2018-01-02 The Year of TCJA and CPAR

Current Federal Tax Developments for the week of January 2, 2018 - The Year of TCJA and CPAR.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we discuss the following items:

• SEC issues bulletin on handling deferred taxes related to TCJA
• IRS requires use of Secure Access accounts to access e-Services
• IRS issues news release on deducting prepaid real estate taxes
• Safe harbor created for residential casualty losses just as personal casualty losses generally go away
• In other not long to be useful guidance, the IRS holds that a group of films licensed together can qualify as Section 199 property
• No deduction is allowed for tuition discount until student meets attendance requirement
• IRS announces will continue to use same format W-4s for TCJA withholding
• CPAR opt-out final regulations are issued
• IRS extends date for providing Forms 1095-B and C for 2017