Sat, 18 November 2023
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
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Sat, 11 November 2023
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?
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Sat, 4 November 2023
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
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Sun, 29 October 2023
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
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Sat, 21 October 2023
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
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Sun, 8 October 2023
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.
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Sat, 30 September 2023
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
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Sat, 23 September 2023
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
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Sat, 16 September 2023
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
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Sun, 10 September 2023
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.
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Sat, 2 September 2023
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
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Sun, 27 August 2023
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
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Sun, 20 August 2023
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
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Sat, 12 August 2023
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
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Sat, 5 August 2023
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
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Sun, 30 July 2023
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
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Sun, 23 July 2023
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
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Sun, 16 July 2023
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.
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Sun, 9 July 2023
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
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Mon, 3 July 2023
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
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Sun, 25 June 2023
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
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Thu, 22 June 2023
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?
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Sun, 11 June 2023
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
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Sun, 4 June 2023
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
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Mon, 29 May 2023
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
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Sun, 21 May 2023
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
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Sun, 14 May 2023
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
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Sun, 7 May 2023
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.
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Sun, 23 April 2023
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
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Sun, 2 April 2023
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
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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 EST
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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 EST
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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 EST
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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 EST
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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 EST
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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 EST
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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 EST
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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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Mon, 26 December 2022
This week we look at: - Congress passes spending bill which included SECURE 2.0 Act of 2022
- Final Schedules K-2 and K-3 instructions issued for Form 1120S
- IRS delays digital asset reporting until regulations are issued
- Expanded Form 1099-K reporting delayed for one year by the IRS
Copyright 2022, Kaplan, Inc.
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Sun, 18 December 2022
This week we look at: IRS memorandum looks at marketed program to defer recognition of legal fees Automatic change of accounting method procedure released by the IRS IRS publishes news release on upcoming FICA/SE tax 2020 deferral payment due date
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Sun, 11 December 2022
This week we look at: - IRS releases second draft of instructions for preparing 2022 Schedules K-2 and K-3 for partnerships and S corporations
- IRS begins issuing proposed regulations to deal with court losses on method used to add listed transactions not following the Administrative Procedures Act
Copyright 2022, Kaplan, Inc.
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Sun, 4 December 2022
This week we look at: - IRA 2022 prevailing wage and apprenticeship requirement guidance issued by the IRS
- Taxpayers denied partnership loss due to a large number of issues, many of which were enough standing alone to deny the loss entirely
Copyright 2022, Kaplan, Inc.
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Sun, 27 November 2022
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.
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Sun, 20 November 2022
This week we look at: - IRS news releases this week on:
- Qualified charitable distributions
- Seventh Annual National Tax Security Awareness Week
Copyright, Kaplan, Inc.
Direct download: 2022-11-21_IRS_News_Releases.mp3
Category: general
-- posted at: 6:24pm EST
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Sun, 13 November 2022
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.
Direct download: 2022-11-14_Impacts_of_the_Election_on_Tax.mp3
Category: general
-- posted at: 3:49pm EST
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Sun, 6 November 2022
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.
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Sun, 30 October 2022
This week we look at: - It’s PTIN renewal time again and the IRS has released a news release announcing the fact
- IRS publishes draft 2022 Form 1065 Schedules K-2 and K-3 instructions with revised exceptions to filing Schedules K-2 and K-3
Copyright Kaplan, Inc.
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Sat, 22 October 2022
This week we look at: - IRS announces and appears to roll out pilot program to block automated calling systems
- 2023 inflation adjusted general tax amounts released by the IRS
- Retirement/IRA limitations released for 2023
Copyright, Kaplan, Inc.
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Sat, 8 October 2022
This week we look at - AICPA writes the IRS again on issues with PTET taxes
- SECURE Act Proposed Regulations RMD rules for inherited accounts in pay status effective date delayed
- IRS releases S corporation relief guidance
- AICPA Tax Section fact sheet on the employee retention credit
Copyright 2022, Kaplan, Inc.
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Sun, 2 October 2022
This week we look at: - FinCEN releases final regulations that will require beneficial owner reporting for small LLCs and corporations
- IRS updates FAQ for state and local fiscal recovery funds used for home purchases
- Hurricane Ian relief announced by Treasury, delays most filings to February 15, 2022
Copyright Kaplan, Inc.
