2019-09-23 Zombie Power of Attorney

Current Federal Tax Developments for the week of September 23, 2019: Zombie Power of Attorney

• IRS releases final and new proposed regulations on §168(k) bonus depreciation
• Settlement offer to be sent to 200 taxpayers under exam for microcaptive structures
• Government shutdown causes IRS to lose ability to extend statute taxpayer had already agreed to extend
• Power of attorney not used by son nevertheless left him authorized to act for father, barring claim for extended statute
• CPA ordered to turn over tax returns of client based on two factor test

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