2022-05-08 S Corporation Dies Two Years After Shareholder Does

This week we look at:

• First inflation adjusted numbers for 2023: Health Savings Accounts

• Failure to properly execute estate plan by trustees force S corporation to get PLR to retain status

• CCISO’s recommendation on grant of innocent spouse relief not binding on Chief Counsel’s office in Tax Court deficiency proceeding

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

2022-05-09 Current Federal Tax Developments

2022-05-02 A Problem with Management Fees

This week we look at:

• Special rules under IRC §104 for military disability and retirement income

• Expenses claimed as management fees treated as distributions to owners

• Proposed regulations to limit use of certain techniques for use of anti-clawback rules

• It’s going to be a longer than expected wait to file K-2/K-3 for S corporations via MeF

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The articles for this week’s session can be downloaded from the link below:

2022-05-02 Current Federal Tax Developments

2022-04-25 Taxing Times for Retired Airline Pilot

This week we look at:

• Tax rules for no-additional cost services

• SCOTUS refuses to hear challenge to SALT cap

• IRS finally grants election/accounting method relief for retroactive 2019 changes

• Rules for a real estate professional

• IRS expands on Schedules K-2 and K-3 FAQs on April 11

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

2022-04-25 Current Federal Tax Developments

2022-04-04 SECURE Act Second Version Passes House

This week we look at:

• IRS Suspends Mailing More Notices - This Time Related to Exempt Organizations

• Tax Court Affirms IRS Denial of Interest Abatement

• Securing a Strong Retirement Act Passes House Overwhelmingly

• Above the Line Classroom Teacher’s Deductions Increases to $300 in 2022

The citations for this week’s developments are contained in the document below:

2022-04-04 Current Federal Tax Developments

2022-03-28 Crowdfunding Tax Fact Sheet

This week we look at:

• IRS releases SIFL rates for first half of 2022

• IRS discussion of taxation of crowdfunding in light of new Form 1099-K rules

• Ninth Circuit affirms that legal settlement is taxable

• No de minimis relief for issue with erroneous information returns

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The slides and citations for this week can be downloaded below:

• Slides

• Citations

2022-03-21 Limits for Vehicle Depreciation for 2022

This week we look at:

• IRS releases revised depreciation limits for 2022 for autos under IRC §280F

• Lawmakers send yet another letter to the IRS regarding stopping the sending of notices

• Farmer/fisherman estimated tax payment relief formalized in an IRS Notice

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

• 2022-03-21 Current Federal Tax Developments

2022-03-14 Personal vs Business Expenses

This week we look at:

• Department of Labor warns §401(k) plan administrators regarding offer digital asset investment options

• No deduction allowed to corporation for paying tuition for training program for boyfriend of 100% shareholders’ daughter

• IRS announces program to deal with the backlog of returns and correspondence

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

2022-03-14 Current Federal Tax Developments

2022-03-07 Farmer and Fisherman Tax Software Relief

This week we look at:

• IRS looks to increase EA user fees by over 100%

• Justice Department files motion to have staking case dismissed as moot

• IRS to grant relief to certain farmers and fisherman impacted by inability of some tax software to file Form 7203 by March 1

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

2022-03-06 Current Federal Tax Developments

2022-02-28 At Least One Couple Were Not Tax People

This week we look at:

• Proposed regulations on required minimum distributions

• AICPA and state societies letter on delay for K-2 and K-3 filings

• Data entry error did not provide reasonable cause for tax understatement

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This week’s articles can be dowloaded as a PDF below:

2022-02-28 Current Federal Tax Developments

2022-02-21 IRS Issues Additional K-2 and K-3 Filing Relief - How Much Does It Help?

This week we look at the IRS's newly issued 2021 Schedule K-2 and K-3 filing relief. How much does the option added in Question 15 of the newly released FAQ on K-2 and K-3 issues really help partnerships and S corporations? Who does and doesn't qualify for this relief? And what about 2022 and future years?

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A copy of the slides are available this week for information on this week’s developments:

2021-02-21 Current Federal Tax Developments Slides

2022-02-14 IRS Suspends Issuing More Notice Types

This week we look at:

• IRS adds more information on research credit claims issues

• LB&I announces new partner basis campaign

• IRS expands list of notices being temporarily suspended

• K-2 and K-3 filing issues being addressed by vendors, IRS defends process

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

2022-02-14 Current Federal Tax Developments

2022-02-07 TaxPros Account Improvements Coming

This week we look at:

• Continuing saga of the K-2 and K-3 filing issues, including an extreme delay in accepting them electronically.

• Consider interim filing method to electronically file these returns

• OPR Director announces that IRS plans to add features to TaxPro site by mid-summer, additional features added for following year.

• OPR Director also notes that Treasury has finished reviewing the revisions to Circular 230

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

2022-02-07 Current Federal Tax Developments

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

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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