This week we look at:

  • IRS announces a three month Employee Retention Credit Voluntary Disclosure Program
  • IRS provides relief from failure-to-pay penalties for 2021 and 2020 taxes for certain situations
  • Taxpayer uses the wrong FedEx service, therefore his Tax Court petition was not filed on time
Direct download: 2023-12-26_IRS_Plays_Santa_With_Two_Relief_Programs.mp3
Category:general -- posted at: 10:10am EST

This week we look at:

  • FinCEN adds more information to FAQ page, including information on PDF form
  • Bill passes House that would give a limited extension of time for some initial BOI reports to be filed
  • IRS releases mileage rates for 2024
  • Supreme Court agrees to hear estate tax valuation case to resolve split in the Circuits
Direct download: 2023-12-18_FinCEN_BOI_Week.mp3
Category:general -- posted at: 2:13pm EST

This week we look at:

  • IRS sends out a batch of 20,000 ERC rejection letters
  • Employer files suit claiming IRS ERC guidance violated the Administrative Procedures Act
  • SCOTUS hears oral arguments in the Moore case
  • Draft K-2/K-3 instructions are published with no major changes to the domestic filing exception for 2023
Direct download: 2023-12-11_First_ERC_Challenge_in_Court.mp3
Category:general -- posted at: 5:21pm EST

This week we look at:

  • FinCEN finalizes extension of due date for initial BOI reports for entities created in 2024
  • Tax Court rules that a state law limited partner is not automatically covered by IRC §1402(a)(13) self-employment tax exemption
  • OPR due diligence alert on FBAR
  • Annual business MeF shutdown date announced
  • IRS denies request for automatic accounting method change late election relief
  • Tax Court finds that if date to file a Tax Court petition falls on a date that the clerk’s office is inaccessible, the taxpayer qualifies for extended filing relief even though electronic option had been available on the due date
Direct download: 2023-12-04_State_Law_Limited_Partners_and_Self-Employment_Tax.mp3
Category:general -- posted at: 4:20pm EST

This week we look at:

  • IRS clarified FAQ on §139A and backpay for wrongfully incarcerated members of the armed services
  • FinCEN adds to the FAQ on beneficial ownership information reporting

 

Direct download: 2023-11-20_FinCEN_FAQ_Update_for_BOI_Reporting.mp3
Category:general -- posted at: 6:02pm EST

This week we look at:

  • Inflation adjusted numbers for 2024 issued by the IRS
  • Minor revisions made in final BOI FinCEN Identifier rules
  • The IRS issues its second ERC-related GLAM, this time taking aim at OSHA related partial shutdown theories
  • If a Notice isn’t binding on the courts, does that mean we can just pretend it doesn’t exist when advising our clients?
Direct download: 2023-11-13_IRS_Completes_Inflation_Adjusted_Number_Lists_for_2024.mp3
Category:general -- posted at: 2:31pm EST

This week we look at:

  • 2024 inflation adjusted retirement numbers released by the IRS
  • MeF 1040 shutdown date announced by the IRS
  • Trust found liable for transferee tax in failed Son-of-BOSS shelter to offset stock sale gain
  • IRC §41 refund claim grace period extended for yet another year
  • Tax Court refuses to expand equitable relief for missing 90-day deadline to file petition
Direct download: 2023-11-06_Retirement_Plan_Numbers_Released_for_2024.mp3
Category:general -- posted at: 4:28pm EST

This week we look at

  • Taxpayers can’t rely on paid preparer as reasonable cause for late filing, even when using electronic filing
  • IRS could assert negligence penalty (and obtain supervisory approval) after failing to obtain approval for substantial underpayment penalty
  • IRS makes “temporary” electronic signature program permanent by moving it into the Internal Revenue Manual
Direct download: 2023-10-30_Boyle_Decision_Covers_Electronic_Filing.mp3
Category:general -- posted at: 6:56pm EST

