Federal Tax Update Podcast

• 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