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Sat, 24 September 2022
This week we look at: - IRS issues reminder on penalty relief deadline that makes some modifications
- IRS publishes another news release pushing the CCA on improper PPP loan forgiveness
Copyright Kaplan, Inc.
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Sun, 18 September 2022
This week we look at: - IRS memorandum states that PPP loan forgiveness is taxable if taxpayer did not actually qualify for forgiveness granted
- AICPA adds to items requested for additional penalty relief under Notice 2022-36
Copyright, Kaplan, Inc.
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Sun, 11 September 2022
This week we look at: - Chair and Ranking Member of the Senate Finance Committee send Enhancing American Retirement Now (EARN) Act to the Senate floor
- IRS inadvertently makes Form 990-T data on non-§501(c)(3) organizations available for bulk download
- Reasonable cause for failure to file/pay does not include common financial challenges
Direct download: 2022-09-11_Proposed_EARN_Act.mp3
Category: general
-- posted at: 3:55pm EST
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Sun, 28 August 2022
This week we look at: - Trust terms mean estate gets no deduction for marital or charitable contribution for specified payment value
- IRS provides for broad penalty relief for certain returns from 2019 to 2020
- National Taxpayer Advocate publishes blog post explaining IRS penalty relief
Copyright Kaplan, Inc.
Direct download: 2022-08-29_IRS_Releases_Penalty_Relief.mp3
Category: general
-- posted at: 5:35pm EST
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Sun, 21 August 2022
This week we look at - Inflation Reduction Act of 2022 signed into law on August 16, 2022
- Information on electric vehicle for 2022 released by Treasury, IRS and Department of Energy
- Outline electric vehicle credit for remainder of 2022 and 2023 changes
- IRS releases sample Written Information Security Plan (WISP) for tax professionals
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Sun, 14 August 2022
The House and Senate pass the Inflation Adjustment Act of 2022 and we look at some key provisions: - Increase in funding at the IRS
- Continuation of 2021-2022 Premium Tax Credit Rules
- Tax credits on clean energy vehicles
- Expansion & extension of residential energy credits
- Credit transfer provisions
Copyright, Kaplan, Inc.
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Sun, 7 August 2022
This week we look at: - IRA 2022 passes the Senate with revisions, House to take it up this week and may vote on Friday
- Inflation adjusted premium tax credit percentages released
- IRS revises questions on digital assets on Form 1040 for 2022
- $51 million payment was not deductible alimony
- IRS finalizes removal of signature requirement on §754 election
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Sun, 31 July 2022
This week we look at: - Proposed Inflation Reduction Act of 2022 - will it pass and what’s in it?
- Taxpayer told by court suit is being dismissed, must file 2020 income tax return to obtain economic impact payment not previously sent to taxpayer
- IRS Security Summit warns tax pros about significant security threats to taxpayer data in their systems
Copyright 2022, Kaplan, Inc.
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Sun, 24 July 2022
This week we look at: - IRS wants preparers to advise clients to opt-in to IP-PIN program.
- TAM holds that an activity that is treated as a material participation activity for five straight years under SPA test will be a material participation activity under the 5/10 test in year 6
- Breadwinner not granted innocent spouse relief when she failed to inquire about or review return prepared by accountant spouse
Copyright 2022, Kaplan, Inc.
Category: general
-- posted at: 7:17pm EST
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Sun, 17 July 2022
This week we look at: - Reconciliation bill talks stall in Congress
- Taxpayer loses on charitable contribution deduction due to failure to give entire interest and lacking proper acknowledgment for donation to donor advised fund
- Taxpayer not allowed to shorten statute for collections based on shortcomings in own OIC filings
- No reasonable cause for failure to report distribution when 1099-R sent to wrong address
Copyright 2022, Kaplan, Inc.
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Sun, 10 July 2022
This week we look at: - Discussions start up again for reconciliation bill.
- IRS extends automatic late portability election relief to five years
- Federal tax lien attached to payments being made to seller’s former spouse for alimony by business buyer
- No reasonable cause for late payment and late filing
Copyright, Kaplan, Inc.
