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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…
 
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 Copyright 2022, Kaplan, Inc.
 
This week we look at: Physician’s payments are found not to be deductible alimony under pre-TCJA divorce agreement IRS announces option for employer leave-based donation programs related to aid for Ukraine IRS extends, likely for the final time. option to remotely sign certain plan documents Copyright 2022, Kaplan, Inc.…
 
This week we look at: Special rules under IRC §104 for military disability and retirement income Expenses claimed as management fees treated as distributions to owners Proposed regulations to limit use of certain techniques for use of anti-clawback rules It’s going to be a longer than expected wait to file K-2/K-3 for S corporations via MeF Copyrig…
 
This week we look at: Tax rules for no-additional cost services SCOTUS refuses to hear challenge to SALT cap IRS finally grants election/accounting method relief for retroactive 2019 changes Rules for a real estate professional IRS expands on Schedules K-2 and K-3 FAQs on April 11 Copyright 2022, Kaplan, Inc.…
 
This week we look at: Department of Labor warns §401(k) plan administrators regarding offer digital asset investment options No deduction allowed to corporation for paying tuition for training program for boyfriend of 100% shareholders’ daughter IRS announces program to deal with the backlog of returns and correspondence…
 
This week we look at the IRS's newly issued 2021 Schedule K-2 and K-3 filing relief. How much does the option added in Question 15 of the newly released FAQ on K-2 and K-3 issues really help partnerships and S corporations? Who does and doesn't qualify for this relief? And what about 2022 and future years? Copyright 2022, Kaplan, Inc.…
 
This week we look at: Continuing saga of the K-2 and K-3 filing issues, including an extreme delay in accepting them electronically. Consider interim filing method to electronically file these returns OPR Director announces that IRS plans to add features to TaxPro site by mid-summer, additional features added for following year. OPR Director also n…
 
This week we look at: IRS revises instructions for Schedule K-2 and K-3 and points taxpayers to fact more may need to file this than might have thought they would IRS stops issuing one (and just one) automated notice, complains about issues blocking doing more AICPA issues statement critical of IRS statement on giving relief, wants all Tax Professi…
 
This week we look at IRS issues updated substantially equal payment guidance Final version of basis reporting form for S corporation shareholders issued by IRS IRS clarifies how to report expenses used to obtain PPP forgiveness on Schedule M-2 IRS completes guidance on reporting options for timing of PPP loan forgiveness income recognition Copyrigh…
 
This week we look at: Form 1024 joins Form 1023 in becoming online only filings Pressure builds on the IRS to pause automated notices in light of inability to handle correspondence on notices already issued IRS announces beginning of filing season along with other information for the season Get updates as they are written up on our website at http:…
 
This week we look at: IRS publishes detail on changes for amended returns and research credits Taxpayers do not have to pay in tax IRS undercomputed when adjusting for unemployment compensation Expenses used for PPP loan forgiveness do not reduce AAA for S corporations per IRS instructions Information letter addresses when industry accountant becom…
 
This week we look at: IRS quietly revises Ida relief revision Reagan-era regulations on conservation easements found to be invalid by Eleventh Circuit IRS objects to attempt to use 7 month old valuation for GRAT Taxpayer fails at attempt to use a deposit in collection case Deadline arrives for taxpayers who deferred FICA/SECA to make first of two i…
 
This week we look at: IRS/Malta look to shut down promoted tax shelter Lenders instructed not to issue Forms 1099C on discharges of student loans 469 rental definition does not apply to self-employment income rules IRS to issue letters on advance child tax credit and third economic impact payment Hurricane Ida relief extended to February 15 Copyrig…
 
This week we look at: BBBA fails to clear Congress before adjourning for the year and Senator Manchin states he is a no vote on this bill Mileage rates released by the IRS IRS updates automatic changes for small business accounting methods added by TCJA IRS publishes, with minimal changes, annual disclosure Revenue Procedure Copyright 2021, Kaplan,…
 
This week we look at: BBBA process continues but no Senate text yet available Taxpayer discovers she needs to report K-1 income in year of divorce IRS gives guidance for retroactive changes to 4th quarter ERC IRS grants relief to certain partnerships filing short year returns related to Schedules K2 & K3 Copyright 2021, Kaplan Financial Education…
 
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