I'm spending a lot of time right now trying to not be too obsessive.

I have to change what I'm doing so I don't just keep doing it (or pick up the next thing that's somewhat similar).

Time gaps are particularly difficult, because there's a space of time before the next thing (lunch) starts.

#taxodon #taxtwitter #taxseasonrecovery

Fetterman : HIPAA :: Trump : 7216

#taxodon

I wonder how much money is spent trying (mostly in vain) to keep social security numbers secret. #taxodon

Weekly tax audio and video update is online now, looking at the IRS statement they are now answering the practitioner priority on average within 10 minutes, new depreciation auto limits for 2023, IRS grants relief on filing dates for storm victims in Georgia and Alabama and a taxpayer misunderstands an internet article on the taxation of a §401(k) distribution.

#Taxodon

https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/22/2023-01-23-irs-says-phones-are-improving

The taxpayer misinterpreted an article he read online and excluded his §401(k) distribution from income. The IRS and Tax Court corrected his error.

#Taxodon

https://www.currentfederaltaxdevelopments.com/blog/2023/1/21/taxpayers-diabetes-did-not-qualify-him-to-escape-either-taxation-on-retirement-plan-distribution-or-10-tax-on-a-premature-distribution

Bias is real.

11yo: what does CPA mean?
Me: Certified Public Accountant. Why?
11yo: oh I know what EA means but I didn't know what CPA means.

We, as an industry, can beat the assumption of CPA=tax.

#TaxTwitter #taxodon

IRS announces 2023 depreciation limits under §280F and lease inclusion values.

#Taxodon

https://www.currentfederaltaxdevelopments.com/blog/2023/1/20/irs-announces-depreciation-and-lease-inclusion-amounts-on-vehicles-for-2023

IRS claims they are now answering the practitioner priority line within 10 minutes. The agency states it is returning 12,000 employees to the phone lines and that it has been more successful in limiting the impact of robocalling services.

#Taxodon

https://www.currentfederaltaxdevelopments.com/blog/2023/1/20/irs-reports-agency-now-answering-practitioner-line-within-10-minutes

Today @taxnotes reports that Ken Corbin of the IRS stated yesterday to a virtual event hosted by the California Society of Enrolled Agents that in the last two weeks the IRS has averaged answering practitioner lines calls in 10 minutes.

He states the IRS has both added more personnel and has been more effective thwarting robocalls.

A number of practitioners have mentioned getting answered quickly recently in online forums.

#Taxodon

https://www.taxnotes.com/tax-notes-today-federal/tax-system-administration/wait-times-falling-practitioner-helpline/2023/01/19/7fw7m

SCOTUS has denied cert for Missouri's challenge to ARPA's provision baring the use of funds received from ARPA for state tax cuts. This leaves standing the Eighth Circuit's decision dismissing the case for lack of standing.

#Taxodon

https://www.supremecourt.gov/orders/courtorders/011723zor_5426.pdf

Trying out a relay on my solo instance. We'll see how it goes. #TaxTwitter #taxodon #tax

Weekly update is now live with talks about tax season opening date, California filing date relief and IRS cryptocurrency memos.

#Taxodon

https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/15/2023-01-16-the-irs-memos-on-cryptocurrency

The IRS has put the additional information required for claims for the research credit filed with amended returns in the just released draft Form 6765 instructions (Rev. January 2023).

#Taxodon

https://www.currentfederaltaxdevelopments.com/blog/2023/1/14/irs-adds-amended-research-credit-information-disclosure-requirements-to-draft-form-6765-instructions-rev-january-2023

The second IRS memorandum of the day on cryptocurrency holds that a charitable contribution of cryptocurrency of more than $5,000 requires obtaining a qualified appraisal. The taxpayer cannot simply use the price quoted on an exchange.

Failure to obtain the appraisal leads to a total denial of the deduction.

#Taxodon #cryptocurrency

https://www.currentfederaltaxdevelopments.com/blog/2023/1/13/a-charitable-contribution-of-cryptocurrency-in-excess-of-5000-requires-obtaining-a-qualified-appraisal

No 2022 deduction would be allowed for taxpayers holding nearly worthless stablecoins at December 31, 2022 per IRS memorandum.

And the taxpayer might only be able to get a capital loss out of the deal, and only if the coin is sold before it becomes worthless per the analysis in the memorandum.

#Taxodon

https://www.currentfederaltaxdevelopments.com/blog/2023/1/13/no-2022-loss-allowed-on-cryptocurrency-that-was-worth-less-than-001-per-coin-at-december-31-2022

The IRS is releasing various cryptocurrency memorandums today. The first one rules that a taxpayer who who is still holding an unstable stablecoin (had a bit of that in 2022) cannot claim a loss under §165 - and if there was such a §165 loss (likely taking that position to avoid having to deal with capital loss limits) it wouldn't be deductible.

#Taxodon

https://www.irs.gov/pub/irs-wd/202302011.pdf

A taxpayer failed in his attempt to exclude the value of his employer provided housing from tax.

#Taxodon

https://www.currentfederaltaxdevelopments.com/blog/2023/1/13/taxpayer-must-include-value-of-employer-provided-housing-in-his-income

Always looking for more tax and accounting folks to follow on here! If you are one, I will definitely follow back. #tax #taxodon #taxtwitter

IRS news release on delayed filing dates for California storm victims.

#Taxodon

https://www.irs.gov/newsroom/irs-california-storm-victims-qualify-for-tax-relief-april-18-deadline-other-dates-extended-to-may-15

Have two different programs to post this week since we got a brand new tax/retirement bill (SECURE 2.0 Act of 2022) and a whole of year end guidance on cars (electric and other) from the IRS.

The SECURE Act 2.0 update is here.

#Taxodon

https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/2/secure-20-act-of-2022-a-quick-summary