AICPA Tax Insider (March 24, 2022): Auto depreciation limits leap with inflation; IRS waives estimated-tax penalties for farmers and fishermen; and More!

Auto depreciation limits leap with inflation
The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles, including passenger vans and trucks, placed in service in 2022.

IRS waives estimated-tax penalties for farmers and fishermen
The IRS, citing earlier problems e-filing a new form reporting S corporation owners’ basis, has granted relief to certain farmers and fishermen who missed their March 1 filing deadline.

Grappling with Schedules K-2 and K-3
In this podcast episode with transcript, John Samtoy, CPA, discusses Schedules K-2 and K-3 for passthrough entities and U.S. persons who are partners in foreign partnerships, and how tax professionals can help clients with them.

Commissioner to Congress: IRS will clear backlog by year’s end
Testifying before a House subcommittee, Charles Rettig describes progress in meeting lingering pandemic challenges.

Research credit refund claims: New documentation requirements
By Jennifer Frost, Esq., LL.M.; Pinky Shodhan, CPA, J.D., LL.M., MBA; John Andress, CPA; and Kevin Benton
The IRS’s new threshold requirement for Sec. 41 refund claims to provide details of certain qualifying criteria raises concerns of how specific that information must be, especially when weighed against businesses’ administrative burden of compiling it.

The research credit: Using statistical sampling
By Tae Song; Hamid Ashtiani; Jason Seo, J.D., LL.M.; Dennis St. Martin, CPA; Kevin Benton; and Wendy Rotz
A recent internal IRS memo sheds light on how to satisfy the four-part test for whether research activities qualify for the Sec. 41 credit.

Recruiting, flexible working, and tax season issues for small firms
In this podcast episode with transcript, an AICPA vice president explains some of the key practice management concerns of smaller CPA firms — talent, technology, and tax season.

Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.

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