This week we look at: Two weeks later, Congress is still working on the infrastructure and reconciliation bills IRS outlines information requirements for §41 refund claims Taxpayer is not getting impermissible double benefit for paying alimony with pre-tax funds COBRA extension dates clarified by IRS IRS publishes documents regarding reliance on FAQs Copyright 2021, Kaplan, Inc.

Federal Tax Update Podcast

2021-10-18 Can You Rely on IRS FAQs?

This week we look at: Congress is still working on the infrastructure and reconciliation bills We get the Tax Court on record for the proper treatment of hobby loss deductions-that is, where they are reported IRS to begin charging a fee on October 28 to issue closing letters to estates Copyright 2021, Kaplan, Inc.

2021-10-04 Hobby Loss Deduction Problem

This week we look at: Taxpayer has issues with auto expenses, retirement plan contributions and demolition expenses in Tax Court Buy-sell agreement that wasn’t followed and was a found as a way to transfer business to brother as a way to escape transfer tax not followed by District Court Copyright 2021, Kaplan Financial Education

2021-09-27 Issues with Buy Sell Agreement

This week we look at: Ways and Means Committee finishes markup of proposed new tax bill. Language of legal settlement made all of the settlement amount taxable to taxpayer regardless of the fact that payor likely had other reasons to settle Taxpayer had reasonable basis to rely upon prior case settlement even though Court found opposite results this time Copyright 2021, Kaplan, Inc.

2021-09-20 Reasonable Cause to Avoid Negligence Penalty

This week we look at: High low per diem and related guidance for FY 2021/2022 released Rules for reporting COVID-19 credit related leave on Forms W-2 for 2021 Is the client required to amend a return? And, if so, when? Copyright 2021, Kaplan, Inc.

2021-09-13 Is An Amended Return Required?

This weeks we look at: IRS makes permanent its limited e-signature program initiated last year Unambiguous plain text in the IRC vs. Congressional intent: how that impacts tax research and professional responsibilities 

2021-09-05 E Signature for Some Paper Forms Made Permanent

This week we look at: Looking for a trade or business is not itself a trade or business. IRS describes a harsh result for taxpayers that make a late deposit of deferred CARES Act FICA 

2021-08-30 Looking for a Business is Not a Business

This week we look at: Safe harbor guidance for PPP forgiveness and certain grants for reduction in revenue test for ERC Auto depreciation limits announced for 2021 Taxpayers barred from producing evidence letter with no postmark applied was placed in mail by due date by US Court of Claims, even though the Tax Court allows such evidence Copyright 2021, Kaplan, Inc.

2021-08-16 More Grief Over Timely Filing Rule

This week we look at: This week we look at: IRS issues ERC guidance for 3rd/4th quarter and adds to other guidance - confirms issue for majority shareholders IRS memorandum pushes IRS position regarding conservation easement extinguishment clauses Best-selling author loses her appeal of Tax Court decision regarding her attempt to split off most of her publishing contract income from self-employment tax Copyright 2021, Kaplan, Inc.

2021-08-09 We Were Right in April Unfortunately

This week we look at: What we know about tax matters in the bipartisan infrastructure bill SBA announces direct forgiveness application platform, more PPP changes Taxpayer allowed a deduction for expenses related to MBA program Paid leave credit expanded to cover more vaccine related issues BBA CPAR email notes issues with imputed adjustment calculation Second Circuit overturns foreign trust penalty decision in favor of IRS Copyright 2021, Kaplan, Inc.

2021-08-02 PPP Loan Program Changes Return

This week's sermon is given by Pastor Paul Nelson The reading for this week is Ephesians 3:14-21. The Gospel for this week is Mark 6:30-34, 53-56. Prince of Peace Lutheran Church is located at 3641 N. 56th Street, just north of Indian School Road on 56th Street in Arcadia. For more information about Prince of Peace, visit our website at http://www.popphoenix.org.

Ninth Sunday After Pentecost

This week we look at: Taxpayer fails in attempt to use Cohan rule to obtain deductions IRS proposes Form 7203 to use by shareholders to report basis in S corporation IRS can consider potential recovery against executor as part of offer in compromise IRS opens up site for full electronic submission and signing of Forms 2848 and 8821 Copyright 2021, Kaplan, Inc.

2021-07-26 Proposed S Corporation Form

This week we look at: AICPA reports lenders told to stop pre-forgiveness necessity inquiries Digitally signed amended return rejected as not properly filed No reasonable cause for late filing when taxpayer depended on attorney who simply took tax money IRS position not substantially justified for basis challenge and overall accounting method Copyright 2021, Kaplan, Inc.

2021-07-19 Tax Practice Issues Week

This week we look at: TAS declines to accept stand-along advance child tax credit cases IRS agent’s tax home remained at his assigned office FSA participants required to document qualification of expenses paid with debit card IRS explanation of why Forms 1099R don’t identify QCDs IRS discusses legal expense deductions Copyright 2021, Kaplan, Inc.

2021-07-12 Information Letter Week

This week we look at: IRS extends special treatment of employee leave donation for COVID-19 relief Guidance published on making farm NOL elections Penalty relief for issues with 2021 Forms K-2 and K-3 Supreme Court turns down hearing dispute over taxing out of state employees Copyright 2021, Kaplan, Inc.

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Federal Tax Update Podcast

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