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:
IRA 2022 prevailing wage and apprenticeship requirement guidance issued by the IRS
Taxpayers denied partnership loss due to a large number of issues, many of which were enough standing alone to deny the loss entirely
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This week we look at:
Damage award found to not be for physical injuries, entire amount taxable
Partnership language in LLC operating agreement revision terminated S corporation status (creating a C corporation)
Taxpayer failed to wait required 6 months for IRS to act on refund claim before filing suit
An audio only version of this week’s broadcast can be downloaded or streamed below.
Articles for this week’s update can be downloaded below:
IRS news releases this week on:
Qualified charitable distributions
Seventh Annual National Tax Security Awareness Week
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Copies of the slides for this week’s program can be downloaded below:
This week we look at:
Tax Court finds that adding to listed transactions requires IRS to comply with Administrative Procedures Act
Election results and likely tax actions in lame duck session
What about next year with the new Congress?
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This week we look at:
IRS releases Form 1120-S Schedule K-2 and K-3 draft instructions with similar exceptions to Form 1065 version
IRS gives some indication on when §174 guidance will come out
Tax benefits alone not enough to establish taxpayer had a profit motive in solar lens leasing business
IRS grants late rollover relief to victim of fraud
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Articles for this week’s update can be downloaded as a PDF below:
This week we look at:
It’s PTIN renewal time again and the IRS has released a news release announcing the fact
IRS publishes draft 2022 Form 1065 Schedules K-2 and K-3 instructions with revised exceptions to filing Schedules K-2 and K-3
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This week’s article on the K-2/K-3 draft instructions and a draft of those instructions can be downloaded below:
This week we look at:
IRS announces and appears to roll out pilot program to block automated calling systems
2023 inflation adjusted general tax amounts released by the IRS
Retirement/IRA limitations released for 2023
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The articles for this week’s broadcast can be downloaded or streamed below.
This week we look at
AICPA writes the IRS again on issues with PTET taxes
SECURE Act Proposed Regulations RMD rules for inherited accounts in pay status effective date delayed
IRS releases S corporation relief guidance
AICPA Tax Section fact sheet on the employee retention credit
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Articles for this week’s developments can be downloaded below:
This week we look at:
FinCEN releases final regulations that will require beneficial owner reporting for small LLCs and corporations
IRS updates FAQ for state and local fiscal recovery funds used for home purchases
Hurricane Ian relief announced by Treasury, delays most filings to February 15, 2022
A PDF with the articles for this week can be downloaded below:
This week we look at:
IRS issues reminder on penalty relief deadline that makes some modifications
IRS publishes another news release pushing the CCA on improper PPP loan forgiveness
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This week we look at:
IRS memorandum states that PPP loan forgiveness is taxable if taxpayer did not actually qualify for forgiveness granted
AICPA adds to items requested for additional penalty relief under Notice 2022-36
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This week we look at:
Chair and Ranking Member of the Senate Finance Committee send Enhancing American Retirement Now (EARN) Act to the Senate floor
IRS inadvertently makes Form 990-T data on non-§501(c)(3) organizations available for bulk download
Reasonable cause for failure to file/pay does not include common financial challenges
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This week we look at:
AICPA issues proposed revisions to Statements on Standards for Tax Services
AICPA requests additional guidance for filing of Schedules K-2 and K-3
AICPA and NAEA ask for additional time to file 2019 and 2020 tax returns to get penalty relief
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Articles on this week’s updates can be downloaded as a PDF below:
This week we look at:
Trust terms mean estate gets no deduction for marital or charitable contribution for specified payment value
IRS provides for broad penalty relief for certain returns from 2019 to 2020
National Taxpayer Advocate publishes blog post explaining IRS penalty relief
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This week we look at
Inflation Reduction Act of 2022 signed into law on August 16, 2022
Information on electric vehicle for 2022 released by Treasury, IRS and Department of Energy
Outline electric vehicle credit for remainder of 2022 and 2023 changes
IRS releases sample Written Information Security Plan (WISP) for tax professionals
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A copy of the slides for this week’s session can be downloaded below
House and Senate pass the Inflation Adjustment Act of 2022 and we look at some key provisions
Increase in funding at the IRS
Continuation of 2021-2022 Premium Tax Credit Rules
Tax credits on clean energy vehicles
Expansion & extension of residential energy credits
Credit transfer provisions
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Copies of the slides for this week’s law summary can be downloaded below:
This week we look at:
IRA 2022 passes the Senate with revisions, House to take it up this week and may vote on Friday
Inflation adjusted premium tax credit percentages released
IRS revises questions on digital assets on Form 1040 for 2022
$51 million payment was not deductible alimony
IRS finalizes removal of signature requirement on §754 election
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This week we look at:
Proposed Inflation Reduction Act of 2022 - will it pass and what’s in it?
Taxpayer told by court suit is being dismissed, must file 2020 income tax return to obtain economic impact payment not previously sent to taxpayer
IRS Security Summit warns tax pros about significant security threats to taxpayer data in their systems
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Copies of the articles for this week can be downloaded as a PDF below:
This week we look at:
IRS wants preparers to advise clients to opt-in to IP-PIN program.
TAM holds that an activity that is treated as a material participation activity for five straight years under SPA test will be a material participation activity under the 5/10 test in year 6
Breadwinner not granted innocent spouse relief when she failed to inquire about or review return prepared by accountant spouse
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Articles for this week’s developments can be downloaded as a PDF below:
2022-07-25 Current Federal Tax Developments
This week we look at:
Reconciliation bill talks stall in Congress
Taxpayer loses on charitable contribution deduction due to failure to give entire interest and lacking proper acknowledgment for donation to donor advised fund
Taxpayer not allowed to shorten statute for collections based on shortcomings in own OIC filings
No reasonable cause for failure to report distribution when 1099-R sent to wrong address
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A PDF with articles for this week’s update can be downloaded below: