2022 Federal Tax Update

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  • Location
    • Your Computer
      Your Space
      ISCPA Self Study, ID 00000
  • Credits
    • 1.00
  • Credit Type(s)
    • Taxation (1.00)
  • Prerequisites
      • None
  • Vendor
    • *** ISCPA ***
  • Level
    • Update
  • Fields of Study
    • Taxes
  • Message
    • Quiz Required to Earn CPE

Description

This presentation was recorded on 12.1.22 and will not be updated after that date

You will have to pass a quiz in order to receive CPE credit

A fast-paced, 10,000 foot overview of the key Federal Tax developments of 2022. No frills, just the facts.

  • Qualifies for IRS CE

Designed For

ISCPA Members

Objectives

  • Provide a very high level review of the key federal tax developments of 2022.

Highlights

Inflation Reduction Act of 2022

  • Non-Energy Tax Provisions Primarily Impacting Individuals & Small Businesses
  • Energy Tax Credits (Other Than Vehicles)
  • Credits on Clean Energy Vehicles
  • Provisions Mainly Applicable to Large Public Corporations
Key Developments Over the Past Year
  • Contribution Deduction Disallowed Due to Assignment of Income & Failure to Comply with Acknowledgment Requirements
  • Fifth Circuit Rules Substantial Compliance Cannot Excuse Failure to Follow Charitable Contribution Requirements Found in the Statute
  • Charitable Deduction Disallowed for Failure to Meet Contemporaneous Written Acknowledgment Rules
  • IRS Delays Initial Effective Date of RMD Proposed Regulations, Grants Relief for Certain 2021 & 2022 Payments
  • IRS Publishes Draft of 2022 Form 1065 K-2 & K-3 Instructions With Revised Exemptions from Filing
  • AICPA Letter Gives Recommendation on Guidance on Upcoming TCJA Requirement to Amortize Rather Than Expense R&D Expenses
  • AICPA Issues Document Outlining Fact & Fiction When Dealing with Employee Retention Credit
  • Innocent Spouse Relief Not Available for Trust Fund Penalty Liability
  • LB&I Division Announces New Campaign Focusing on Limits on Deduction Due to Partner's Basis Under §704(d)
  • Final Regulations Issued Removing Requirement for Signing an Election Under §754
  • IRS Extends Late Portability Election Automatic Relief from Two to Five Years & Provides Additional Guidance
  • Supreme Court to Resolve Split Among Circuits on How to Apply FBAR Penalties

Advanced Prep

 

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Leaders

Ed Zollars

Ed Zollars Edward K. Zollars, CPA is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He has been in practice for over twenty five years, specializing in tax issues for closely held businesses and individuals. Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section's representative on three occasions to the AICPA's Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop's Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs.Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010. Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA's Accountants Forum in the mid 1990s. He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.

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