

Direct download: 2022-09-26_IRS_News_Releases_Emphasizing_Recent_Guidance.mp3
Category:general -- posted at: 5:35pm EDT

This week we look at:

  • IRS memorandum states that PPP loan forgiveness is taxable if taxpayer did not actually qualify for forgiveness granted
  • AICPA adds to items requested for additional penalty relief under Notice 2022-36

Copyright, Kaplan, Inc.

Direct download: 2022-09-18_New_PPP_Loan_Tax_Guidance_Appears.mp3
Category:general -- posted at: 4:35pm EDT

This week we look at:

  • Chair and Ranking Member of the Senate Finance Committee send Enhancing American Retirement Now (EARN) Act to the Senate floor
  • IRS inadvertently makes Form 990-T data on non-§501(c)(3) organizations available for bulk download
  • Reasonable cause for failure to file/pay does not include common financial challenges
Direct download: 2022-09-11_Proposed_EARN_Act.mp3
Category:general -- posted at: 3:55pm EDT

This week we look at:

  • Trust terms mean estate gets no deduction for marital or charitable contribution for specified payment value
  • IRS provides for broad penalty relief for certain returns from 2019 to 2020
  • National Taxpayer Advocate publishes blog post explaining IRS penalty relief

Copyright Kaplan, Inc.

Direct download: 2022-08-29_IRS_Releases_Penalty_Relief.mp3
Category:general -- posted at: 5:35pm EDT

This week we look at

  • Inflation Reduction Act of 2022 signed into law on August 16, 2022
  • Information on electric vehicle for 2022 released by Treasury, IRS and Department of Energy
  • Outline electric vehicle credit for remainder of 2022 and 2023 changes
  • IRS releases sample Written Information Security Plan (WISP) for tax professionals
Direct download: 2022-08-22_First_IRA_2022_Guidance_ReleasedA.mp3
Category:general -- posted at: 5:48pm EDT

The House and Senate pass the Inflation Adjustment Act of 2022 and we look at some key provisions:

  • Increase in funding at the IRS
  • Continuation of 2021-2022 Premium Tax Credit Rules
  • Tax credits on clean energy vehicles
  • Expansion & extension of residential energy credits
  • Credit transfer provisions

Copyright, Kaplan, Inc.

Direct download: 2022-08-14_Highlights_of_the_Inflation_Reduction_Act_of_2022.mp3
Category:general -- posted at: 6:08pm EDT

This week we look at:

  • IRA 2022 passes the Senate with revisions, House to take it up this week and may vote on Friday
  • Inflation adjusted premium tax credit percentages released
  • IRS revises questions on digital assets on Form 1040 for 2022
  • $51 million payment was not deductible alimony
  • IRS finalizes removal of signature requirement on §754 election
Direct download: 2022-08-08_Revised_Virtual_Asset_Question_for_2022_Form_1040.mp3
Category:general -- posted at: 8:48pm EDT

This week we look at:

  • Proposed Inflation Reduction Act of 2022 - will it pass and what’s in it?
  • Taxpayer told by court suit is being dismissed, must file 2020 income tax return to obtain economic impact payment not previously sent to taxpayer
  • IRS Security Summit warns tax pros about significant security threats to taxpayer data in their systems

Copyright 2022, Kaplan, Inc.

Direct download: 2022-08-01_IRA_of_2022_-_Will_It_Pass_and_What_Is_In_It.mp3
Category:general -- posted at: 8:56pm EDT

This week we look at:

  • IRS wants preparers to advise clients to opt-in to IP-PIN program.
  • TAM holds that an activity that is treated as a material participation activity for five straight years under SPA test will be a material participation activity under the 5/10 test in year 6
  • Breadwinner not granted innocent spouse relief when she failed to inquire about or review return prepared by accountant spouse

Copyright 2022, Kaplan, Inc.

Category:general -- posted at: 7:17pm EDT

This week we look at:

  • Reconciliation bill talks stall in Congress
  • Taxpayer loses on charitable contribution deduction due to failure to give entire interest and lacking proper acknowledgment for donation to donor advised fund
  • Taxpayer not allowed to shorten statute for collections based on shortcomings in own OIC filings
  • No reasonable cause for failure to report distribution when 1099-R sent to wrong address

Copyright 2022, Kaplan, Inc.

Direct download: 2022-07-18_Lack_of_a_Form_1099_and_Reasonable_Cause_.mp3
Category:general -- posted at: 4:28pm EDT

This week we look at:

  • Discussions start up again for reconciliation bill.
  • IRS extends automatic late portability election relief to five years
  • Federal tax lien attached to payments being made to seller’s former spouse for alimony by business buyer
  • No reasonable cause for late payment and late filing

Copyright, Kaplan, Inc.

Direct download: 2022-07-11_IRS_Liberalizes_Late_Portability_Election_Relief.mp3
Category:general -- posted at: 7:19pm EDT

This week we look at:

  • Taxpayer Advocate Service begins accepting referrals on 2021 and earlier original & amended returns from Congressional offices
  • Car dealer had more than “some” guarantee of right to retain cash deposits
  • Fifth Circuit rules that substantial compliance on charitable donations cannot be sufficient for failure to follow the statute, as opposed to regulations
Direct download: 2022-07-05_TAS_Starts_Accepting_Referrals_from_Congress.mp3
Category:general -- posted at: 2:58pm EDT

This week we look at:

  • Senate Finance Committee takes action on retirement bill
  • IRS and National Taxpayer Advocate release information on processing paper tax returns
  • Supreme Court to take on case involving computing FBAR penalties
  • IRS adds voice bot support for some ACS issues
Direct download: 2022-06-27_IRS_Falling_Further_Behind_Dealing_with_Paper.mp3
Category:general -- posted at: 4:22pm EDT

This week we look at:

  • Foreclosure proceeds could have paid interest on second mortgage, but taxpayer unable to show it was so applied

  • Nurse allowed deduction for comfortable and professional clothing

  • Innocent spouse relief not available for trust fund penalty liability

Copyright 2022, Kaplan, Inc.

Direct download: 2022-06-20_Innocent_Spouse_Does_Not_Work_for_Payroll_Tax_Issues.mp3
Category:general -- posted at: 12:29pm EDT

This week we look at:

  • IRS increases mileage rates effective July 1, 2022
  • Taxpayer unsuccessfully asks for relief for failing to file Form 3115
Direct download: 2022-06-13_Car_Mileage_Rate_Increases.mp3
Category:general -- posted at: 7:22pm EDT

This week we look at:
  • AICPA letter on Section 174 guidance from the IRS - TCJA changes
  • Form 7203 - impact on tax season and dealing with lack of basis records

Copyright 2022, Kaplan, Inc.

Direct download: 2022-06-06_Importance_of_Keeping_Records.mp3
Category:general -- posted at: 9:07pm EDT

This week we look at:
  • Taxpayer discovers her documentation for a charitable contributions did not meet the IRC requirements
  • IRS rules an enterprise involved in retail drug sales is a qualified trade or business under IRC §1202

Copyright 2022, Kaplan, Inc.


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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