Tax Update with Ron Cohen Ron Cohen

Today we discuss:
-A review of year end tax planning issues and strategies

About The Show:
Hello and welcome. This is Ron Cohen. I’m a tax partner with the firm of Greenstein, Rogoff, Olsen & Co., LLP and we’re located in beautiful downtown Fremont, California. I appreciate you signing in to listen to my self-indulgent, and sometimes narcissistic comments about the tax system.

No Reliance:
Take no reliance on anything you hear on this podcast. This is mostly for entertainment and education. In order to get an opinion from me or my firm you have to sign an engagement letter and give us all of the facts. After we do some research about your situation we’ll come back and formally give you an opinion. And only then can you use that advice for purposes of entering into any transaction or filing a tax return.

Plagiarism is Okay!
Everything in the tax rules is from the Internal Revenue Code, its regulations, court cases, and various internal memorandums by the Internal Revenue Service. Lots of lawyers and CPAs write very good articles that we will often attach in the show notes. They are trying to show how smart they are to the public so everyone copies from everyone else, and I certainly want to give them credit. We're not writing any novels, nor creating deep or original thoughts here.

No Politics
We try to stay out of general politics, however tax law is developed through legislation in Congress and anything that's legislative has its own political ups and downs. And I feel free to comment on that.

How I Help:
Our firm does around 1400 tax returns for various people. The demographics range from little grandmothers all the way up to high tech executives and multinational corporations. We also specialize in family office services for wealthy groups with far flung entities and we also help those groups with things such as bill paying and taking care of their day-to-day financial operations

No Cheerleader for the Tax System:
Our tax system is intrusive, an invasion of privacy and it's tedious. You need to look at a 12 step flowchart to figure out in some cases whether you can take your mortgage interest deduction. It is part of the technocratic Administrative State that has built up in this country since World War Two, and I don't like it. Other countries have simplified the tax system in many ways, despite this we always try to get an A+ (not an A-, or a B, or a C) in our work and make sure it is accurate. Well prepared tax returns rarely get audited, and the best tax audit, is the one that never comes!

Please let us know if there are specific topics you'd like to hear about in future episodes.

Ron Cohen, CPA
Partner at Greenstein, Rogoff, Olsen & Co., LLP
Email: rcohen@groco.com
510.797.8661


Show Notes:
Year-end Tax Planning: https://www.cchwebsites.com/content/pdf/tax_brief/us/2022_Year_End_Tax_Planning_Briefing.pdf

Roth Conversions – and back-door Roth IRAs.
https://www.investopedia.com/roth-ira-conversion-rules-4770480

https://www.wealthyaccountant.com/2022/04/11/roth-conversion/

Health Savings Account (HSA)
https://www.healthcare.gov/glossary/health-savings-account-hsa/

Today we discuss:
-IRS inflation related adjustments to tax rates
-Social Security inflation adjustments
-The status of tax law legislation post mid-term elections


About The Show:
Hello and welcome. This is Ron Cohen. I’m a tax partner with the firm of Greenstein, Rogoff, Olsen & Co., LLP and we’re located in beautiful downtown Fremont, California. I appreciate you signing in to listen to my self-indulgent, and sometimes narcissistic comments about the tax system.

No Reliance:
Take no reliance on anything you hear on this podcast. This is mostly for entertainment and education. In order to get an opinion from me or my firm you have to sign an engagement letter and give us all of the facts. After we do some research about your situation we’ll come back and formally give you an opinion. And only then can you use that advice for purposes of entering into any transaction or filing a tax return.

Plagiarism is Okay!
Everything in the tax rules is from the Internal Revenue Code, its regulations, court cases, and various internal memorandums by the Internal Revenue Service. Lots of lawyers and CPAs write very good articles that we will often attach in the show notes. They are trying to show how smart they are to the public so everyone copies from everyone else, and I certainly want to give them credit. We're not writing any novels, nor creating deep or original thoughts here.

No Politics
We try to stay out of general politics, however tax law is developed through legislation in Congress and anything that's legislative has its own political ups and downs. And I feel free to comment on that.

