Current Federal Tax Developments

This week we look at:

• IRS memorandum looks at marketed program to defer recognition of legal fees

• Automatic change of accounting method procedure released by the IRS

• IRS publishes news release on upcoming FICA/SE tax 2020 deferral payment due date

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2022-12-19 Current Federal Tax Developments

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 not following the Administrative Procedures Act

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

• 2022-12-12 Current Federal Tax Developments

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

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

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

2022-12-05 Current Federal Tax Developments

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 months for IRS to act on refund claim before filing suit

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

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

• 2022-11-28 Current Federal Tax Developments

IRS news releases this week on:

• Qualified charitable distributions

• Seventh Annual National Tax Security Awareness Week

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Copies of the slides for this week’s program can be downloaded below:

2022-11-20 Current Federal Tax Developments

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?

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This week’s slides can be downloaded below:

2022-11-14 Current Federal Tax Developments

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