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Are you a young professional in Ohio? Then this podcast is what you've been waiting for. We cover the consumer and lifestyle issues that are important to you. Whether it's coping with student loans or improving your networking skills, we make sure that you have the tools you need to help your career and your life in the Buckeye State.
 
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This week we look at: 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 expi…
 
This week we look at: 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…
 
This week we look up: More talking but no action in DC on pending legislation Rehiring retired employees discussed in IRS FAQ Appeals panel agrees that claim of right doctrine did not apply to grantor trust stock sale IRS issues formal draft of S corporation basis reporting form Copyright 2021, Kaplan, Inc.…
 
This week we look at: 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 FA…
 
This week we look at: 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 Copyright 2021, Kaplan Financial Education…
 
This week we look at: 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 thi…
 
This week we look at: Safe harbor guidance for PPP forgiveness and certain grants for reduction in revenue test for ERC Auto depreciation limits announced for 2021 Taxpayers barred from producing evidence letter with no postmark applied was placed in mail by due date by US Court of Claims, even though the Tax Court allows such evidence Copyright 20…
 
This week we look at: This week we look at: IRS issues ERC guidance for 3rd/4th quarter and adds to other guidance - confirms issue for majority shareholders IRS memorandum pushes IRS position regarding conservation easement extinguishment clauses Best-selling author loses her appeal of Tax Court decision regarding her attempt to split off most of …
 
This week we look at: What we know about tax matters in the bipartisan infrastructure bill SBA announces direct forgiveness application platform, more PPP changes Taxpayer allowed a deduction for expenses related to MBA program Paid leave credit expanded to cover more vaccine related issues BBA CPAR email notes issues with imputed adjustment calcul…
 
This week's sermon is given by Pastor Paul Nelson The reading for this week is Ephesians 3:14-21. The Gospel for this week is Mark 6:30-34, 53-56. Prince of Peace Lutheran Church is located at 3641 N. 56th Street, just north of Indian School Road on 56th Street in Arcadia. For more information about Prince of Peace, visit our website at http://www.…
 
This week we look at: Taxpayer fails in attempt to use Cohan rule to obtain deductions IRS proposes Form 7203 to use by shareholders to report basis in S corporation IRS can consider potential recovery against executor as part of offer in compromise IRS opens up site for full electronic submission and signing of Forms 2848 and 8821 Copyright 2021, …
 
This week we look at: AICPA reports lenders told to stop pre-forgiveness necessity inquiries Digitally signed amended return rejected as not properly filed No reasonable cause for late filing when taxpayer depended on attorney who simply took tax money IRS position not substantially justified for basis challenge and overall accounting method Copyri…
 
This week we look at: TAS declines to accept stand-along advance child tax credit cases IRS agent’s tax home remained at his assigned office FSA participants required to document qualification of expenses paid with debit card IRS explanation of why Forms 1099R don’t identify QCDs IRS discusses legal expense deductions Copyright 2021, Kaplan, Inc.…
 
This week we look at: IRS extends special treatment of employee leave donation for COVID-19 relief Guidance published on making farm NOL elections Penalty relief for issues with 2021 Forms K-2 and K-3 Supreme Court turns down hearing dispute over taxing out of state employees Copyright 2021, Kaplan, Inc.…
 
This week we look at: SBA reported to be withdrawing PPP loan questionnaires Court finds not clear if taxpayer qualifies for home gain exclusion due to unforeseen circumstances IRS extends special remote witnessing of signing plan documents through June 30, 2022, may make it permanent CPA’s conviction for assisting in the filing of false returns up…
 
This week we look at: IRS publishes Q & A on 2021’s enhanced child and dependent care credit on website Malpractice settlement related to taxpayer’s divorce was taxable to her - and situation made worse to going to Tax Court IRS discusses interaction of depreciation related §481(a) adjustments and computation of ATI through 2021 Copyright 2021, Kap…
 
This week we look at: Senate Parliamentarian’s second opinion on reconciliation limits practical use of revision of reconciliation instructions Long-time tax CPA who admits not reading Schedule B instructions hit with willful failure to file FBAR penalties MoneyGram is not a bank, meaning losses from 2008 financial crisis secured debts were capital…
 
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