The Ohio Society Of CPAs Podcasts

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

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: IRS increases mileage rates effective July 1, 2022 Taxpayer unsuccessfully asks for relief for failing to file Form 3115

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 Copyright 2022, Kaplan, Inc.

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 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: IRS Suspends Mailing More Notices - This Time Related to Exempt Organizations Tax Court Affirms IRS Denial of Interest Abatement Securing a Strong Retirement Act Passes House Overwhelmingly Above the Line Classroom Teacher’s Deductions Increases to $300 in 2022 Copyright Kaplan, Inc.…

This week we look at: IRS releases revised depreciation limits for 2022 for autos under IRC §280F Lawmakers send yet another letter to the IRS regarding stopping the sending of notices Farmer/fisherman estimated tax payment relief formalized in an IRS Notice 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: IRS looks to increase EA user fees by over 100% Justice Department files motion to have staking case dismissed as moot IRS to grant relief to certain farmers and fisherman impacted by inability of some tax software to file Form 7203 by March 1

This week we look at: Proposed regulations on required minimum distributions AICPA and state societies letter on delay for K-2 and K-3 filings Data entry error did not provide reasonable cause for tax understatement Copyright 2022, Kaplan, Inc.

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: IRS adds more information on research credit claims issues LB&I announces new partner basis campaign IRS expands list of notices being temporarily suspended K-2 and K-3 filing issues being addressed by vendors, IRS defends process Copyright, 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…

This week we look at: Tacit consent given for filing of joint tax return “Money number” adjustments related to partnership items give rise to positive imputed adjustment Entity type, not exempt vs. taxable status, is the key factor in determining if partner is an eligible partner for BBA opt out Copyright 2021, Kaplan, Inc.…