Sun, 26 March 2023
This week we look at: - IRS begins 2023’s Dirty Dozen Tax Scams with problematical ERC refund claims
- IRS announces position on evaluating when a non-fungible token is a collectible
- C corporation not allowed to take home office expenses for owner-employee’s home
- IRS email reminder that BBA opt-outs must be made on original returns
Direct download: 2023-03-26_ERC_Scams_Lead_the_Dirty_Dozen.mp3
Category: general
-- posted at: 6:03pm EDT
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Sun, 19 March 2023
This week we look at: - Trust that was meant to be a CRAT found not to be one and attempted fix was too late and not undertaken correctly
- PLR looked at whether item for consumption by infant to reduce risk of developing a condition was all or partially a medical expense
- IRS produces FAQ on whether different types of health expenses qualify as medical expenses
Direct download: 2023-03-20_Taxes_and_Medical_Expenses.mp3
Category: general
-- posted at: 6:57pm EDT
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Sun, 12 March 2023
This week we look at: - IRS and OPR issue separate warnings on ERC claims
- Ninth Circuit reverses Seaview Holdings LLC decision after en banc hearing, partnership return not forwarded to Ogden was never filed
- IRS gives financial institutions RMD notice relief
- S corporation accidentally ended its status by revising its LLC operating agreement
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Sat, 4 March 2023
This week we look at: - Deposit and use by sheriff of jail meal money not found to be a mere misunderstanding
- Amounts taxpayer expected to repay with future earnings found not to be loans, taxable upon receipt
- SCOTUS rules non-willful FBAR failure is a per-form not per-account penalty
- CPA fails to provide substantiation for deductions for practice
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Sun, 26 February 2023
This week we look at: - Proposed regulations issued for retirement plan forfeitures
- OIRA completes review of crypto broker proposed regulations, expected to be issued shortly
- IRS extends relief for taxpayers impacted by disasters in California, Alabama and Georgia
- IRS issues final business electronic filing mandate regulations
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Sun, 19 February 2023
This week we look at - IRS announces program to accept upload of documents in response to some, but not all, notices to taxpayers
- SECURE 2.0 Section 603 drafting glitch puts catch-up contributions at risk for 2024 as various parties push to get a fix
- IRS will not automatically challenge §199A deduction for cannabis businesses-but W-2 wage problems may get in the way
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Sat, 11 February 2023
This week we look at: - IRS relents to pressure, releases guidance on state payment programs’ taxability (generally it’s good news)
- IRS begins offering direct deposit for Form 1040-X electronic filers - but it will still take a long time to process
- No substantive §174 guidance likely before initial tax deadlines (March & April)
- Form 4868 didn’t qualify as informal claim for refund
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Sun, 5 February 2023
This week we look at: - IRS revises classification of clean vehicles for purposes of determining vehicles subject to $80,000 MSRP limit
- Proposed revenue procedure published to establish new voluntary tip reporting procedure
- Taxpayer’s log of every mile of vehicle use had issues that prevented Tax Court from accepting it for meeting burden under IRC §274(d)
Direct download: 2023-02-06_Reconsidering_EV_SUVs.mp3
Category: general
-- posted at: 5:37pm EDT
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Sun, 29 January 2023
This week we look at: - IRS begins accepting 2022 income tax returns
- IRS opens up IRIS portal for electronic filing of information returns
- Corporation forced to get private letter ruling on S election due to failure to obtain all required consents
Direct download: 2023-01-30_Welcome_to_IRIS.mp3
Category: general
-- posted at: 7:26pm EDT
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Sun, 22 January 2023
This week we look at: - IRS provides an extended due date for some in Alabama and Georgia impacted by storms
- IRS announces 10 minute response time on Practitioner Priority Line
- Taxpayer’s §401(k) distribution not excluded from income based on diabetes diagnosis
- IRS releases auto depreciation limits under §280F for 2023
Direct download: 2023-01-23_IRS_Says_Phones_Are_Improving.mp3
Category: general
-- posted at: 6:22pm EDT
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Sun, 15 January 2023
This week we look at: - IRS begins accepting returns on January 23
- California taxpayers get due dates delayed until May 15
- Amended return research credit additional information requirements added to draft Form 6765 instructions
- Employer provided housing not excluded from income under §119
- No loss allowed on not quite worthless not really stablecoin
- Appraisals required for donation of cryptocurrency
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Sun, 8 January 2023
This week we look at issues that arise with S corporations.
Direct download: 2023-01-09_S_Corporation_Warts_Review.mp3
Category: general
-- posted at: 7:15pm EDT
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Mon, 2 January 2023
Congress passed the SECURE 2.0 Act of 2022 that was signed into law on December 29, 2022. This program gives a brief overview of the provisions of this Act that will help tax professionals advise their clients about the impacts and opportunities found in this law.
Direct download: SECURE_2.0_Act_of_2022_Quick_Summary.mp3
Category: general
-- posted at: 2:12pm EDT
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Mon, 2 January 2023
This week we look at: - IRS to issue regulations for definitions for new clean vehicle credit
- List published on IRS website to assist in determining if a vehicle could qualify for new clean vehicle credit
- Incremental cost safe harbors for §45W commercial clean vehicle credit issued by IRS
- 2023 mileage rates release
- Final 2022 Schedule K-2 and K-3 Form 1065 instructions released
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