Mastodawn

Ed Zollars, CPA Jan 23, 2023

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.

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

2023-01-23 IRS Says Phones Are Improving — Current Federal Tax Developments

This week we look at: IRS provides an extended due date for some in Alabama and Georgia impacted by storms IRS announces 10 minute response time on Practitioner Priority Line Taxpayer’s §401(k) distribution not excluded from income based on diabetes diagnosis IRS releases auto deprec

Current Federal Tax Developments

Ed Zollars, CPA Jan 21, 2023

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

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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

Taxpayer's Diabetes Did Not Qualify Him to Escape Either Taxation on Retirement Plan Distribution or 10% Tax on a Premature Distribution — Current Federal Tax Developments

In the case of Lucas v. Commissioner , T.C. Memo. 2023-9, a taxpayer found that his diabetes diagnosis did not either cause his distribution from a §401(k) plan to be exempt from the regular income tax nor exempt it from the 10% tax on a premature distribution under IRC §72(t).

Current Federal Tax Developments

Ed Zollars, CPA Jan 20, 2023

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

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

IRS Announces Depreciation and Lease Inclusion Amounts on Vehicles for 2023 — Current Federal Tax Developments

In Revenue Procedure 2023-14 [1] the IRS has released the depreciation limits on automobiles under IRC §280F for 2023.

Current Federal Tax Developments

Ed Zollars, CPA Jan 20, 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

IRS Reports Agency Now Answering Practitioner Line Within 10 Minutes — Current Federal Tax Developments

An article in Tax Notes Today Federal reported that Ken Corbin, the IRS’s taxpayer experience officer and Wage and Investment Division Commissioner, stated that the IRS was now answering phone calls to the practitioner helpline in under 10 minutes. Mr. Corbin made this statement in a vir

Current Federal Tax Developments

Ed Zollars, CPA Jan 19, 2023

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.

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

Wait Times Falling for Practitioner Helpline

Tax Notes is the first source of essential daily news, analysis, and commentary for tax professionals whose success depends on being trusted for their expertise.

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Ed Zollars, CPA Jan 17, 2023

So this doesn't really end the issue. I'm also not surprised that SCOTUS doesn't want to pick up such a case until a clear harm could be shown.

It seems MO had conceded that Treasury *could* interpret the language in a way that would not create a Constitutional problem, but the state believed they would go beyond that.

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Ed Zollars, CPA Jan 17, 2023

The Eighth Circuit had found that Missouri was arguing for a potential harm that would only occur under a broad interpretation of the provision that wasn't necessarily the only way it could be read or the only way that Treasury might rule.

As such, it was found MO had moved too early to challenge this provision.

The CA8 opinion can be read at:

https://scholar.google.com/scholar_case?case=11961976871160815154&hl=en&as_sdt=6&as_vis=1&oi=scholarr

Missouri v. Yellen, 39 F. 4th 1063 - Court of Appeals, 8th Circuit 2022 - Google Scholar

Ed Zollars, CPA Jan 17, 2023

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.

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

Ed Zollars, CPA Jan 15, 2023

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

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

2023-01-16 The IRS Memos on Cryptocurrency — Current Federal Tax Developments

This week we look at: IRS begins accepting returns on January 23 California taxpayers get due dates delayed until May 15 Amended return research credit additional information requirements added to draft Form 6765 instructions Employer provided housing not excluded from income under §119

Current Federal Tax Developments

Ed Zollars, CPA Jan 14, 2023

After doing three straight days of early morning webinars for organizations in the Eastern and Atlantic time zones I'm now having to reset myself to the time zone I'm actually in (MST here in Phoenix)--about 2-3 hours off from that run of doing other location sessions. 😀

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