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This week's topics: 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 Continue Reading
This week's topics: 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. Continue Reading
This week's topics: 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 Continue Reading
This week's topics: 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. Continue Reading
This week's topics: 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 Continue Reading
This week's topics: 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 Continue Reading
This week's topics: 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 Continue Reading
This week's topics: 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 Continue Reading
This week's topics: 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 Continue Reading
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 Continue Reading