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Mon, 4 July 2022
This week we look at: - Taxpayer Advocate Service begins accepting referrals on 2021 and earlier original & amended returns from Congressional offices
- Car dealer had more than “some” guarantee of right to retain cash deposits
- Fifth Circuit rules that substantial compliance on charitable donations cannot be sufficient for failure to follow the statute, as opposed to regulations
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Sun, 26 June 2022
This week we look at: - Senate Finance Committee takes action on retirement bill
- IRS and National Taxpayer Advocate release information on processing paper tax returns
- Supreme Court to take on case involving computing FBAR penalties
- IRS adds voice bot support for some ACS issues
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Sat, 18 June 2022
This week we look at: -
Foreclosure proceeds could have paid interest on second mortgage, but taxpayer unable to show it was so applied -
Nurse allowed deduction for comfortable and professional clothing -
Innocent spouse relief not available for trust fund penalty liability Copyright 2022, Kaplan, Inc.
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Sun, 12 June 2022
This week we look at: - IRS increases mileage rates effective July 1, 2022
- Taxpayer unsuccessfully asks for relief for failing to file Form 3115
Direct download: 2022-06-13_Car_Mileage_Rate_Increases.mp3
Category: general
-- posted at: 7:22pm EST
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Sun, 5 June 2022
This week we look at: - AICPA letter on Section 174 guidance from the IRS - TCJA changes
- Form 7203 - impact on tax season and dealing with lack of basis records
Copyright 2022, Kaplan, Inc.
Direct download: 2022-06-06_Importance_of_Keeping_Records.mp3
Category: general
-- posted at: 9:07pm EST
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Mon, 30 May 2022
This week we look at: - Taxpayer discovers her documentation for a charitable contributions did not meet the IRC requirements
- IRS rules an enterprise involved in retail drug sales is a qualified trade or business under IRC §1202
Copyright 2022, Kaplan, Inc.
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Mon, 23 May 2022
This week we look at: - Physician’s payments are found not to be deductible alimony under pre-TCJA divorce agreement
- IRS announces option for employer leave-based donation programs related to aid for Ukraine
- IRS extends, likely for the final time. option to remotely sign certain plan documents
Copyright 2022, Kaplan, Inc.
Direct download: 2022-05-22_What_Qualifies_as_Alimony.mp3
Category: general
-- posted at: 7:55am EST
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Sat, 30 April 2022
This week we look at: - Special rules under IRC §104 for military disability and retirement income
- Expenses claimed as management fees treated as distributions to owners
- Proposed regulations to limit use of certain techniques for use of anti-clawback rules
- It’s going to be a longer than expected wait to file K-2/K-3 for S corporations via MeF
Copyright 2022, Kaplan, Inc.
Direct download: 2022-05-02_A_Problem_with_Managemnet_Fees.mp3
Category: general
-- posted at: 7:32pm EST
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Sat, 23 April 2022
This week we look at: - Tax rules for no-additional cost services
- SCOTUS refuses to hear challenge to SALT cap
- IRS finally grants election/accounting method relief for retroactive 2019 changes
- Rules for a real estate professional
- IRS expands on Schedules K-2 and K-3 FAQs on April 11
Copyright 2022, Kaplan, Inc.
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Sun, 3 April 2022
This week we look at: - IRS Suspends Mailing More Notices - This Time Related to Exempt Organizations
- Tax Court Affirms IRS Denial of Interest Abatement
- Securing a Strong Retirement Act Passes House Overwhelmingly
- Above the Line Classroom Teacher’s Deductions Increases to $300 in 2022
Copyright Kaplan, Inc.
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Sun, 20 March 2022
This week we look at: - IRS releases revised depreciation limits for 2022 for autos under IRC §280F
- Lawmakers send yet another letter to the IRS regarding stopping the sending of notices
- Farmer/fisherman estimated tax payment relief formalized in an IRS Notice
Copyright 2022, Kaplan, Inc.
