Current Federal Tax Developments

This week we look at:

• Deposit and use by sheriff of jail meal money not found to be a mere misunderstanding

• Amounts taxpayer expected to repay with future earnings found not to be loans, taxable upon receipt

• SCOTUS rules non-willful FBAR failure is a per-form not per-account penalty

• CPA fails to provide substantiation for deductions for practice

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

A copy of this week’s slides and links to source materials can be downloaded below:

2023-03-06 Current Federal Tax Developments

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 and Georgia

• IRS issues final business electronic filing mandate regulations

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

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

2023-02-27 Current Federal Tax Developments

This week we look at

• IRS announces program to accept upload of documents in response to some, but not all, notices to taxpayers

• SECURE 2.0 Section 603 drafting glitch puts catch-up contributions at risk for 2024 as various parties push to get a fix

• IRS will not automatically challenge §199A deduction for cannabis businesses-but W-2 wage problems may get in the way

A copy of the slides and links to related material can be downloaded below:

2023-02-20 Current Federal Tax Developments

This week we look at:

• IRS relents to pressure, releases guidance on state payment programs’ taxability (generally it’s good news)

• IRS begins offering direct deposit for Form 1040-X electronic filers - but it will still take a long time to process

• No substantive §174 guidance likely before initial tax deadlines (March & April)

• Form 4868 didn’t qualify as informal claim for refund

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

A copy of the slides with links to source materials can be downloaded below:

2023-02-13 Current Federal Tax Developments

This week we look at:

• IRS revises classification of clean vehicles for purposes of determining vehicles subject to $80,000 MSRP limit

• Proposed revenue procedure published to establish new voluntary tip reporting procedure

• Taxpayer’s log of every mile of vehicle use had issues that prevented Tax Court from accepting it for meeting burden under IRC §274(d)

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

A PDF of the slides for this week’s update can be downloaded below;

2023-02-06 Current Federal Tax Developments

This week we look at:

• IRS begins accepting 2022 income tax returns

• IRS opens up IRIS portal for electronic filing of information returns

• Corporation forced to get private letter ruling on S election due to failure to obtain all required consents

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

The slides for this week’s session can be downloaded as a PDF below:

2023-01-30 Current Federal Tax Developments

This week we look at:

• IRS begins accepting returns on January 23

• California taxpayers get due dates delayed until May 15

• Amended return research credit additional information requirements added to draft Form 6765 instructions

• Employer provided housing not excluded from income under §119

• No loss allowed on not quite worthless not really stablecoin

• Appraisals required for donation of cryptocurrency

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

A PDF with this week’s articles can be downloaded below:

2023-01-16 Current Federal Tax Developments

This week we look at issues that arise with S corporations.

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

You can download the write-up of the Twitter thread that drove this week’s program here:

Why Aren’t S Corporations Perfect for All Clients and Situations?

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 commercial clean vehicle credit issued by IRS

• 2023 mileage rates release

• Final 2022 Schedule K-2 and K-3 Form 1065 instructions released

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

A PDF with articles for this week’s updates can be dowloaded below:

2023-01-03 Current Federal Tax Developments

This week we look at:

• Congress passes spending bill which included SECURE 2.0 Act of 2022

• Final Schedules K-2 and K-3 instructions issued for Form 1120S

• IRS delays digital asset reporting until regulations are issued

• Expanded Form 1099-K reporting delayed for one year by the IRS

An audio only version of this week’s update can be streamed or downloaded via the links below:

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

2022-12-27 Current Federal Tax Developments