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:
Just having a CPA prepare a taxpayer’s return does mean the taxpayer will get reasonable cause relief for assessments
IRS announces halt to processing of new ERC claims until after 2023, will slow processing of claims currently in progress
An audio only broadcast of this week’s update can be streamed or downloaded below:
A PDF of this week’s slides and links to articles on the developments.
This week we look at:
IRS make last minute change to K-2/K-3 FAQ for 2022 returns
Preliminary guidance for §174 changes made in TCJA that took effect in 2022 issued by the IRS
The audio version of this week’s broadcast can be streamed or downloaded below.
You can download the slides and links to the documents and articles below.
2023-09-11 Current Federal Tax Developments
This week we look at:
HHS sends letter to DEA recommending that marijuana be reclassified as a Schedule III drug
General guidance issued determining tax status of 2023 state payments - and IRS asks for comments prior to giving additional guidance
IRS clarifies limits of 2007 CCA on ESBTs and NOLs
News release on electronic filing of Form 8300
The slides and this week’s article links can be downloaded below:
This week we look at:
Proposed regulations issued for digital asset broker reporting on Form 1099-DA
IRS delays requirement for high income employees to make employer plan catch-up contribution to designated Roth accounts until plan years beginning after December 31, 2025
2024 health care premium tax credit percentages published by the IRS
An audio only version of this week’s broadcast can be streamed or downloaded below:
Links to the articles for this week’s update and the slides can be downloaded below.
This week we look at:
Limited relief likely coming for beneficial ownership reporting
IRS being challenged in an attempt to treat state law limited partners as receiving SE income
Rent your home to your business for 13 days each year plan mainly failed
Advance memo states IRS objection to a marketed trust tax avoidance plan
IRS memo explains credit unions can only claim COVID ERC on 2021 wages
An audio only version of this week’s update can be downloaded or streamed below:
A copy of the slides and links to supporting articles can be downloaded below:
This week we look at:
Deduction for non-qualified deferred compensation not accelerated for the seller when the liability is transferred to the buyer of a business
Tax professionals and taxpayers warned about issues with certain employee stock ownership plan (ESOP) arrangements
Reduction of non-recourse debt amount was added to sales proceeds, not a cancellation of debt so no §108 relief was available
An audio only version of this week’s broadcast can be streamed or downloaded below.
A PDF of the slides and links to articles for each update can be downloaded below:
This week we look at:
IRS rules cryptocurrency staking rewards are taxable when taxpayer obtains dominion and control
Interim guidance issued for home energy audit tax credit under IRC §25C added by IRA 2022
Proposed regulations issued to add monetized installment sales to listed transactions
An audio only version of this week’s broadcast can be streamed or downloaded below:
The slides for this week’s broadcast and links to articles can be downloaded below:
This week we look at:
Oversight Subcommittee of House Ways & Means Committee holds a hearing on ERC issues, discusses potential amnesty program
IRS ending most announced revenue officer visits
Taxpayer finds out that there may very well be a tax consequence when you borrow against your life insurance policy and then let the policy lapse
An audio only version of this week’s broadcast can be streamed or downloaded below:
Copies of slide and links to articles on the topics and certain other items can be downloaded below:
This week we look at:
IRS memo makes it clear the agency is very skeptical about extended supply chain ERC claims
Third Circuit rules that equitable relief is available for failure to file Tax Court petition in 90 day period for a deficiency
IRS asked by Tax Court to justify suspense account method for losses deducted in excess of basis in closed years
Taxpayers had to pay tax on funds taken from IRA/pension funds that were paid to fraudster
An audio only version of this week’s broadcast can be downloaded or streamed below:
A copy of the slides and links to articles for this week’s updates can be downloaded below:
This week we look at:
IRS extends SECURE Act inherited IRA RMD relief for one additional year, adds special rollover rule for those born in 1951 due to SECURE 2.0 Act changes
IRS grants relief to victims of Vermont flooding.
