Federal Tax Update Podcast

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.