This week we look at

  • PTIN renewals are now open for 2024
  • IRS announces program to allow for withdraw of ERC claims
  • Actor’s estate loses in attempt to claim he had validly rolled over a non-traditional investment held in his IRA
Direct download: 2023-10-21_An_Offer_the_Actor_Should_Have_Refused.mp3
Category:general -- posted at: 2:58pm EST

This week we look at

  • Sloppy records cost CPA the vast majority of his business deductions
  • IRS issues warning about art deduction tax promotions aimed at high-income taxpayers
  • IRS gives details on transfers of electrical vehicle credits to dealers beginning in 2024

Copyright 2023, Kaplan, Inc.

Direct download: 2023-10-09_EV_Credit_Transfer_to_Dealer_Guidance_Issued.mp3
Category:general -- posted at: 12:25pm EST

This week we look at:

  • IRS reduces PTIN fees substantially
  • Wash sale rules do not apply to losses on disposition of money market funds
  • IRS highlights new capabilities added to TaxPro accounts
  • Employers can set up leave-based donation programs for 2023 Hawaii wildfire relief
  • FinCEN grants 60 additional days for entities created in 2024 to file initial reports
Direct download: 2023-09-30_Limited_Dealy_in_Some_CTA_BOI_Initial_Report_Filing_Dates.mp3
Category:general -- posted at: 4:39pm EST

This week we look at:

  • FinCEN provides guide to small businesses for beneficial ownership reporting under the Corporate Transparency Act
  • Taxpayer cannot rely on the mailbox rule to prove timely mailing/filing of tax return, as §7502 is the sole way of proving timely postmark and get presumption of delivery
  • Impact of receipt of a CP2100/2100A notice on backup withholding
Direct download: 2023-09-25_FinCEN_Issues_Guide_for_Small_Business_CTA_BOI_Reporting.mp3
Category:general -- posted at: 5:37pm EST

This week we look at:

  • Just having a CPA prepare a taxpayer’s return does mean the taxpayer will get reasonable cause relief for assessments
  • IRS announces halt to processing of new ERC claims until after 2023, will slow processing of claims currently in progress
Direct download: 2023-09-18_Halt_in_ERC_Claim_Processing_for_New_Claims.mp3
Category:general -- posted at: 4:48pm EST

This week we look at:

  • IRS make last minute change to K-2/K-3 FAQ for 2022 returns
  • Preliminary guidance for §174 changes made in TCJA that took effect in 2022 issued by the IRS

Copyright 2023, Kaplan, Inc.

Direct download: 2023-09-11_Better_Late_Than_Never_Section_174_Guidance_Arrives.mp3
Category:general -- posted at: 6:11pm EST

This week we look at:

  • HHS sends letter to DEA recommending that marijuana be reclassified as a Schedule III drug
  • General guidance issued determining tax status of 2023 state payments - and IRS asks for comments prior to giving additional guidance
  • IRS clarifies limits of 2007 CCA on ESBTs and NOLs
  • News release on electronic filing of Form 8300

 

Direct download: 2023-09-05_Electronic_Filing_of_Information_Return_Mandate_Issues.mp3
Category:general -- posted at: 3:10pm EST

This week we look at:

  • Proposed regulations issued for digital asset broker reporting on Form 1099-DA
  • IRS delays requirement for high income employees to make employer plan catch-up contribution to designated Roth accounts until plan years beginning after December 31, 2025
  • 2024 health care premium tax credit percentages published by the IRS
Direct download: 2023-08-28_Week_of_IRS_Delaying_Requirements.mp3
Category:general -- posted at: 6:42pm EST

This week we look at:

  • Limited relief likely coming for beneficial ownership reporting
  • IRS being challenged in an attempt to treat state law limited partners as receiving SE income
  • Rent your home to your business for 13 days each year plan mainly failed
  • Advance memo states IRS objection to a marketed trust tax avoidance plan
  • IRS memo explains credit unions can only claim COVID ERC on 2021 wages

This week we look at:

