Federal Tax Update: IRS News Releases Emphasizing Recent Guidance

https://vimeo.com/753399228

https://www.currentfederaltaxdevelopments.com/podcasts/2022/9/24/2022-09-26-irs-news-releases-emphasizing-recent-guidance

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

Federal Tax Update: New PPP Loan Tax Guidance Appears

https://vimeo.com/750995661

https://www.currentfederaltaxdevelopments.com/podcasts/2022/9/18/2022-09-18-new-ppp-loan-tax-guidance-appears

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

Federal Tax Update: Proposed EARN Act

https://vimeo.com/748560413

https://www.currentfederaltaxdevelopments.com/podcasts/2022/9/11/2022-09-11-proposed-earn-act

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

Federal Tax Update: AICPA Action Week

https://vimeo.com/746382204

https://www.currentfederaltaxdevelopments.com/podcasts/2022/9/5/2022-09-06-aicpa-action-week

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

FICPA CEO Conversation: UF Athletics’ Melissa Stuckey

Federal Tax Update: IRS Releases Penalty Relief

https://vimeo.com/743993881

https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/28/2022-08-29-irs-releases-penalty-relief

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

Federal Tax Update: First IRA 2022 Guidance Released

https://vimeo.com/741674414

https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/21/2022-08-22-first-ira-2022-guidance-released

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

FICPA CEO Conversations: Barry Melancon

Federal Tax Update: Highlights of the Inflation Reduction Act of 2022

https://vimeo.com/739475431

https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/14/2022-08-14-highlights-of-the-inflation-reduction-act-of-2022

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

Federal Tax Update: Revised Virtual Asset Questions for 2022 form 1040

https://vimeo.com/737392496

https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/7/2022-08-08-revised-virtual-asset-question-for-2022-form-1040

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