How I Help:
Our firm does around 1400 tax returns for various people. The demographics range from little grandmothers all the way up to high tech executives and multinational corporations. We also specialize in family office services for wealthy groups with far flung entities and we also help those groups with things such as bill paying and taking care of their day-to-day financial operations

No Cheerleader for the Tax System:
Our tax system is intrusive, an invasion of privacy and it's tedious. You need to look at a 12 step flowchart to figure out in some cases whether you can take your mortgage interest deduction. It is part of the technocratic Administrative State that has built up in this country since World War Two, and I don't like it. Other countries have simplified the tax system in many ways, despite this we always try to get an A+ (not an A-, or a B, or a C) in our work and make sure it is accurate. Well prepared tax returns rarely get audited, and the best tax audit, is the one that never comes!

Please let us know if there are specific topics you'd like to hear about in future episodes.

Ron Cohen, CPA
Partner at Greenstein, Rogoff, Olsen & Co., LLP
Email: rcohen@groco.com
510.797.8661


Show Notes:

A Greener Home Can Save You Green Under the Inflation Reduction Act
https://www.aslcpa.com/newsletters/clean-energy-credits/#more-3347

IRS provides tax inflation adjustments for tax year 2023
https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023

Leadership changes—and challenges—dominate as lawmakers return for lame duck session
https://www2.deloitte.com/content/dam/Deloitte/us/Documents/Tax/us-tax-taxnewsandviews-221118.pdf

00:00 Intro
01:47 Caveats
04:00 The IRS comments on the passage of funding under the Inflation Reduction Act
11:11 A Reminder about Unclaimed Property Report and the new tax return questions about them
12:11 AICPA issues a letter to the IRS asking for help on new forms K-2 & K-3….road map for auditors.
14:52 Be Very Careful having your tax return done by a VITA volunteer. Long history of errors.
19:32 Ed Zollars CPA very detailed analysis of the Inflation Reduction Act
20:19 Cars must have 80% US assembly to qualify for EV credit.

Links:
IRS Commissioner Charles P. Rettig:
https://www.irs.gov/newsroom/irs-statement-by-irs-commissioner-chuck-rettig-on-the-inflation-reduction-act


Escheatment: https://sco.ca.gov/upd_msg.html

AICPA Urges IRS to Provide Additional Guidance on Schedule K-2 and K-3 Reporting:
https://www.taxpayeradvocate.irs.gov/news/successstories-tas-assists-victims-of-vita-site-preparer-fraud/

Ed Zollars Podcast on the Inflation Reduction Act:
https://podcasts.apple.com/us/podcast/2022-08-14-highlights-of-the-inflation-reduction-act-of-2022/id1114311870?i=1000576058930

EV Vehicle Credits:
https://techcrunch.com/2022/09/02/a-complete-guide-to-the-new-ev-tax-credit/


About The Show:
Hello and welcome. This is Ron Cohen. I’m a tax partner with the firm of Greenstein, Rogoff, Olsen & Co., LLP and we’re located in beautiful downtown Fremont, California. I appreciate you signing in to listen to my self-indulgent, and sometimes narcissistic comments about the tax system.

No Reliance:
Take no reliance on anything you hear on this podcast. This is mostly for entertainment and education. In order to get an opinion from me or my firm you have to sign an engagement letter and give us all of the facts. After we do some research about your situation we’ll come back and formally give you an opinion. And only then can you use that advice for purposes of entering into any transaction or filing a tax return.

Plagiarism is Okay!
Everything in the tax rules is from the Internal Revenue Code, its regulations, court cases, and various internal memorandums by the Internal Revenue Service. Lots of lawyers and CPAs write very good articles that we will often attach in the show notes. They are trying to show how smart they are to the public so everyone copies from everyone else, and I certainly want to give them credit. We're not writing any novels, nor creating deep or original thoughts here.

No Politics
We try to stay out of general politics, however tax law is developed through legislation in Congress and anything that's legislative has its own political ups and downs. And I feel free to comment on that.

How I Help:
Our firm does around 1400 tax returns for various people. The demographics range from little grandmothers all the way up to high tech executives and multinational corporations. We also specialize in family office services for wealthy groups with far flung entities and we also help those groups with things such as bill paying and taking care of their day-to-day financial operations

No Cheerleader for the Tax System:
Our tax system is intrusive, an invasion of privacy and it's tedious. You need to look at a 12 step flowchart to figure out in some cases whether you can take your mortgage interest deduction. It is part of the technocratic Administrative State that has built up in this country since World War Two, and I don't like it. Other countries have simplified the tax system in many ways, despite this we always try to get an A+ (not an A-, or a B, or a C) in our work and make sure it is accurate. Well prepared tax returns rarely get audited, and the best tax audit, is the one that never comes!

Please let us know if there are specific topics you'd like to hear about in future episodes.

