Current Federal Tax Developments

This week we look at:

• IRS wants preparers to advise clients to opt-in to IP-PIN program.

• TAM holds that an activity that is treated as a material participation activity for five straight years under SPA test will be a material participation activity under the 5/10 test in year 6

• Breadwinner not granted innocent spouse relief when she failed to inquire about or review return prepared by accountant spouse

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

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

2022-07-25 Current Federal Tax Developments

This week we look at:

• Reconciliation bill talks stall in Congress

• Taxpayer loses on charitable contribution deduction due to failure to give entire interest and lacking proper acknowledgment for donation to donor advised fund

• Taxpayer not allowed to shorten statute for collections based on shortcomings in own OIC filings

• No reasonable cause for failure to report distribution when 1099-R sent to wrong address

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

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

2022-07-18 Current Federal Tax Developments

This week we look at:

• Discussions start up again for reconciliation bill.

• IRS extends automatic late portability election relief to five years

• Federal tax lien attached to payments being made to seller’s former spouse for alimony by business buyer

• No reasonable cause for late payment and late filing

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

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

2022-07-11 Current Federal Tax Developments

This week we look at

• Taxpayer Advocate Service begins accepting referrals on 2021 and earlier original & amended returns from Congressional offices

• Car dealer had more than “some” guarantee of right to retain cash deposits

• Fifth Circuit rules that substantial compliance on charitable donations cannot be sufficient for failure to follow the statute, as opposed to regulations

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

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

2022-07-05 Current Federal Tax Developments

This week we look at:

• Senate Finance Committee takes action on retirement bill

• IRS and National Taxpayer Advocate release information on processing paper tax returns

• Supreme Court to take on case involving computing FBAR penalties

• IRS adds voice bot support for some ACS issues

An audio only version of the broadcast is available to be streamed or downloaded below

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

2022-06-27 Current Federal Tax Developments

This week we look at:

• Foreclosure proceeds could have paid interest on second mortgage, but taxpayer unable to show it was so applied

• Nurse allowed deduction for comfortable and professional clothing

• Innocent spouse relief not available for trust fund penalty liability

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

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

2022-06-30 Current Federal Tax Developments

This week we look at:

• IRS increases mileage rates effective July 1, 2022

• Taxpayer unsuccessfully asks for relief for failing to file Form 3115

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

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

2022-06-13 Current Federal Tax Developments

This week we look at:

• AICPA letter on Section 174 guidance from the IRS - TCJA changes

• Form 7203 - impact on tax season and dealing with lack of basis records

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

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

2020-06-06 Current Federal Tax Developments

This week we look at:

• Taxpayer discovers her documentation for a charitable contributions did not meet the IRC requirements

• IRS rules an enterprise involved in retail drug sales is a qualified trade or business under IRC §1202

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

The articles for this week’s developments can be downloaded at:

2022-05-31 Current Federal Tax Developments