Deduction for non-qualified deferred compensation not accelerated for the seller when the liability is transferred to the buyer of a business 
Tax professionals and taxpayers warned about issues with certain employee stock ownership plan (ESOP) arrangements
Reduction of non-recourse debt amount was added to sales proceeds, not a cancellation of debt so no §108 relief was available

Direct download: 2023-08-14_IRS_Issues_Warning_for_Certain_ESOP_Programs.mp3
Category:general -- posted at: 7:39pm EST

This week we look at:

  • IRS rules cryptocurrency staking rewards are taxable when taxpayer obtains dominion and control
  • Interim guidance issued for home energy audit tax credit under IRC §25C added by IRA 2022
  • Proposed regulations issued to add monetized installment sales to listed transactions
Direct download: 2023-08-07_IRS_Finally_Tells_Us_Their_Position_on_Staking_Rewards.mp3
Category:general -- posted at: 7:07pm EST

This week we look at:

  • Oversight Subcommittee of House Ways & Means Committee holds a hearing on ERC issues, discusses potential amnesty program
  • IRS ending most announced revenue officer visits
  • Taxpayer finds out that there may very well be a tax consequence when you borrow against your life insurance policy and then let the policy lapse
Direct download: 2023-07-31_The_ERC_Hearing_Before_Congress_Left_for_the_August_Recess.mp3
Category:general -- posted at: 6:07pm EST

This week we look at:

  • IRS memo makes it clear the agency is very skeptical about extended supply chain ERC claims
  • Third Circuit rules that equitable relief is available for failure to file Tax Court petition in 90 day period for a deficiency
  • IRS asked by Tax Court to justify suspense account method for losses deducted in excess of basis in closed years
  • Taxpayers had to pay tax on funds taken from IRA/pension funds that were paid to fraudster

The IRS looks at:

  • IRS extends SECURE Act inherited IRA RMD relief for one additional year, adds special rollover rule for those born in 1951 due to SECURE 2.0 Act changes
  • IRS grants relief to victims of Vermont flooding.
  • Failure to attach simple election leads to requesting (and paying for) 11 separate private letter rulings

Copyright 2023, Kaplan, Inc.

 

Direct download: 2023-07-17_IRS_Extends_RMD_Relief_by_One_Year.mp3
Category:general -- posted at: 7:11pm EST

This week we look at:

  • S corporation loses on research credit claim and gets hit with penalties - risks of a credit study
  • Exempt organization status denied for organization formed to raise funds for one person’s medical bills
  • Discussion of tax research hierarchy in this short week
Direct download: 2023-07-10_Research_Credit_Blues.mp3
Category:general -- posted at: 7:55pm EST

This week we look at: 

  • Supreme Court takes on §965 transition tax case for upcoming term:  what do we do to protect our clients?
  • The IRS releases draft versions of key 2023 partnership income tax returns
  • Firefighter’s sexual harassment complaint settlement was not excludable from income
Direct download: 2023-07-03_Supreme_Court_Protective_Claims_and_965_Transition_Tax.mp3
Category:general -- posted at: 1:42pm EST

This week we look at:

  • IRS ends COVID-19 relief for high deductible health plans effective for plan years ending after 12/31/24
  • Taxpayer fails in attempt to get IRS permission to make a late §475(f) mark to market election
  • Taxpayer who filed Tax Court petition 11 seconds too late due to technology challenges has petition dismissed
  • Sherlock Holmes on tax research

 

Direct download: 2023-06-26_Sherlock_Holmes_and_Tax_Reserach.mp3
Category:general -- posted at: 7:41pm EST

This week we look at

  • OIRA is no longer going to review IRS regulations before issuance

  • IRS updates list of automatic accounting method changes

  • Proposed regulations issued on transfers of certain energy credits and DirectPay for certain credits

  • What can go wrong with an employee retention credit refund claim?