Ron Cohen, CPA
Partner at Greenstein, Rogoff, Olsen & Co., LLP
Email: rcohen@groco.com
510.797.8661

If you didn't file your tax return during covid, the IRS is giving you a break from failure to file penalties. You may be able to take action by September 30, 2022, for certain international forms. All the domestic forms needed to be already filed in August of the following year, but you may be able to get previously assessed penalties reversed or fight back a tax notice that arrives that fits into the time periods addressed in the Notice.

Ever wonder what the IRS's cafeteria looks like? Currently it's full of paperwork they still need to process. Whether this was released to justify their new budget increase or not, its still a major improvement over the semi trailers full of unopened mail parked out back that we talked about last year.

IRS Cafeteria: https://www.washingtonpost.com/opinions/interactive/2022/irs-pipeline-tax-return-delays/?utm_source=morning-10&utm_medium=email&utm_campaign=20220809&utm_content=article10-readmore

Widespread Penalty Waivers: https://www.irs.gov/pub/irs-drop/n-22-36.pdf


About The Show:
Hello and welcome. This is Ron Cohen. I’m a tax partner with the firm of Greenstein, Rogoff, Olsen & Co., LLP and we’re located in beautiful downtown Fremont, California. I appreciate you signing in to listen to my self-indulgent, and sometimes narcissistic comments about the tax system.

No Reliance:
Take no reliance on anything you hear on this podcast. This is mostly for entertainment and education. In order to get an opinion from me or my firm you have to sign an engagement letter and give us all of the facts. After we do some research about your situation we’ll come back and formally give you an opinion. And only then can you use that advice for purposes of entering into any transaction or filing a tax return.

Plagiarism is Okay!
Everything in the tax rules is from the Internal Revenue Code, its regulations, court cases, and various internal memorandums by the Internal Revenue Service. Lots of lawyers and CPAs write very good articles that we will often attach in the show notes. They are trying to show how smart they are to the public so everyone copies from everyone else, and I certainly want to give them credit. We're not writing any novels, nor creating deep or original thoughts here.

No Politics
We try to stay out of general politics, however tax law is developed through legislation in Congress and anything that's legislative has its own political ups and downs. And I feel free to comment on that.

How I Help:
Our firm does around 1400 tax returns for various people. The demographics range from little grandmothers all the way up to high tech executives and multinational corporations. We also specialize in family office services for wealthy groups with far flung entities and we also help those groups with things such as bill paying and taking care of their day-to-day financial operations

No Cheerleader for the Tax System:
Our tax system is intrusive, an invasion of privacy and it's tedious. You need to look at a 12 step flowchart to figure out in some cases whether you can take your mortgage interest deduction. It is part of the technocratic Administrative State that has built up in this country since World War Two, and I don't like it. Other countries have simplified the tax system in many ways, despite this we always try to get an A+ (not an A-, or a B, or a C) in our work and make sure it is accurate. Well prepared tax returns rarely get audited, and the best tax audit, is the one that never comes!

Please let us know if there are specific topics you'd like to hear about in future episodes.

Ron Cohen, CPA
Partner at Greenstein, Rogoff, Olsen & Co., LLP
Email: rcohen@groco.com
510.797.8661

If you’ve had any student loan debt cancelled as a result of President Biden’s New Executive Order on Student Loan Forgiveness, be prepared when it comes time to file your tax return. That $10,000 of debt cancellation may be considered taxable income.

Also the middle class in California is receiving a nice surprise… the state is calling it a tax refund? Whether you call this coming check an inflation stimulus a tax refund or simply the redistribution of wealth, California brought in more money than they expected and surprisingly they’re giving it back.

Forgiven Student Loans partially taxable?
https://justthenews.com/government/state-houses/thirteen-states-may-tax-canceled-student-loans

California middle class tax refund.
https://www.ftb.ca.gov/about-ftb/newsroom/middle-class-tax-refund/index.html?WT.ac=Global_banner_MCTR

About The Show:
Hello and welcome. This is Ron Cohen. I’m a tax partner with the firm of Partner at Greenstein, Rogoff, Olsen & Co., LLP and we’re located in beautiful downtown Fremont, California. I appreciate you signing in to listen to my self indulgent, and sometimes narcissistic comments about the tax system.

