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

This week we look at

• Inflation Reduction Act of 2022 signed into law on August 16, 2022

• Information on electric vehicle for 2022 released by Treasury, IRS and Department of Energy

• Outline electric vehicle credit for remainder of 2022 and 2023 changes

• IRS releases sample Written Information Security Plan (WISP) for tax professionals

An audio only version of this program can be streamed or downloaded below:

A copy of the slides for this week’s session can be downloaded below

• 2022-08-22 Current Federal Tax Developments

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 residential energy credits

• Credit transfer provisions

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

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

2022-08-15 Current Federal Tax Developments

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 payment was not deductible alimony

• IRS finalizes removal of signature requirement on §754 election

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

You can download articles on this week’s update as a PDF below:

2022-08-08 Current Federal Tax Developments

This week we look at:

• Proposed Inflation Reduction Act of 2022 - will it pass and what’s in it?

• Taxpayer told by court suit is being dismissed, must file 2020 income tax return to obtain economic impact payment not previously sent to taxpayer

• IRS Security Summit warns tax pros about significant security threats to taxpayer data in their systems

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

Copies of the articles for this week can be downloaded as a PDF below:

2022-08-01 Current Federal Tax Developments