Federal Tax Update Podcast

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

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

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

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

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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