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

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

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

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

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

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

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

A PDF with documents related to this week’s developments can be downloaded or streamed below:

2022-09-30 Current Federal Tax Developments

This week we look at:

• IRS memorandum states that PPP loan forgiveness is taxable if taxpayer did not actually qualify for forgiveness granted

• AICPA adds to items requested for additional penalty relief under Notice 2022-36

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

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

2022-09-19 Current Federal Tax Developments

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

• Reasonable cause for failure to file/pay does not include common financial challenges

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

The articles for this week’s update are available at:

2022-09-12 Current Federal Tax Developments

This week we look at:

• AICPA issues proposed revisions to Statements on Standards for Tax Services

• AICPA requests additional guidance for filing of Schedules K-2 and K-3

• AICPA and NAEA ask for additional time to file 2019 and 2020 tax returns to get penalty relief

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

Articles on this week’s updates can be downloaded as a PDF below:

2022-09-06 Current Federal Tax Developments

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 post explaining IRS penalty relief

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

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

2022-08-29 Current Federal Tax Developments