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Sun, 13 March 2022
This week we look at: - Department of Labor warns §401(k) plan administrators regarding offer digital asset investment options
- No deduction allowed to corporation for paying tuition for training program for boyfriend of 100% shareholders’ daughter
- IRS announces program to deal with the backlog of returns and correspondence
Direct download: 2022-03-14_Personal_vs_Business_Expenses.mp3
Category: general
-- posted at: 6:08pm EST
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Sun, 6 March 2022
This week we look at: - IRS looks to increase EA user fees by over 100%
- Justice Department files motion to have staking case dismissed as moot
- IRS to grant relief to certain farmers and fisherman impacted by inability of some tax software to file Form 7203 by March 1
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Sun, 27 February 2022
This week we look at: - Proposed regulations on required minimum distributions
- AICPA and state societies letter on delay for K-2 and K-3 filings
- Data entry error did not provide reasonable cause for tax understatement
Copyright 2022, Kaplan, Inc.
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Sun, 20 February 2022
This week we look at the IRS's newly issued 2021 Schedule K-2 and K-3 filing relief. How much does the option added in Question 15 of the newly released FAQ on K-2 and K-3 issues really help partnerships and S corporations? Who does and doesn't qualify for this relief? And what about 2022 and future years? Copyright 2022, Kaplan, Inc.
Direct download: 2022-02-21_IRS_Releases_K2_and_K3_Relief.mp3
Category: general
-- posted at: 10:23am EST
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Sun, 13 February 2022
This week we look at: - IRS adds more information on research credit claims issues
- LB&I announces new partner basis campaign
- IRS expands list of notices being temporarily suspended
- K-2 and K-3 filing issues being addressed by vendors, IRS defends process
Copyright, Kaplan, Inc.
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Sun, 6 February 2022
This week we look at: - Continuing saga of the K-2 and K-3 filing issues, including an extreme delay in accepting them electronically.
- Consider interim filing method to electronically file these returns
- OPR Director announces that IRS plans to add features to TaxPro site by mid-summer, additional features added for following year.
- OPR Director also notes that Treasury has finished reviewing the revisions to Circular 230
Copyright 2022, Kaplan, Inc.
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Sat, 29 January 2022
- This week we look at: IRS revises instructions for Schedule K-2 and K-3 and points taxpayers to fact more may need to file this than might have thought they would
- IRS stops issuing one (and just one) automated notice, complains about issues blocking doing more
- AICPA issues statement critical of IRS statement on giving relief, wants all Tax Professionals United for Taxpayer Relief Coalition recommendations adopted
Copyright 2022, Kaplan, Inc.
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Sun, 16 January 2022
This week we look at: - Form 1024 joins Form 1023 in becoming online only filings
- Pressure builds on the IRS to pause automated notices in light of inability to handle correspondence on notices already issued
- IRS announces beginning of filing season along with other information for the season
Get updates as they are written up on our website at http://www.currentfederaltaxdevelopments.com Copyright 2022, Kaplan, Inc.
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Sat, 8 January 2022
This week we look at: - IRS publishes detail on changes for amended returns and research credits
- Taxpayers do not have to pay in tax IRS undercomputed when adjusting for unemployment compensation
- Expenses used for PPP loan forgiveness do not reduce AAA for S corporations per IRS instructions
- Information letter addresses when industry accountant becomes a paid preparer
Copyright 2022, Kaplan, Inc.
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Fri, 31 December 2021
This week we look at: - IRS quietly revises Ida relief revision
- Reagan-era regulations on conservation easements found to be invalid by Eleventh Circuit
- IRS objects to attempt to use 7 month old valuation for GRAT
- Taxpayer fails at attempt to use a deposit in collection case
- Deadline arrives for taxpayers who deferred FICA/SECA to make first of two installment payments
Copyright 2022, Kaplan Financial Education
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Sat, 25 December 2021
This week we look at: - IRS/Malta look to shut down promoted tax shelter
- Lenders instructed not to issue Forms 1099C on discharges of student loans
- 469 rental definition does not apply to self-employment income rules
- IRS to issue letters on advance child tax credit and third economic impact payment
- Hurricane Ida relief extended to February 15
Copyright 2021, Kaplan Financial Education
Direct download: 2021-12-27_Day_After_Boxing_Day_Edition.mp3
Category: general
-- posted at: 12:49pm EST
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Sun, 19 December 2021
This week we look at: - BBBA fails to clear Congress before adjourning for the year and Senator Manchin states he is a no vote on this bill
- Mileage rates released by the IRS
- IRS updates automatic changes for small business accounting methods added by TCJA
- IRS publishes, with minimal changes, annual disclosure Revenue Procedure
Copyright 2021, Kaplan, Inc.
Direct download: 2021-12-20_BBBA_Is_Not_Coming_Soon.mp3
Category: general
-- posted at: 5:58pm EST
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Sat, 11 December 2021
This week we look at: - BBBA process continues but no Senate text yet available
- Taxpayer discovers she needs to report K-1 income in year of divorce
- IRS gives guidance for retroactive changes to 4th quarter ERC
- IRS grants relief to certain partnerships filing short year returns related to Schedules K2 & K3
Copyright 2021, Kaplan Financial Education
Direct download: 2021-12-13_Quarter_4_ERC_Guidance.mp3
Category: general
-- posted at: 4:19pm EST
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Sun, 5 December 2021
This week we look at: - Tacit consent given for filing of joint tax return
- “Money number” adjustments related to partnership items give rise to positive imputed adjustment
- Entity type, not exempt vs. taxable status, is the key factor in determining if partner is an eligible partner for BBA opt out
Copyright 2021, Kaplan, Inc.
Direct download: 2021-12-05_BBA_Email_Week.mp3
Category: general
-- posted at: 5:00pm EST
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Fri, 26 November 2021
This week we look at: - IRS modifies 2021 Form 1065 draft instructions to add self-employment income information
- IRS issues preliminary guidance on late repeal of Q4 ERC for most employers
- Training to begin for agents for ERC audits in early 2022
- Rejection of return due to suspected identity theft did not mean return was not filed before statute expired
Copyright 2021, Kaplan Financial Education
Direct download: 2021-11-29_ERC_Developments_Return.mp3
Category: general
-- posted at: 4:34pm EST
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Fri, 26 November 2021
This week we look at: - IRS modifies 2021 Form 1065 draft instructions to add self-employment income information
- IRS issues preliminary guidance on late repeal of Q4 ERC for most employers
- Training to begin for agents for ERC audits in early 2022
- Rejection of return due to suspected identity theft did not mean return was not filed before statute expired
Copyright 2021, Kaplan Financial Education
Direct download: 2021-11-29_ERC_Developments_Return.mp3
Category: general
-- posted at: 4:34pm EST
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Sun, 21 November 2021
This week we look at: - House passes BBBA, but not clear what the Senate will do
- IRS clarifies 2021-2022 treatment of meals and incidentals per diem
- Self-directed IRA implodes on taxpayer due to find that assets were held personally and commingled with other assets
- IRS gives guidance on timing of PPP forgiveness income, as well as very short term BBA partnership amended return relief
Copyright 2021, Kaplan, Inc.
Direct download: 2021-11-22_Self-Directed_IRA_Problems.mp3
Category: general
-- posted at: 2:25pm EST
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Sat, 13 November 2021
This week we look at: - TAS will not intervene in amended return delayed processing cases
- Inflation adjusted amounts released for 2022
- Taxpayer denied in request to make late §475(f)(1) election to mark to market as a trader
Copyright 2021, Kaplan Financial Education
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Sun, 7 November 2021
This week we look at: - IRS announces retirement plan inflation adjusted numbers for 2022
- Congress passes Infrastructure Investment and Jobs Act, sent to President for signature
Copyright 2021, Kaplan, Inc.
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Sun, 7 November 2021
This week we look at: - IRS announces retirement plan inflation adjusted numbers for 2022
- Congress passes Infrastructure Investment and Jobs Act, sent to President for signature
Copyright 2021, Kaplan, Inc.
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Sun, 31 October 2021
This week we look at Copyright 2021, Kaplan, Inc.
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Sun, 24 October 2021
This week we look up: - More talking but no action in DC on pending legislation
- Rehiring retired employees discussed in IRS FAQ
- Appeals panel agrees that claim of right doctrine did not apply to grantor trust stock sale
- IRS issues formal draft of S corporation basis reporting form
Copyright 2021, Kaplan, Inc.
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