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.
Congress passed the SECURE 2.0 Act of 2022 that was signed into law on December 29, 2022. This program gives a brief overview of the provisions of this Act that will help tax professionals advise their clients about the impacts and opportunities found in this law.
A summary of the SECURE 2.0 Act of 2022 can be downloaded below:
This week we look at:
IRS to issue regulations for definitions for new clean vehicle credit
List published on IRS website to assist in determining if a vehicle could qualify for new clean vehicle credit
Incremental cost safe harbors for §45W commercial clean vehicle credit issued by IRS
2023 mileage rates release
Final 2022 Schedule K-2 and K-3 Form 1065 instructions released
An audio only version of this week’s program can be downloaded or streamed below
A PDF with articles for this week’s updates can be dowloaded below:
This week we look at:
Congress passes spending bill which included SECURE 2.0 Act of 2022
Final Schedules K-2 and K-3 instructions issued for Form 1120S
IRS delays digital asset reporting until regulations are issued
Expanded Form 1099-K reporting delayed for one year by the IRS
An audio only version of this week’s update can be streamed or downloaded via the links below:
Articles on this week’s update can be downloaded as a PDF below:
This week we look at:
IRS memorandum looks at marketed program to defer recognition of legal fees
Automatic change of accounting method procedure released by the IRS
IRS publishes news release on upcoming FICA/SE tax 2020 deferral payment due date
An audio only version of this week’s broadcast can be downloaded or streamed below:
A PDF with this week’s update articles can be downloaded below:
This week we look at:
IRS releases second draft of instructions for preparing 2022 Schedules K-2 and K-3 for partnerships and S corporations
IRS begins issuing proposed regulations to deal with court losses on method used to add listed transactions not following the Administrative Procedures Act
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:
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
An audio version of this week’s broadcast can be downloaded or streamed below
A PDF with articles for this week’s developments can be downloaded below:
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
An audio only version of this week’s broadcast can be downloaded or streamed below:
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?
An audio only version of this week’s broadcast can be streamed or downloaded at:
This week’s slides can be downloaded below:
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
An audio only version of this week’s session can be streamed or downloaded below
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
An audio only version of this week’s broadcast can be streamed or downloaded below:
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
An audio only version of this week’s broadcast can be streamed or downloaded below:
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
An audio only version of this week’s broadcast can be streamed for downloaded below:
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
An audio only version of this week’s broadcast can be downloaded or streamed below
A PDF with documents related to this week’s developments can be downloaded or streamed below:
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
An audio only version of this week’s broadcast can be streamed or downloaded below:
Articles for this week’s broadcast can be downloaded as a PDF below:
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
An audio only version of this week’s broadcast can be downloaded or streamed at:
The articles for this week’s update are available at:
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
An audio only version of this week’s broadcast can be streamed or downloaded below.
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
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 a PDF below:
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
An audio only version of this program can be streamed or downloaded below:
A copy of the slides for this week’s session can be downloaded below