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

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

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
Direct download: 2023-03-13_Seaview_Trading_Reversed_in_Ninth_Circuit.mp3
Category:general -- posted at: 6:21pm EDT

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
Direct download: 2023-03-06_Non-Willful_FBAR_Penalty_is_on_a_Per-Form_Basis.mp3
Category:general -- posted at: 5:12pm EDT

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
Direct download: 2023-02-27_More_Information_Returns_Required_to_be_E-Filed.mp3
Category:general -- posted at: 5:55pm EDT

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

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
Direct download: 2023-02-13_State_Payment_Relief_for_Taxpayers.mp3
Category:general -- posted at: 5:57pm EDT

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

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

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

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
Direct download: 2023-01-16_The_IRS_Memos_on_Cryptocurrency.mp3
Category:general -- posted at: 9:13am EDT

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

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

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
Direct download: 2023-01-03_Vehicle_Credit_Guidance_End_of_Year_Extravaganza.mp3
Category:general -- posted at: 11:06am EDT

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