Keeping CPAs Up to Date on Tax Matters
A site devoted to articles on current developments in federal taxes geared toward CPAs in tax practice.
This week we look at:
A §280E case with potential impact outside of the cannabis industry
Legal malpractice settlement could not be treated as excludable physical injury award
IRS admits to an issue with 260,000 notices
Calls come to extend the April 15 deadline again this year
An audio only version of this week’s program can be streamed or downloaded below:
Articles for this week’s update can be downloaded below:
This week we look at:
Taxpayer finds no relief from FBAR penalties
Tax Court outlines when it will allow a taxpayer to argue substance over form
IRS warns about a phishing scam aimed at tax professionals
An audio only version of this week’s broadcast can be streamed or downloaded below:
This week’s articles can be downloaded below:
2021-02-15 Current Federal Tax Developments
This week we look at:
Form 1040 final instructions add to virtual currency confusion
Teachers COVID-19 supply safe harbor released
No relief for employee with unused FSA dependent care funds
Form 1099 relief for CARES items not treated as taxable
An audio only version of this week’s broadcast can be streamed or downloaded below:
A PDF with this week’s articles can be downloaded below:
This week we look at
IRS recommendations to those victimized by unemployment ID theft
Revised Form 7200 gives information on advance ERC payment Interim
IRS online system to submit Forms 2848 and 8821
AICPA letter on ERC and PPP forgiveness applications
The articles for this week’s session can be downloaded below:
This week we look at:
Penalty relief related to partners’ tax basis capital
IRS provides limited option for ERC claims on 4th quarter 941
Revised PPP First Draw Maximum Loan Calculation
PPP Borrowers Who Received Too Much Have to Pay Excess Back
Second disbursement for PPP First Draw Loan procedures
Gross Receipts Calculation for Second Draw Loans
PPP Revised Forgiveness Forms Released
An audio only version of this week’s presentation can be streamed or downloaded below:
Articles for this week’s update can be downloaded as a PDF below:
This week we look at:
Amounts advanced by partner were a debt leading to income for other partners
Auto valuation COVID-19 relief for employers
Final qualified plan loan offset rules
Opening of electronic filing pushed back to February 12
IP-PIN program now open nationwide
An audio only version of this week’s update can be streamed or downloaded below
A PDF with articles for this week’s update can be downloaded below:
This week we look at IFRs issued for the new PPP Loan programs:
Interim Final Rule - Revised First Draw PPP Loan
Interim Final Rule - Second Draw PPP Loan Program
An outline of the PPP loan program with key parts of these IFRs can be downloaded in the PDF below:
This week we look at:
Final small business accounting method regulations issued
User fee for estate tax closing letter proposed
3rd Circuit overrides Tax Court on notice of address change to IRS
Due dates for claims for refund for 2020 returns
FinCEN plans to add crypto-currency accounts to FBAR
An audio only version of this week’s broadcast can be streamed or downloaded below:
A PDF of articles for this week’s developments can be downloaded below:
This week we look at the 3 employee retention credits in the bill that may never become law - the Consolidated Appropriations Act, 2021:
Taxpayer Certainty and Disaster Relief Act of 2020 versions
Applicable to 2020 retroactively found at §206
Applicable to 2021 only found at §207
Taxpayer Certainty and Disaster Relief Act of 2020 ERC - for non-COVID 2020 disasters
An audio only version of this week’s broadcast can be downloaded at:
A summary of the entire bill (which may never become law) can be downloaded below:
This week we look at the proposed revisions to the PPP loan program:
Proposed COVID-19 Relief Bill
Reopen and revise PPP loans
Create second draw need based PPP loan program
Fix the deduction issue
Simplified forgiveness applications (2)
An audio only version of this week’s broadcast can be streamed or downloaded below:
Download a document describing the proposal introduced during the week at:
This week we look at:
IRS issues Q&As on CARES Act §§102 and 103
Tax organizations respond to IRS Commissioner on no penalty relief
SBA issues guidance on tax reporting for CARES Act §1112 payments
SBA adds Q&A on Forms 3509 and 3510
An audio only version of this week’s broadcast can be streamed or downloaded below.
A PDF with articles on this week’s update can be dowloaded below.
