Federal Tax Update Podcast

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

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

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

This week we look at issues that arise with S corporations.

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.

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