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 weeks we look at:
IRS makes permanent its limited e-signature program initiated last year
Unambiguous plain text in the IRC vs. Congressional intent: how that impacts tax research and professional responsibilities
An audio only version of this week’s podcast can be downloaded or streamed below:
The articles on this week’s update can be downloaded as a PDF below:
This week we look at
Looking for a trade or business is not itself a trade or business.
IRS describes a harsh result for taxpayers that make a late deposit of deferred CARES Act FICA
An audio version of this week’s broadcast can be downloaded or streamed below
Articles for this week’s updates can be downloaded below:
This week we look at:
A look at §1244 stock - an issue not often seen and on which a taxpayer lost this week
Comprehensive look at the design of SALT entity level workarounds that more and more states are enacting-what are they, why do we see them passing with bipartisan support and what issues do they create?
An audio only version of this week’s presentation is at:
This week we have a single development at:
Taxpayer Fails to Prove Stock Qualified for §1244 Loss Treatment
Slides for this week’s session are at:
This week we look at:
Safe harbor guidance for PPP forgiveness and certain grants for reduction in revenue test for ERC
Auto depreciation limits announced for 2021
Taxpayers barred from producing evidence letter with no postmark applied was placed in mail by due date by US Court of Claims, even though the Tax Court allows such evidence
Articles on this week’s update can be downloaded as a PDF at:
This week we look at:
This week we look at: IRS issues ERC guidance for 3rd/4th quarter and adds to other guidance - confirms issue for majority shareholders IRS memorandum pushes
IRS position regarding conservation easement extinguishment clauses
Best-selling author loses her appeal of Tax Court decision regarding her attempt to split off most of her publishing contract income from self-employment tax
An audio only version of this week’s broadcast can be downloaded below:
A PDF with articles on this week’s update can be downloaded below:
This week we look at:
What we know about tax matters in the bipartisan infrastructure bill
SBA announces direct forgiveness application platform, more PPP changes
Taxpayer allowed a deduction for expenses related to MBA program
Paid leave credit expanded to cover more vaccine related issues
BBA CPAR email notes issues with imputed adjustment calculation
Second Circuit overturns foreign trust penalty decision in favor of IRS
An audio only version of this week’s broadcast can be streamed or downloaded below:
Articles on this week’s developments are available for download in the PDF below:
This week we look at:
Taxpayer fails in attempt to use Cohan rule to obtain deductions
IRS proposes Form 7203 to use by shareholders to report basis in S corporation
IRS can consider potential recovery against executor as part of offer in compromise
IRS opens up site for full electronic submission and signing of Forms 2848 and 8821
An audio only version of this week’s broadcast can be streamed or downloaded below
Articles and copies of the slides for this week’s update can be downloaded below:
This week we look at:
AICPA reports lenders told to stop pre-forgiveness necessity inquiries
Digitally signed amended return rejected as not properly filed
No reasonable cause for late filing when taxpayer depended on attorney who simply took tax money
IRS position not substantially justified for basis challenge and overall accounting method
An audio only version of this week’s broadcast can be downloaded or streamed below
Articles for this week’s developments can be downloaded as a PDF below:
This week we look at:
TAS declines to accept stand-along advance child tax credit cases
IRS agent’s tax home remained at his assigned office
FSA participants required to document qualification of expenses paid with debit card
IRS explanation of why Forms 1099R don’t identify QCDs
IRS discusses legal expense deductions
An audio only version of this week’s broadcast can be streamed or downloaded below:
Articles for this week’s developments can be downloaded in the PDF below.
This week we look at:
IRS extends special treatment of employee leave donation for COVID-19 relief
Guidance published on making farm NOL elections
Penalty relief for issues with 2021 Forms K-2 and K-3
Supreme Court turns down hearing dispute over taxing out of state employees
An audio only version of this week’s broadcast can be streamed or downloaded below
Articles describing this week’s developments can be downloaded below:
This week we look at:
SBA reported to be withdrawing PPP loan questionnaires
Court finds not clear if taxpayer qualifies for home gain exclusion due to unforeseen circumstances
IRS extends special remote witnessing of signing plan documents through June 30, 2022, may make it permanent
CPA’s conviction for assisting in the filing of false returns upheld - rejected “I just used what the client gave me” defense
An audio only version of this week’s update can be streamed or downloaded below.
Articles on these updates can be downloaded as a PDF below:
This week we look at:
Supreme Court finds no status for challenging ACA due to TCJA changes
IRS backlog was huge at May 1 which causes two pieces of guidance to be issued:
Do not file Form 990-EZ on paper (unless you want problems)
Offer in compromise program changes put in place due to backlog
An audio only version of the broadcast can be streamed or downloaded below:
Articles on this week’s developments can be downloaded below as a PDF:
This week we look at:
IRS publishes Q & A on 2021’s enhanced child and dependent care credit on website
Malpractice settlement related to taxpayer’s divorce was taxable to her - and situation made worse to going to Tax Court
IRS discusses interaction of depreciation related §481(a) adjustments and computation of ATI through 2021
An audio only version of this week’s broadcast can be streamed or downloaded below:
Articles for this week’s update can be downloaded as as PDF below:
This week we look at:
Senate Parliamentarian’s second opinion on reconciliation limits practical use of revision of reconciliation instructions
Long-time tax CPA who admits not reading Schedule B instructions hit with willful failure to file FBAR penalties
MoneyGram is not a bank, meaning losses from 2008 financial crisis secured debts were capital losses
An audio-only version of this week’s program is available to stream or download below:
A PDF of the articles for this week’s update can be downloaded below:
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:
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:
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:
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:
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:
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: