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Tax Podcast: ERC Developments Return

  • November 29, 2021

This week's topics: IRS modifies 2021 Form 1065 draft instructions to add self-employment income information; IRS issues preliminary guidance on late repeal of Q4 ERC for most employers; Training to begin for agents for ERC audits in early 2022; Rejection of return due to suspected identity theft did not mean return was not filed before statute expired Continue Reading

Tax Podcast: Self-Directed IRA Problems

  • November 22, 2021

This week's topics: House passes BBBA, but not clear what the Senate will do; IRS clarifies 2021-2022 treatment of meals and incidentals per diem; Self-directed IRA implodes on taxpayer due to find that assets were held personally and commingled with other assets; IRS gives guidance on timing of PPP forgiveness income, as well as very short term BBA partnership amended return relief Continue Reading

Tax Podcast: Can You Rely on IRS FAQs?

  • October 18, 2021

This week's topics: Two weeks later, Congress is still working on the infrastructure and reconciliation bills; IRS outlines information requirements for §41 refund claims; Taxpayer is not getting impermissible double benefit for paying alimony with pre-tax funds; COBRA extension dates clarified by IRS; IRS publishes documents regarding reliance on FAQs Continue Reading

Tax Podcast: Hobby Loss Deduction Problem

  • October 4, 2021

This week's topics: Congress is still working on the infrastructure and reconciliation bills; We get the Tax Court on record for the proper treatment of hobby loss deductions-that is, where they are reported; IRS to begin charging a fee on October 28 to issue closing letters to estates. Continue Reading

Tax Podcast: Issues with Buy-Sell Agreement

  • September 27, 2021

This week's topics: Taxpayer has issues with auto expenses, retirement plan contributions and demolition expenses in Tax Court; Buy-sell agreement that wasn’t followed and was a found as a way to transfer business to brother as a way to escape transfer tax not followed by District Court Continue Reading

Tax Podcast: Reasonable Cause to Avoid Negligence Penalty

  • September 20, 2021

This week's topics: Ways and Means Committee finishes markup of proposed new tax bill; Language of legal settlement made all of the settlement amount taxable to taxpayer regardless of the fact that payor likely had other reasons to settle; Taxpayer had reasonable basis to rely upon prior case settlement even though Court found opposite results this time Continue Reading

Tax Podcast: Is an Amended Return Required

  • September 13, 2021

This week's topics: High low per diem and related guidance for FY 2021/2022 released; Rules for reporting COVID-19 credit related leave on Forms W-2 for 2021; Is the client required to amend a return? And, if so, when? Continue Reading