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.

2021-06-01 Is It Already Too Late To Sell to Get Long Term Capital Gain Rates

May 31, 2021 by Ed Zollars, CPA

This week we look at:

Green Book issued to explain administration’s revenue proposals
Whether or not a 1099 must be issued, income still must be reported
IRS gives more information about unemployment exclusion and community property states
TAM looks at lack of “fact of the liability” for all events test dispute

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

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

2021-06-01 Current Federal Tax Developments

2021-05-24 ARPA COBRA Premium Assistance Questions and Answers

May 24, 2021 by Ed Zollars, CPA

This week we look at:

IRS will begin sending out advance child tax credit payments on July 15
IRS announces simplified method to file a return for those not required to file to qualify for advance payments
IRS provides Q&A on COBRA premium assistance payments

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

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

2021-05-24 Current Federal Tax Developments

2021-05-17 Direct Submission to CAF Coming

May 17, 2021 by Ed Zollars, CPA

This week we look at:

IRS begins revising returns that reported taxable unemployment and excess APTC
HSA and HDHP numbers for 2022 released
Census will not change the boundaries of qualified opportunity zones
IRS looking to automate submission of power of attorney forms

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

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

2021-05-17 Current Federal Tax Developments

2021-05-10 Summons and Cryptocurrency Exchanges

May 09, 2021 by Ed Zollars, CPA

This week we look at:

IRS looks at issues for use of an aircraft by a sole proprietor
Dividends from controlled C corporation are still part of net investment income under IRC §1411
IRS allowed to serve John Doe summons on Kraken exchange for information on customers

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

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

2021-05-10 Current Federal Tax Developments

2021-05-03 Community Property Unemployment Exclusion Windfall

May 02, 2021 by Ed Zollars, CPA

This week we talk about:

IRS confirms how community property states, MFS, and 2020 unemployment exclusions work
Tax Court rules rent paid was unreasonably high, convert portion to dividend
White House releases a fact sheet on proposed tax law changes

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

A PDF with the articles for this week’s updates are provided below:

2021-05-03 Current Federal Tax Developments

2021-04-26 IRS Extends Deviation for Electronic Signatures

April 25, 2021 by Ed Zollars, CPA

This week we look at:

A quick discussion of what know (little) and don't know (a lot) about not yet proposed changes to capital gain rates
IRS provides safe harbor for returns filed on or before December 27 for PPP expenses
IRS issues fact sheet to promote paid leave/family leave payroll tax credit subsidy for vaccine issues
Deviation allowing for electronic signatures for some forms extended again
IRS admits to delays in MeF payment processing near April 15

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

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

2021-04-26 Current Federal Tax Developments

2021-04-19 Why the Federal Tax Alimony Test Still Matters

April 17, 2021 by Ed Zollars, CPA

This week we look at:

Cover letter from state judge was part of the divorce documents
PLR discusses medical expense definition
IRS announces gift tax return due date remained April 15
Only overpayments existing at April 15 can be applied to quarter one 2021 estimate payment

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:

2021-04-19 Current Federal Tax Developments

2021-04-12 Overpaying on May Extensions

April 11, 2021 by Ed Zollars, CPA

This week we look at:

IRS gives guidance on ARPA and the advance premium tax credit for 2020
CCA issued to give details on apply tax provisions to hard forks of virtual currency
IRS disagrees with court decision on treatment of defined benefit pension benefit for insolvency
A restaurant is defined for 100% deduction
The saga of 2020 Form 1040 overpayments, extensions and first quarter estimates

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

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

2021-04-12 Current Federal Tax Developments

2021-04-05 Entering Tax Section 51 - Odd Things Happen Here

April 04, 2021 by Ed Zollars, CPA

This week we look at:

IRS gives details on automatic refunds on unemployment exclusion
Formal notice of extension of time to file 2020 Forms 1040 issued
IRS updates ERC guidance for the version for first six months of 2021
A look at the mess that is the issue of whether controlling shareholder wages can qualify for ERC

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

2021-04-05 Current Federal Tax Developments

2021-03-29 IRS Quietly Revises Unemployment Worksheet

March 27, 2021 by Ed Zollars, CPA

This week we look at:

IRS makes a major change in computation of excludable ARPA unemployment
PPP loan program applications extended for two months - but funds only likely to last until mid-April without replenishment
PPE is defined by the IRS to represent medical care for purposes of deducting the expenses

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

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

2021-03-29 Current Federal Tax Developments

2021-03-21 Tax Season for 1040s Only Goes On One More Month

March 21, 2021 by Ed Zollars, CPA

This week we look at:

IRS releases instructions on reporting ARPA unemployment exclusion
AICPA recommends IRS issue clarification on PPP forgiveness/passthrough issues
IRS pushes back the filing date for Forms 1040 only - everything else still due on April 15, including Q1 2021 estimates

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

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

2021-03-22 Current Federal Tax Developments

2021-03-15 American Rescue Plan Act of 2021

March 14, 2021 by Ed Zollars, CPA

A look at the American Rescue Plan Act of 2021

Unemployment exclusion for 2020
Recovery Rebate for 2021
Prepaid Child Tax Credit for 2021
Earned Income Tax Credit Changes
Refundable Dependent Care Assistance
Sick/Family Leave Credits
2021 Employee Retention Credit
Premium Tax Credit Revisions

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

A copy of the slides summarizing the law presented in this week’s presentation can be downloaded below.

2020-03-15 Current Federal Tax Developments

2021-03-08 Employee Retention Credit and PPP Forgiveness

March 07, 2021 by Ed Zollars, CPA

This week we look at:

SBA gets PPP loan program change guidance published
Senate revises proposed COVID-19 relief bill, adds partial exclusion for unemployment compensation
IRS continues to “clarify” the virtual currency question on Form 1040
Guidance issued on interaction of PPP forgiveness and 2020 employee retention credit

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

Articles on some of this week’s topics can be found in the PDF you can download below:

2021-03-08 Current Federal Tax Developments

2021-03-01 Will We See a New Tax Bill

February 27, 2021 by Ed Zollars, CPA

This week we look at:

Late revisions to PPP loan program
House passes new COVID-19 relief bill, moves on to Senate
Taxpayer gets out of tax on $300,000 of credit card rewards
Texas taxpayers get extension to June 15

An audio only version of the broadcast can be downloaded below:

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

2021-03-01 Current Federal Tax Developments

2021-02-22 Should April 15 Be Pushed Back Again

February 20, 2021 by Ed Zollars, CPA

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: