2022-01-31 There are K-2s and K-3s in Your Future

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

An audio only version of this week’s update can be streamed or downloaded below:

A PDF file with articles on this week’s updates can be downloaded below:

2022-01-31 Current Federal Tax Developments

2022-01-24 Forms and Instructions Week

This week we look at

• IRS issues updated substantially equal payment guidance

• Final version of basis reporting form for S corporation shareholders issued by IRS

• IRS clarifies how to report expenses used to obtain PPP forgiveness on Schedule M-2

• IRS completes guidance on reporting options for timing of PPP loan forgiveness income recognition

An audio only version of this week’s update can be streamed or downloaded below

A PDF with articles for this week’s updates can be downloaded below:

2022-01-24 Current Federal Tax Developments

2022-01-17 IRS Pressured to Grant Broad Relief for Automated Notice Issues

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

An audio only version of this week’s update can be streamed or downloaded below:

The articles for this week’s updates can be downloaded as a PDF below:

2022-01-17 Current Federal Tax Developments

2022-01-10 Expenses Used for PPP Forgiveness and S Corporations

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

An audio only version of this week’s update can be downloaded or streamed below

Articles for this week’s updates can be downloaded as a PDF below;

• 2022-01-10 Current Federal Tax Developments

2021-01-03 IRS Changes Web Guidance Quietly

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

An audio only stream of this week’s update can be streamed or downloaded below:

This week’s articles on the update items in a PDF can be downloaded below:

2022-01-03 Current Federal Tax Developments

2021-12-27 Day After Boxing Day Edition

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

An audio only verson of this week’s broadcast can be streamed for downloaded below:

A PDF with the articles for this week’s update can be dowloaded below:

2021-12-27 Current Federal Tax Developments

2021-12-20 BBBA Is Not Coming Soon

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

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This week’s developments are linked to below:

Mileage Rates for 2022 Released by IRS

Revenue Procedure 2022-9 - Changes to Automatic Accounting Method Change Relief

Revenue Procedure 2021-52 - Update for accuracy-related penalty disclosure guidance

2021-12-13 Quarter 4 ERC Guidance

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

An audio only version of this week’s broadcast can be streamed or downloaded below.

Articles for this week’s updates can be downloaded in the PDF below:

2021-12-13 Quarter 4 ERC Guidance

2021-12-06 BBA Email Week

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

An audio only version of this week’s broadcast can be downloaded or streamed below.

You can download a file with articles for this week’s developments can be downloaded below.

2021-12-06 Current Federal Tax Developments

2021-11-29 ERC Developments Return

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

An audio only version of this week’s broadcast can be streamed or downloaded below:

The articles for this week’s updates can be downloaded in the PDF below:

2021-11-29 Current Federal Tax Developments

2021-11-22 Self-Directed IRA Problems

This week we look at:

• House passes BBBA, but Senate prospects unclear

• 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

An audio only version of the broadcast can be streamed or downloaded below

Articles for this week’s update can be downloaded as a PDF below:

2021-11-22 Current Federal Tax Developments

2021-11-15 Inflation Adjusted Tax Numbers Released

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

An audio only version of this week’s broadcast can be downloaded below:

The articles for this week’s sessions can be downloaded below:

2021-11-15 Current Federal Tax Developments

2021-11-08 Tax Provisions in the Infrastructure Investment and Jobs Act

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

An audio-only version of the broadcast can be downloaded at:

The articles for this week’s program can be downloaded below:

2021-11-08 Current Federal Tax Developments

2021-11-01 Build Back Better Act Draft - Tax Provisions

This week we look at

• The Build Back Better Act draft’s tax provisions (some)

• What’s not in the bill

• Individual provisions

• Corporate provisions

An audio only version of this week’s update can be downloaded or streamed below:

Below is a copy of the slides and the Rules Committee draft of the bill:

2021-11-01 Current Federal Tax Developments Slides

Draft of Build Back Better Act - House Rules Committee October 28, 2021

2021-10-25 S Corporation Basis Reporting on Form 1040

This week we look at:

• 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

You can stream or download this week’s broadcast below:

A PDF with this week’s articles can be downloaded below:

• 2021-10-25 Current Federal Tax Developments

2021-10-18 Can Taxpayers Rely on IRS FAQs?

This week we look at:

• Two weeks later, Congress is still working on the infrastructure and reconciliation bills

• IRS outlines information requirements for §41 refund claims

• Taxpayer is not getting impermissible double benefit for paying alimony with pre-tax funds

• COBRA extension dates clarified by IRS

• IRS publishes documents regarding reliance on FAQs

An audio only version of this week’s broadcast can be streamed or downloaded below.

Articles for this week’s update can be downloaded below:

2021-10-18 Current Federal Tax Developments

2021-10-04 Hobby Loss Deduction Problem

This week we look at:

• Congress is still working on the infrastructure and reconciliation bills

• We get the Tax Court on record for the proper treatment of hobby loss deductions-that is, where they are reported

• IRS to begin charging a fee on October 28 to issue closing letters to estates

An audio version of this week’s update can be streamed or downloaded below:

The articles for this week’s update can be downloaded at:

2021-10-04 Current Federal Tax Developments

2021-09-27 Issues with Buy Sell Arrangement

This week we look at:

• Taxpayer has issues with auto expenses, retirement plan contributions and demolition expenses in Tax Court

• Buy-sell agreement that wasn’t followed and was a found as a way to transfer business to brother as a way to escape transfer tax not followed by District Court

An audio-only version of this week’s broadcast can be streamed or downloaded below

This week’s articles for the updates can be downloaded as a PDF below:

2021-09-27 Current Federal Tax Developments

2021-09-20 Reasonable Cause to Avoid Substantial Understatement Penalty

This week we look at:

• Ways and Means Committee finishes markup of proposed new tax bill.

• Language of legal settlement made all of the settlement amount taxable to taxpayer regardless of the fact that payor likely had other reasons to settle

• Taxpayer had reasonable basis to rely upon prior case settlement even though Court found opposite results this time

An audio version of this week’s update can be streamed or downloaded below

PDF of articles for this week’s update:

2021-09-20 Current Federal Tax Developments

2021-09-13 Is an Amended Return Required?

This week we look at:

• High low per diem and related guidance for FY 2021/2022 released

• Rules for reporting COVID-19 credit related leave on Forms W-2 for 2021

• Is the client required to amend a return? And, if so, when?

An audio only version can be streamed or downloaded today:

Articles for this week’s program can be downloaded below:

2021-09-13 Current Federal Tax Developments