Direct download: 2023-06-19_What_Could_Be_the_Harm_of_Filing_an_ERC_Claim.mp3
Category:general -- posted at: 5:27pm EST

This week we look at:

  • 3 proposed tax bills introduced by Chair of House Ways & Means Committee
  • Wellness indemnification payment is taxable income to employee and subject to payroll taxes
  • IRS grants request to make election to skip claiming bonus depreciation when partnership discovers claiming bonus is bad news at the state level for certain partners
Direct download: 2023-06-12_Opening_Offer_in_Negotiations_fo_2023_Tax_Package.mp3
Category:general -- posted at: 8:04pm EST

This week we look at:

  • Fourth Circuit does not agree with view expressed by Seventh Circuit in Menard, Inc. that C corporation reasonable compensation only depends on a reasonable return to investors
  • Eleventh Circuit holds that “hobby loss” expenses under §183 are miscellaneous itemized deductions
  • Elderly attorney had reasonable cause for failure to file payroll tax returns and timely pay payroll tax liabilities
Direct download: 2023-06-05_Hobby_Losses_Expenses_Effectively_Nondeductible.mp3
Category:general -- posted at: 8:45pm EST

This week we look at:

  • Tax Court finds they have no authority to review the IRS notice for certification of seriously delinquent tax debt to State Department
  • IRS publishes warning signs for employers to use to identify ERC scams
  • Fourth Circuit finds that Section 7502 fully supplants common law mailbox rule for filing documents
Direct download: 2023-05-30_Failure_to_File_Claim_Via_Certified_Mail_Was_a_Bad_Idea.mp3
Category:general -- posted at: 6:39pm EST

This week we look at:

  • Supreme Court rules in favor of IRS on issue of when notice must be sent when the IRS issues a third-party summons
  • IRS agent gets distracted by small issues, fails to investigate potentially much larger one and it costs the IRS at Tax Court
  • IRS announces 2024 HSA and excepted benefit HRA inflation adjusted amounts

 

Direct download: 2023-05-22_Supreme_Court_and_IRS_Giving_Notice_of_Summons.mp3
Category:general -- posted at: 7:14pm EST

This week we look at:

  • IRS email discusses issues that arise with payroll tax refunds when a PEO is involved who itself has unpaid tax liabilities
  • Letter ruling provides that Forms 1099-C must be filed by a credit union due to writing off certain debts as part of a legal settlement
  • IRS plans to add more detail to partnership K-1 liability disclosures on 2023 returns
Direct download: 2023-05-15_The_PEO_and_Your_ERC_Refund.mp3
Category:general -- posted at: 5:31pm EST

This week we look at:

  • IRS issues CCA making clear how strict the §125 substantiation rules are
  • Taxpayer’s lack of documentation forces him to accept preparer’s gross gambling winnings and limits his gambling loss deduction
  • Tax Courts finds that last second rule for filing a Tax Court petition is not the same as for returns filed via eFile

Copyright, Kaplan, Inc.

Direct download: 2023-05-08_Time_Zones_and_Timely_Electronic_Filings.mp3
Category:general -- posted at: 7:04pm EST

This week we look at:

  • Another taxpayer fails to establish either spouse as a real estate professional
  • SPIFF was not a separate trade or business
  • IRS releases revised Form 3115
  • IRS letter to Senator on PEOs and ERC
  • FinCEN publishes FAQ on Corporate Transparency Act reporting

Copyright, Kaplan, Inc.

 

Direct download: 2023-04-23_Catching_Up_After_Tax_Season.mp3
Category:general -- posted at: 5:35pm EST

This week we look at:

  • IRS announces non-acquiescence in Tax Court case on taxpayer asserting substance over form
  • IRS highlights bad tax advice on social media
  • IRS rules that assets held in intentionally defective grantor trust do not obtain date of death basis
  • IRS releases proposed battery regulations for new EV credits

Copyright, Kaplan, Inc.

Direct download: 2023-04-02_EV_Battery_Rules_Released.mp3
Category:general -- posted at: 7:02pm EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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 EST

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