Failure to attach simple election leads to requesting (and paying for) 11 separate private letter rulings
An audio only version of this week’s podcast can be streamed or downloaded below:
Slides and links to this week’s write-ups can be downloaded below:
This week we look at:
S corporation loses on research credit claim and gets hit with penalties - risks of a credit study
Exempt organization status denied for organization formed to raise funds for one person’s medical bills
Discussion of tax research hierarchy in this short week
An audio only version of this week’s broadcast can be downloaded or streamed below:
A copy of the slides and links can be downloaded below:
This week we look at:
Supreme Court takes on §965 transition tax case for upcoming term: what do we do to protect our clients?
The IRS releases draft versions of key 2023 partnership income tax returns
Firefighter’s sexual harassment complaint settlement was not excludable from income
An audio only version of this week’s update can be downloaded or streamed below:
A PDF of this week’s slides and links can be downloaded via the link below:
2023-07-03 Current Federal Tax Developments
This week we look at:
IRS ends COVID-19 relief for high deductible health plans effective for plan years ending after 12/31/24
Taxpayer fails in attempt to get IRS permission to make a late §475(f) mark to market election
Taxpayer who filed Tax Court petition 11 seconds too late due to technology challenges has petition dismissed
Sherlock Holmes on tax research
And audio only version of this week’s update can be streamed or downloaded below:
A copy of the slides can be downloaded below:
This week we look at
OIRA is no longer going to review IRS regulations before issuance
IRS updates list of automatic accounting method changes
Proposed regulations issued on transfers of certain energy credits and DirectPay for certain credits
What can go wrong with an employee retention credit refund claim?
An audio only version of this week’s broadcast can be streamed or downloaded below
The slides and links for this week’s session can be downloaded below:
This week we look at:
3 proposed tax bills introduced by Chair of House Ways & Means Committee
Wellness indemnification payment is taxable income to employee and subject to payroll taxes
IRS grants request to make election to skip claiming bonus depreciation when partnership discovers claiming bonus is bad news at the state level for certain partners
An audio only version of this week’s podcast can be streamed or downloaded below:
This week’s slides and links can be downloaded below:
This week we look at:
Fourth Circuit does not agree with view expressed by Seventh Circuit in Menard, Inc. that C corporation reasonable compensation only depends on a reasonable return to investors
Eleventh Circuit holds that “hobby loss” expenses under §183 are miscellaneous itemized deductions
Elderly attorney had reasonable cause for failure to file payroll tax returns and timely pay payroll tax liabilities
An audio only version of this week’s broadcast can be downloaded or streamed below:
A copy of this week’s slides and links to articles can be downloaded below:
This week we look at:
Tax Court finds they have no authority to review the IRS notice for certification of seriously delinquent tax debt to State Department
IRS publishes warning signs for employers to use to identify ERC scams
Fourth Circuit finds that Section 7502 fully supplants common law mailbox rule for filing documents
An audio only version of this week’s broadcast can be streamed or downloaded below:
The slides and links to articles for this week’s broadcast can be downloaded below:
2023-05-30 Current Federal Tax Developments
This week we look at:
Supreme Court rules in favor of IRS on issue of when notice must be sent when the IRS issues a third-party summons
IRS agent gets distracted by small issues, fails to investigate potentially much larger one and it costs the IRS at Tax Court
IRS announces 2024 HSA and excepted benefit HRA inflation adjusted amounts
An audio only version of this week’s broadcast can be streamed or downloaded below.
This week’s slides and links to articles can be downloaded below:
This week we look at:
IRS email discusses issues that arise with payroll tax refunds when a PEO is involved who itself has unpaid tax liabilities
Letter ruling provides that Forms 1099-C must be filed by a credit union due to writing off certain debts as part of a legal settlement
IRS plans to add more detail to partnership K-1 liability disclosures on 2023 returns
An audio only version of this week’s broadcast can be downloaded or streamed below:
A copy of the slides with links to stories for this week’s update can be downloaded below:
This week we look at:
IRS issues CCA making clear how strict the §125 substantiation rules are
Taxpayer’s lack of documentation forces him to accept preparer’s gross gambling winnings and limits his gambling loss deduction
Tax Courts finds that last second rule for filing a Tax Court petition is not the same as for returns filed via eFile
An audio only broadcast of this week’s broadcast can be streamed or downloaded from the link below:
A PDF of this week’s slides and links to articles can be downloaded below: