Current Federal Tax Developments

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

This week’s slides and supporting document links:

2023-10-23 Current Federal Tax Developments

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 beginning in 2024

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

The slides and links to the documents discussed can be downloaded via the link below:

2023-10-09 Current Federal Tax Developments

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 Hawaii wildfire relief

• FinCEN grants 60 additional days for entities created in 2024 to file initial reports

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

A PDF of the slides and links to supporting materials can be downloaded below:

2023-10-02 Current Federal Tax Developments

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 of proving timely postmark and get presumption of delivery

• Impact of receipt of a CP2100/2100A notice on backup withholding

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

A PDF with the slides and links to articles can be downloaded below:

2023-09-25 Current Federal Tax Developments

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.

2023-09-18 Current Federal Tax 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:

2023-09-05 Current Federal Tax Developments

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.

• 2023-08-28 Current Federal Tax Developments

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:

2023-08-21 Current Federal Tax Developments

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:

2023-08-14 Current Federal Tax Developments