Federal Tax Update: What Qualifies as Alimony

https://vimeo.com/712660158

https://www.currentfederaltaxdevelopments.com/podcasts/2022/5/23/2022-05-23-what-qualifies-as-alimony

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

Federal Tax Update: Was Return Given at IRS Request Really Never Filed

https://vimeo.com/710134078

https://www.currentfederaltaxdevelopments.com/podcasts/2022/5/15/2022-05-15-was-return-given-at-irs-request-really-never-filed

This week we look at:

• Forming new corporation didn’t break connection to prior material participation
• Ninth Circuit find return was filed even though not send to location in the regulations
• IRS destroyed 30 million paper returns
• Taxpayer filed return too early
• No duress in requesting extension of time to file

Federal Tax Update: S Corporation Dies Two Years After Shareholder Does

https://vimeo.com/707600421

https://www.currentfederaltaxdevelopments.com/podcasts/2022/5/8/2022-05-08-s-corporation-dies-two-years-after-shareholder-does

This week we look at:

• First inflation adjusted numbers for 2023: Health Savings Accounts
• Failure to properly execute estate plan by trustees force S corporation to get PLR to retain status
• CCISO’s recommendation on grant of innocent spouse relief not binding on Chief Counsel’s office in Tax Court deficiency proceeding

Federal Tax Update: A Problem with Management Fees

https://vimeo.com/704968373

https://www.currentfederaltaxdevelopments.com/podcasts/2022/5/1/2022-05-02-a-problem-with-management-fees

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

Federal Tax Update: Taxing Times for Retired Airline Pilot

https://vimeo.com/702388966

https://www.currentfederaltaxdevelopments.com/podcasts/2022/4/23/2022-04-25-taxing-times-for-retired-airline-pilot

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

Federal Tax Update: Secure Act Second Version Passes House

https://vimeo.com/695471864

https://www.currentfederaltaxdevelopments.com/podcasts/2022/4/3/2022-04-04-secure-act-second-version-passes-house

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

Federal Tax Update: Crowdfunding Tax Fact Sheet

https://vimeo.com/692900746

https://www.currentfederaltaxdevelopments.com/podcasts/2022/3/27/2022-03-28-crowdfunding-tax-fact-sheet

This week we look at:

• IRS releases SIFL rates for first half of 2022
• IRS discussion of taxation of crowdfunding in light of new Form 1099-K rules
• Ninth Circuit affirms that legal settlement is taxable
• No de minimis relief for issue with erroneous information returns

Federal Tax Update: Limits for Vehicle Depreciation for 2022

https://vimeo.com/690303898

https://www.currentfederaltaxdevelopments.com/podcasts/2022/3/20/2022-03-21-limits-for-vehicle-depreciation-for-2022

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

Federal Tax Update: Personal vs Business Expenses

https://vimeo.com/687719025

https://www.currentfederaltaxdevelopments.com/podcasts/2022/3/13/2022-03-14-personal-vs-business-expenses

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

FICPA CEO Conversations: Recapping Florida’s 2022 Legislative Session