This week we look at:
MFA to be available for all online tax products
Commuter highway vehicles and COVID-19
Opt-in IP PIN program going nationwide
Taxpayer willfully failed to report Swiss bank account
An audio only version of this week’s broadcast can be streamed or downloaded below:
Articles on this week’s developments can be downloaded as a PDF below:
This week we look at:
A taxpayer is denied permission to file a late mark to market election as a trader
Final regulations are issued related to the TCJA unrelated business income changes
Like kind exchange regulations finalized by the IRS
The articles for this week’s podcast can be downloaded as a PDF below:
This week we look at:
IRS rules taxpayers cannot deductions expenses that qualify for PPP loan forgiveness if reasonably expect forgiveness
Revenue Procedure issued for taxpayer who don't get the entire expected forgiveness in the end
IRS adds request for additional information on Schedules K-1 for Form 1120-S for 2020
IRS Commissioner indicates there will not any sort of broad relief for late filing and late payment of taxes
No relief for late filing when CPA firm submitted efile return a few seconds late
IRS updates ERC FAQ to deal with acquisition of employers who had taken out PPP loans
An audio only version of this week’s broadcast can be streamed or downloaded below:
The articles for this week’s update can downloaded in this PDF:
This week we look at:
AICPA reports that the IRS is about to release what many will find is unwelcome guidance on expenses expected to be used for forgiveness under PPP loan program
IRS gives up on state entity level taxes on passthrough businesses as a workaround to the TCJA limit on the deduction of state and local taxes
Taxpayer attempts to argue his LLC was acting as an agent for his IRA custodian, but fails to convince the Tax Court
An audio only version of this week’s broadcast can be downloaded below:
Articles on this week’s developments can be downloaded below:
This week we look at:
The IRS releases revised tables to compute required minimum distributions from retirement plan accounts - but not until 2022
Taxpayer denied relief from late filing penalties even though he believed his CPA had filed an extension on his behalf
IRS publishes news release indicating relief for certain collection related actions due to COVID-19
An audio only version of this week’s broadcast can be streamed or downloaded below:
Articles on this week’s developments can downloaded in the PDF below:
2020-11-09 Current Federal Tax Developments
This week we look at
IRS gives guidance to Congressional office on treatment of taxes paid on real estate cooperative
Guidance issued for W-2s to be issued for employers who deferred employee FICA at the end of 2020
SBA announces that a questionnaire will be sent to large PPP loan borrowers regarding need for the loan
An audio only version of this week’s broadcast can be downloaded or streamed below:
A copy of articles on this week’s developments can be downloaded below:
This week we look at:
Fees to enter a daily fantasy sports contest is a wager in the view of the IRS
Taxpayers must follow all of the criteria listed in Revenue Procedure to take advantage of the ruling
IRS adds retrieving funds from state unclaimed property fund to list of items for self-certification for late retirement plan rollover
Withholding is required if an employer sponsored retirement plan transfers funds to state unclaimed property fund
Draft instructions for 2020 partnerships released outlining requirement to report K-1 capital accounts on tax basis
CPA denied in attempt to reduce potential liability by claiming failure of another tax adviser in representing client to reduce penalty
Short term extension granted to October 31 to file FBAR reports
An audio only version of this week’s broadcast can be streamed or downloaded below:
A PDF with the articles for this week’s updates can be downloaded below:
This week we look at:
PPP forgiveness application deadline is not October 31
Fax line to send in Forms 1045 and 1139 will shut down at the end of 2020
Draft instructions to Form 8895 indicate that IRS not longer seeing charitable deductions as reducing QBI
Taxpayer could not claim accrued expenses to restore manufacturing line until following year
IRS FAQ on EIP for incarcerated individuals is subject to court review
An audio only version of this week’s broadcast can be downloaded or streamed below:
A PDF of this week’s articles can be downloaded below:
This week we look at:
SBA's simplified Form 3508S for PPP forgiveness and the regulations authorizing its use for loans of $50,000 or less
Lenders told what to do when borrowers supply more expense documentation than necessary for full PPP loan forgiveness
Pre-PPPFA loan documents do not need to be modified to obtain PPPFA longer deferral period
QR codes will be added to CP14 and CP14 IA notices beginning later this month
SIFL rates for last half of 2020 published
Taxpayer finds no relief available for payroll taxes paid years earlier on nonqualified deferred compensation that will not paid due to subsequent bankruptcy of the employer
An audio only version of the broadcast can be streamed or downloaded below:
A PDF of this week’s articles on the updates can be downloaded below: