#taxmastodon — Public Fediverse posts

Federal Reserve, FDIC, and Comptroller yesterday: “Fraud, uncertainty, risk, misrepresentation”.
Investors: “Count me in anyway”.
https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20230103a1.pdf
#taxpro
#TaxMastodon

Another case where a taxpayer unsuccessfully tried to exclude a settlement from income under iRC §104(a)(2). That requires showing the compensation was for physical injuries, but neither the agreement nor the claim indicated injuries were the basis for the damages claimed or awarded. #TaxTwitter #Taxodon #TaxMastodon https://www.taxnotes.com/research/federal/court-documents/court-opinions-and-orders/payment-to-settle-retaliation-claim-not-excludable-from-income/7fdp0

For those interested in the various state passthrough entity taxes it appears Spidell has an excellent summary of the various taxes outside their paywall. #TaxMastodon #TaxTwitter #Taxodon https://www.caltax.com/files/2022/peetchart.pdf

Well, not much happened this week, but we did have two IRS news releases so that's what I end up discussing this week. #Taxodon #TaxMastodon
https://www.currentfederaltaxdevelopments.com/podcasts/2022/11/20/2022-11-21-irs-news-releases

#Taxodon #TaxMastodon #USTaxes
A thread here on issues related to passthrough entity taxes since for a number of US states this is the first year that option is in play.
The first thing any adviser has to do is study IRS Notice 2020-75
https://www.irs.gov/pub/irs-drop/n-20-75.pdf
Remember that the tax benefit exists solely on the US federal return, and that IRS Notice provides the basic rules.

IRS announces that they will be posting a week long series of tax security related items in the Seventh Annual National Tax Security Awareness Week beginning on November 28. #TaxMastodon https://www.irs.gov/newsroom/security-summit-focuses-special-week-on-identity-theft-to-protect-taxpayers-tax-professionals-as-holiday-and-tax-seasons-approach

IRS news release on making qualified charitable distributions. Reminds taxpayers that they still need the contemporary written acknowledgment even though no deduction is claimed on Schedule A. #TaxMastodon

https://www.irs.gov/newsroom/reminder-to-ira-owners-age-70-and-a-half-or-over-qualified-charitable-distributions-are-great-options-for-making-tax-free-gifts-to-charity

Looking at the Tax Court's decision on applying the APA to adding listed transactions to §6707A and musings on impact of the election on tax legislation. #TaxToot #TaxMastodon https://www.currentfederaltaxdevelopments.com/podcasts/2022/11/13/2022-11-14-impacts-of-the-election-on-tax

So far I'm not seeing a lot of enthusiasm for the IRS domestic partnership exception from filing Schedules K-1 and K-2 among those I'm talking with. I do wonder how much time it's going to take to handle partner questions for those the CPA doesn't prepare the return for. #TaxToot #TaxMastodon