2023-02-13 State Payment Relief for Taxpayers

This week we look at:

• IRS relents to pressure, releases guidance on state payment programs’ taxability (generally it’s good news)

• IRS begins offering direct deposit for Form 1040-X electronic filers - but it will still take a long time to process

• No substantive §174 guidance likely before initial tax deadlines (March & April)

• Form 4868 didn’t qualify as informal claim for refund

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

A copy of the slides with links to source materials can be downloaded below:

2023-02-13 Current Federal Tax Developments

2023-02-06 Reconsidering EV SUVs

This week we look at:

• IRS revises classification of clean vehicles for purposes of determining vehicles subject to $80,000 MSRP limit

• Proposed revenue procedure published to establish new voluntary tip reporting procedure

• Taxpayer’s log of every mile of vehicle use had issues that prevented Tax Court from accepting it for meeting burden under IRC §274(d)

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

A PDF of the slides for this week’s update can be downloaded below;

2023-02-06 Current Federal Tax Developments

2023-01-30 Welcome to IRIS

This week we look at:

• IRS begins accepting 2022 income tax returns

• IRS opens up IRIS portal for electronic filing of information returns

• Corporation forced to get private letter ruling on S election due to failure to obtain all required consents

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

The slides for this week’s session can be downloaded as a PDF below:

2023-01-30 Current Federal Tax Developments

2023-01-23 IRS Says Phones Are Improving

This week we look at:

• IRS provides an extended due date for some in Alabama and Georgia impacted by storms

• IRS announces 10 minute response time on Practitioner Priority Line

• Taxpayer’s §401(k) distribution not excluded from income based on diabetes diagnosis

• IRS releases auto depreciation limits under §280F for 2023

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

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

2023-01-23 Current Federal Tax Developments

2023-01-16 The IRS Memos on Cryptocurrency

This week we look at:

• IRS begins accepting returns on January 23

• California taxpayers get due dates delayed until May 15

• Amended return research credit additional information requirements added to draft Form 6765 instructions

• Employer provided housing not excluded from income under §119

• No loss allowed on not quite worthless not really stablecoin

• Appraisals required for donation of cryptocurrency

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:

2023-01-16 Current Federal Tax Developments

2023-01-09 S Corporation Warts Review

This week we look at issues that arise with S corporations.

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

You can download the write-up of the Twitter thread that drove this week’s program here:

Why Aren’t S Corporations Perfect for All Clients and Situations?

SECURE 2.0 Act of 2022: A Quick Summary

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:

SECURE 2.0 Act of 2022 Summary

2023-01-03 Vehicle Credit Guidance End of Year Extravaganza

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:

2023-01-03 Current Federal Tax Developments

2022-12-27 IRS Delays Expanded Form 1099 K Reporting Requirements

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:

2022-12-27 Current Federal Tax Developments

2022-12-19 IRS Looks at Plan That Claims to Defer Recognition of Legal Fee Income

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:

2022-12-19 Current Federal Tax Developments

2022-12-12 Try Two on K-2 and K-3 Instructions

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:

• 2022-12-12 Current Federal Tax Developments

2022-12-05 So Many Ways to Entirely Lose a Loss Deduction

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:

2022-12-05 Current Federal Tax Developments

2022-11-28 Difficulties Using LLC as Legal Entity for S Corporation

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:

• 2022-11-28 Current Federal Tax Developments

2022-11-21 IRS News Releases

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:

2022-11-20 Current Federal Tax Developments

2022-11-14 Impacts of the Election on Tax

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:

2022-11-14 Current Federal Tax Developments

2022-11-06 S Corporation Schedule K-2 and K-3 Draft Instructions Also Released

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:

2022-11-07 Current Federal Tax Developments

2022-10-31 Partnership Schedule K 2 Draft Instructions Issued

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:

2022-10-31 Current Federal Tax Developments

2022-10-24 Two Sets of Inflation Adjusted Numbers Released by IRS

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.

2022-10-24 Current Federal Tax Developments

2022-10-10 SECURE Required Minimum Distribution Relief

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:

2022-10-10 Current Federal Tax Developments

2022-10-03 Beneficial Owner Reporting Requirement Coming in 2024

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:

2022-10-03 Current Federal Tax Developments