No Reliance:
Take no reliance and anything you hear on this podcast. This is mostly for entertainment and education. In order to get an opinion from me or me firm you have to sign an engagement and give us all of the facts. After we do some research about your situation we’ll come back and formally give you an opinion. And only then can you use that advice for purposes of entering into any transaction or filing a tax return.
Plagiarism is Okay!
Everything in tax rule is laws are from the internal revenue codes, regulations, arrays, court cases, various internal memorandum by the Internal Revenue Service. Lots of lawyers and CPAs write very good articles that we will often attach in the show notes. And just trying to show how smart they are the public so everyone copies from everyone else and I certainly want to give credit. We're not writing any novels or original thoughts here.
No Politics
We try to stay out of general politics, however tax law is developed through legislation in Congress and anything that's legislative has its own political ups and downs. And I feel free to comment on that.

How I Help:
Our my firm does around 1400 tax returns for various people. The demographics range from little grandmothers all the way up to high tech executives and multinational corporations. We also specialize in family office services for wealthy groups with far flung entities and we also help those groups with things such as bill paying and taking care of their day to day financial operations
No Cheerleader for the Tax System
Our tax system is intrusive, an invasion of privacy and It's tedious. You need to look at a 12 step flowchart to figure out in some cases whether you can take your mortgage interest deduction. It is part of the technocratic administrative state that is built up in this country since World War Two, and I don't like it. Other countries have simplified the tax system in many ways, despite this we always try to get an A+ on our work and make sure it is accurate.

Please let us know if there are specific topics you'd like to hear about in future episodes.

Ron Cohen, CPA
Partner at Greenstein, Rogoff, Olsen & Co., LLP
rcohen@groco.com
510.797.8661

They will show you their badge, and they often carry firearms. The IRS has its own police force because your local police and the FBI and other Federal law enforcement DO NOTE LIKE TO GET INVOLVED with taxes.

Note, not filing or paying DOES qualify as something very wrong, for large amounts or a long time. Strictly, any non-filing or non-paying is a felony, not a misdemeanor or like a traffic ticket. But even that won’t get you in big trouble as long as you quickly resolve it. Always consider entering into an IRS Installment payment agreement if you get behind.

So, just like dealing with a Police Officer, be very respectful, and tell them you need to get an attorney involved if it is anything more than a casual matter. …and with these fine folks, almost nothing is a casual matter.

IRS CID Link: CID: https://www.irs.gov/compliance/criminal-investigation

About The Show:
Hello and welcome. This is Ron Cohen. I’m a tax partner with the firm of Greenstein, Rogoff, Olsen & Co., LLP and we’re located in beautiful downtown Fremont, California. I appreciate you signing in to listen to my self-indulgent, and sometimes narcissistic comments about the tax system.

No Reliance:
Take no reliance on anything you hear on this podcast. This is mostly for entertainment and education. In order to get an opinion from me or my firm you have to sign an engagement letter and give us all of the facts. After we do some research about your situation we’ll come back and formally give you an opinion. And only then can you use that advice for purposes of entering into any transaction or filing a tax return.

Plagiarism is Okay!
Everything in the tax rules is from the Internal Revenue Code, its regulations, court cases, and various internal memorandums by the Internal Revenue Service. Lots of lawyers and CPAs write very good articles that we will often attach in the show notes. They are trying to show how smart they are to the public so everyone copies from everyone else, and I certainly want to give them credit. We're not writing any novels, nor creating deep or original thoughts here.

No Politics
We try to stay out of general politics, however tax law is developed through legislation in Congress and anything that's legislative has its own political ups and downs. And I feel free to comment on that.

How I Help:
Our firm does around 1400 tax returns for various people. The demographics range from little grandmothers all the way up to high tech executives and multinational corporations. We also specialize in family office services for wealthy groups with far flung entities and we also help those groups with things such as bill paying and taking care of their day-to-day financial operations

No Cheerleader for the Tax System:
Our tax system is intrusive, an invasion of privacy and it's tedious. You need to look at a 12 step flowchart to figure out in some cases whether you can take your mortgage interest deduction. It is part of the technocratic Administrative State that has built up in this country since World War Two, and I don't like it. Other countries have simplified the tax system in many ways, despite this we always try to get an A+ (not an A-, or a B, or a C) in our work and make sure it is accurate. Well prepared tax returns rarely get audited, and the best tax audit, is the one that never comes!

Please let us know if there are specific topics you'd like to hear about in future episodes.

Ron Cohen, CPA
Partner at Greenstein, Rogoff, Olsen & Co., LLP
Email: rcohen@groco.com
510.797.8661