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Tax Podcast: Statute of Limitations on Refunds for 2019 Returns

  • January 4, 2021

This week's topics: Final small business accounting method regulations issued; user fee for estate tax closing letter proposed; 3rd Circuit overrides Tax Court on notice of address change to IRS; due dates for claims for refund for 2020 returns; FinCEN plans to add crypto-currency accounts to FBAR. Continue Reading

Tax Podcast: Paying Tax on 1112 Payments

  • December 14, 2020

This week's topics: IRS issues Q&As on CARES Act §§102 and 103; tax organizations respond to IRS Commissioner on no penalty relief; SBA issues guidance on tax reporting for CARES Act §1112 payments; SBA adds Q&A on Forms 3509 and 3510. Continue Reading

Tax Podcast: Being Late Proves Costly

  • November 29, 2020

This week's topics: A taxpayer is denied permission to file a late mark to market election as a trader; final regulations are issued related to the TCJA unrelated business income changes; like kind exchange regulations finalized by the IRS. Continue Reading

Tax Podcast: A Reasonable Expectation of Forgiveness

  • November 23, 2020

This week's topics: IRS rules taxpayers can't deduct expenses that qualify for PPP loan forgiveness if expect forgiveness; Revenue Procedure issued for taxpayers who don't get the entire expected forgiveness; IRS adds request for additional information on Schedules K-1 for Form 1120-S for 2020; IRS Commissioner indicates no broad relief for late filing and late payment of taxes; No relief for late filing when CPA firm submitted efile return a few seconds late; IRS updates ERC FAQ to deal with acquisition of employers who had taken out PPP loans. Continue Reading

Tax Podcast: IRS Throws in the Towel on One SALT Workaround

  • November 16, 2020

This week's topics: IRS releases unwelcome guidance on expenses expected to be used for forgiveness under PPP loan program; IRS gives up on state entity level taxes on passthrough businesses as a workaround to the TCJA limit on the deduction of state and local taxes; taxpayer fails to convince Tax Court his LLC was acting as an agent for his IRA custodian. Continue Reading

Tax Podcast: Slowing Down RMDs - But Not Until 2022

  • November 9, 2020

This week's topics: The IRS releases revised tables to compute required minimum distributions from retirement plan accounts - but not until 2022; taxpayer denied relief from late filing penalties even though he believed his CPA had filed an extension on his behalf; IRS publishes news release indicating relief for certain collection related actions due to COVID-19. Continue Reading

Tax Podcast: SBA's Coming Questionnaire for Large PPP Loans

  • November 1, 2020

This week's topics: IRS gives guidance to Congressional office on treatment of taxes paid on real estate cooperative; guidance issued for W-2s to be issued for employers who deferred employee FICA at the end of 2020; SBA announces a questionnaire will be sent to large PPP loan borrowers regarding need for the loan. Continue Reading