• 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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