Federal Tax Update Podcast

This week we look at:

• Damage award found to not be for physical injuries, entire amount taxable
• Partnership language in LLC operating agreement revision terminated S corporation status (creating a C corporation)
• Taxpayer failed to wait required 6 months for IRS to act on refund claim before filing suit

Copyright 2022, Kaplan, Inc.

This week we look at:

• IRS news releases this week on:
  • Qualified charitable distributions
  • Seventh Annual National Tax Security Awareness Week

Copyright, Kaplan, Inc.

This week we look at:

• Tax Court finds that adding to listed transactions requires IRS to comply with Administrative Procedures Act
• Election results and likely tax actions in lame duck session
• What about next year with the new Congress?

Copyright 2022, Kaplan, Inc.

This week we look at:

• IRS releases Form 1120-S Schedule K-2 and K-3 draft instructions with similar exceptions to Form 1065 version
• IRS gives some indication on when §174 guidance will come out
• Tax benefits alone not enough to establish taxpayer had a profit motive in solar lens leasing business
• IRS grants late rollover relief to victim of fraud

Copyright 2022, Kaplan Inc.