Federal Tax Update Podcast

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

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.

This week we look at:

• IRS increases mileage rates effective July 1, 2022
• Taxpayer unsuccessfully asks for relief for failing to file Form 3115

• 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.