2022-11-21 IRS News Releases

FromFederal Tax Update Podcast

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2022-11-21 IRS News Releases

FromFederal Tax Update Podcast

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36 minutes

Released:

Nov 20, 2022

Format:

Podcast episode

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This week we look at: IRS news releases this week on: Qualified charitable distributions Seventh Annual National Tax Security Awareness Week Copyright, Kaplan, Inc.

Released:

Nov 20, 2022

Format:

Podcast episode

Titles in the series (99)

Federal Tax Update Podcast Series

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2022-05-02 A Problem with Management Fees by Federal Tax Update Podcast
38 min listen
2022-04-25 Taxing Times for Retired Airline Pilot: This week we look at: Tax rules for no-additional cost services SCOTUS refuses to hear challenge to SALT cap IRS finally grants election/accounting method relief for retroactive 2019 changes Rules for a real estate professional IRS expands on... by Federal Tax Update Podcast
47 min listen
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 ... by Federal Tax Update Podcast
40 min listen
2022-07-18 Lack of a 1099 and Reasonable Cause: 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... by Federal Tax Update Podcast
44 min listen
2022-03-21 Limits for Vehicle Depreciation for 2022: This week we look at: IRS releases revised depreciation limits for 2022 for autos under IRC §280F Lawmakers send yet another letter to the IRS regarding stopping the sending of notices Farmer/fisherman estimated tax payment relief formalized in an... by Federal Tax Update Podcast
27 min listen
2022 09 11 Proposed EARN Act: 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... by Federal Tax Update Podcast
36 min listen
2022-10-02 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... by Federal Tax Update Podcast
31 min listen
2022-03-07 Farmer and Fisherman Tax Software Relief: This week we look at: IRS looks to increase EA user fees by over 100% Justice Department files motion to have staking case dismissed as moot IRS to grant relief to certain farmers and fisherman impacted by inability of some tax software to file Form... by Federal Tax Update Podcast
40 min listen
2022-08-14 Highlights of the Inflation Reduction Act of 2022: The 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... by Federal Tax Update Podcast
40 min listen
2022-04-03 SECURE Act Second Version Passes House: This week we look at: IRS Suspends Mailing More Notices - This Time Related to Exempt Organizations Tax Court Affirms IRS Denial of Interest Abatement Securing a Strong Retirement Act Passes House Overwhelmingly Above the Line Classroom Teacher’s... by Federal Tax Update Podcast
38 min listen
2022-08-08 Revised Virtual Asset Question for 2022 Form 1040: 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... by Federal Tax Update Podcast
45 min listen
2022-06-27 IRS Falling Further Behind Dealing with Paper: This week we look at: Senate Finance Committee takes action on retirement bill IRS and National Taxpayer Advocate release information on processing paper tax returns Supreme Court to take on case involving computing FBAR penalties IRS adds voice bot... by Federal Tax Update Podcast
29 min listen
2022-03-14 Personal vs Business Expenses by Federal Tax Update Podcast
33 min listen
2022-05-31 Importance of Strict Compliance With Contribution Documentation Rules: This week we look at: Taxpayer discovers her documentation for a charitable contributions did not meet the IRC requirements IRS rules an enterprise involved in retail drug sales is a qualified trade or business under IRC §1202 Copyright 2022,... by Federal Tax Update Podcast
39 min listen
2022-05-22 What Qualifies as Alimony: This week we look at: Physician’s payments are found not to be deductible alimony under pre-TCJA divorce agreement IRS announces option for employer leave-based donation programs related to aid for Ukraine IRS extends, likely for the final time.... by Federal Tax Update Podcast
28 min listen
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... by Federal Tax Update Podcast
31 min listen
2022-06-18 Innocent Spouse Does Not Work for Payroll Tax Issues: This week we look at: Foreclosure proceeds could have paid interest on second mortgage, but taxpayer unable to show it was so applied Nurse allowed deduction for comfortable and professional clothing Innocent spouse relief not available for... by Federal Tax Update Podcast
33 min listen
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... by Federal Tax Update Podcast
57 min listen
2022-10-24 Two Sets of Inflation Adjusted Numbers Released by IRS by Federal Tax Update Podcast
24 min listen
2022-07-11 IRS Liberalizes Late Portability Election Relief: This week we look at: Discussions start up again for reconciliation bill. IRS extends automatic late portability election relief to five years Federal tax lien attached to payments being made to seller’s former spouse for alimony by business buyer... by Federal Tax Update Podcast
44 min listen
2022-08-29 IRS Releases Penalty Relief: 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... by Federal Tax Update Podcast
29 min listen
2022-09-26 IRS News Releases Emphasizing Recent Guidance: 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 Copyright Kaplan, Inc. by Federal Tax Update Podcast
29 min listen
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? Copyright... by Federal Tax Update Podcast
37 min listen
2022-07-05 TAS Starts Accepting Referrals from Congress: This week we look at: Taxpayer Advocate Service begins accepting referrals on 2021 and earlier original & amended returns from Congressional offices Car dealer had more than “some” guarantee of right to retain cash deposits Fifth Circuit rules... by Federal Tax Update Podcast
39 min listen
2022-06-13 Car Mileage Rate Increases: This week we look at: IRS increases mileage rates effective July 1, 2022 Taxpayer unsuccessfully asks for relief for failing to file Form 3115 by Federal Tax Update Podcast
52 min listen
2023-02-27 More Information Returns Required to be E-Filed: This week we look at: Proposed regulations issued for retirement plan forfeitures OIRA completes review of crypto broker proposed regulations, expected to be issued shortly IRS extends relief for taxpayers impacted by disasters in California, Alabama... by Federal Tax Update Podcast
26 min listen
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... by Federal Tax Update Podcast
27 min listen
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... by Federal Tax Update Podcast
56 min listen
2022-06-06 Importance of Keeping Records: This week we look at: AICPA letter on Section 174 guidance from the IRS - TCJA changes Form 7203 - impact on tax season and dealing with lack of basis records Copyright 2022, Kaplan, Inc. by Federal Tax Update Podcast
36 min listen
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... by Federal Tax Update Podcast
45 min listen

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2024-05-13 Changes to CAFs and Process for Tax Pros to Obtain Transcripts: This week we look at: IRS gives update on final results for ERC voluntary compliance program and discusses the future Taxpayer’s contract did not make payment contingent on success of research DOJ announces CPA firm barred from promoting... by Federal Tax Update Podcast
55 min listen
2024-04-29 No Minimum Attention Required for Supervisor Approval of Penalties per Tax Court: This week we look at: Final regulations issued on credit transfer provisions of the Inflation Reduction Act Tax Court rules the law does mandate a minimum level of attention by a supervisor when approving a proposed penalty IRS announces the end of... by Federal Tax Update Podcast
32 min listen
2024-04-22 IRS Extends Limited RMD Relief But Warns They Expect This to Be the Last Time: This week we look at: IRS again waives penalties for certain RMD distributions for inherited IRAs and retirement plans, but indicates this should be the last time FinCEN adds more Q&As to BOI FAQ for the first time since January Copyright,... by Federal Tax Update Podcast
51 min listen
2024-04-01 Tax Court Reverses Position on Validity of Conservation Easement Regulation: This week we look at Tax Court reverses position on validity of a regulation it had upheld four years ago US Supreme Court hears oral arguments in case involving estate tax value of a corporation that received life insurance to redeem the majority... by Federal Tax Update Podcast
31 min listen
2024-03-25 ERC Voluntary Disclosure Program Is Over - What Next: This week we look at: As ERC voluntary compliance program ended, IRS release discusses agency’s plans going forward Senate Finance Chair Wyden indicates there be a cloture vote in the Senate on House passed tax bill IRS issues proposed regulations... by Federal Tax Update Podcast
37 min listen
2024-03-18 Last Call to Enter ERC Voluntary Disclosure Program by Federal Tax Update Podcast
37 min listen
2024-03-04 Court Questions Constitutionality of the CTA: This week we look at: CTA found to violate Constitution by US District Court Tax Court issues ruling on impact of SECURE 2.0 Act statute change on returns filed before December 29, 2022 effective date of the Act IRS warns about need to reconcile... by Federal Tax Update Podcast
24 min listen
2024-03-04 Court Questions Constitutionality of the CTA: This week we look at: CTA found to violate Constitution by US District Court Tax Court issues ruling on impact of SECURE 2.0 Act statute change on returns filed before December 29, 2022 effective date of the Act IRS warns about need to reconcile... by Federal Tax Update Podcast
36 min listen
2024-02-26 More BOI Information from an Insurer: This week we look at: More BOI resources from CAMICO made available by NJCPA District Court refuses to stay FBAR proceeding to await Tax Court result partially due to the age of the taxpayer IRS announces program to go after corporate jet personal... by Federal Tax Update Podcast
42 min listen
2024-02-19 Insurers Update BOI Guidance: This week we look at: Insurers updating their advice on BOI engagements SALT cap 2023 increase bill fails on a procedural vote in the House Jury finds taxpayer did not willfully fail to file FBAR reports IRS takes position third party payors liable... by Federal Tax Update Podcast
61 min listen
2024-02-12 Are You Giving Bad Advice on Electronic Filing: This week we look at No movement on tax bills this week - nor is final action at all likely to take place before March E-Filing returns - good or bad idea? Two competing articles published this week Taxpayer owes tax on IRA forfeited to... by Federal Tax Update Podcast
74 min listen
2024-02-05 More Movement on Proposed Retroactive Tax Bills: This week we look at: Bipartisan extender bill is passed by the House, but faces uncertain future in the Senate A limited, single-year SALT cap relief bill will be brought to the House floor as part of the compromise to pass the bipartisan bill Tax... by Federal Tax Update Podcast
49 min listen
2024-01-29 Bipartisan Retroactive Tax Bill Clears Ways and Means Committee: This week we look at a proposed tax bill that has advanced out of the House Ways & Means Committee. Copyright 2024, Kaplan, Inc. by Federal Tax Update Podcast
58 min listen
2024-01-16 Form 8308 Relief: This week we look at: Talks continue on proposed tax bill IRS provides guidance on Pension-Linked Emergency Savings Account anti-abuse provisions Relief granted for filing information found in Part IV of Form 8308 for 2023 returns IRS updates Notice... by Federal Tax Update Podcast
36 min listen
2024-01-08 IRS Mistake Stands as Taxpayer Benefits: This week we look at: New work in progress to try and obtain a bipartisan tax bill IRS gives car dealers a brief extension to file time-of-sale reports IRS reverses direction on treatment of impact of adding a tax reimbursement clause to an IDGT... by Federal Tax Update Podcast
40 min listen
2024-01-02 FinCEN Welcomes 2024 By Opening BOI Filing Site: This week, we look at FinCEN's release of the BOI E-Filing site on January 1, 2024. by Federal Tax Update Podcast
33 min listen
2023-12-26 IRS Plays Santa With Two Relief Programs: This week we look at: IRS announces a three month Employee Retention Credit Voluntary Disclosure Program IRS provides relief from failure-to-pay penalties for 2021 and 2020 taxes for certain situations Taxpayer uses the wrong FedEx service, therefore... by Federal Tax Update Podcast
53 min listen
2023-12-18 FinCEN BOI Week: This week we look at: FinCEN adds more information to FAQ page, including information on PDF form Bill passes House that would give a limited extension of time for some initial BOI reports to be filed IRS releases mileage rates for 2024 Supreme Court... by Federal Tax Update Podcast
45 min listen
2023-12-11 First ERC Challenge in Court: This week we look at: IRS sends out a batch of 20,000 ERC rejection letters Employer files suit claiming IRS ERC guidance violated the Administrative Procedures Act SCOTUS hears oral arguments in the Moore case Draft K-2/K-3 instructions are... by Federal Tax Update Podcast
43 min listen
2023-12-04 State Law Limited Partners and Self-Employment Tax: This week we look at: FinCEN finalizes extension of due date for initial BOI reports for entities created in 2024 Tax Court rules that a state law limited partner is not automatically covered by IRC §1402(a)(13) self-employment tax exemption OPR due... by Federal Tax Update Podcast
47 min listen
2023-11-20 FinCEN FAQ Update for BOI Reporting: This week we look at: IRS clarified FAQ on §139A and backpay for wrongfully incarcerated members of the armed services FinCEN adds to the FAQ on beneficial ownership information reporting by Federal Tax Update Podcast
40 min listen
2023-11-13 IRS Completes Inflation Adjusted Number Lists for 2024: This week we look at: Inflation adjusted numbers for 2024 issued by the IRS Minor revisions made in final BOI FinCEN Identifier rules The IRS issues its second ERC-related GLAM, this time taking aim at OSHA related partial shutdown theories If a... by Federal Tax Update Podcast
60 min listen
2023-11-06 Retirement Plan Numbers Released for 2024: This week we look at: 2024 inflation adjusted retirement numbers released by the IRS MeF 1040 shutdown date announced by the IRS Trust found liable for transferee tax in failed Son-of-BOSS shelter to offset stock sale gain IRC §41 refund claim grace... by Federal Tax Update Podcast
52 min listen
2023-10-30 Boyle Decision Applies to Electronic Filing: This week we look at Taxpayers can’t rely on paid preparer as reasonable cause for late filing, even when using electronic filing IRS could assert negligence penalty (and obtain supervisory approval) after failing to obtain approval for substantial... by Federal Tax Update Podcast
38 min listen
2023-10-21 An Offer the Actor Should Have Refused: This week we look at PTIN renewals are now open for 2024 IRS announces program to allow for withdraw of ERC claims Actor’s estate loses in attempt to claim he had validly rolled over a non-traditional investment held in his IRA by Federal Tax Update Podcast
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2023-10-09 EV Credit Transfer to Dealer Guidance Issued: This week we look at Sloppy records cost CPA the vast majority of his business deductions IRS issues warning about art deduction tax promotions aimed at high-income taxpayers IRS gives details on transfers of electrical vehicle credits to dealers... by Federal Tax Update Podcast
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2023-10-02 Limited Delay in Some CTA BOI Initial Report Filing Dates: This week we look at: IRS reduces PTIN fees substantially Wash sale rules do not apply to losses on disposition of money market funds IRS highlights new capabilities added to TaxPro accounts Employers can set up leave-based donation programs for 2023... by Federal Tax Update Podcast
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2023-09-25 FinCEN Issues Guide for Small Business CTA BOI Reporting: This week we look at: FinCEN provides guide to small businesses for beneficial ownership reporting under the Corporate Transparency Act Taxpayer cannot rely on the mailbox rule to prove timely mailing/filing of tax return, as §7502 is the sole way... by Federal Tax Update Podcast
46 min listen
2023-09-18 Halt in ERC Claim Processing for New Claims: 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... by Federal Tax Update Podcast
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2023-09-11 Better Late Than Never Section 174 Guidance Arrives: 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 Copyright 2023, Kaplan, Inc. by Federal Tax Update Podcast
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2022-11-21 IRS News Releases

2022-11-21 IRS News Releases

Description

Titles in the series (99)

More Episodes from Federal Tax Update Podcast