This week we look at the following items:

  • IRS publishes 2019 inflation adjusted figures

  • IRS notes increase in breaches of systems of tax return preparers in 2018

  • Filing and deposit date relief announced for victims of California wildfires

  • IRS email discusses application of due diligence preparer penalties

Copyright 2018 Kaplan Professional Education

Direct download: 2018-11-19_Chained_CPI_Makes_Its_Full_Debut.mp3
Category:general -- posted at: 6:41pm EST

This week we look at the following items:

  • §163(j) proposed regulations due this week

  • IRS releases final TCJA due diligence regulations

  • Country singer found not to operate night club for a profit

  • Foreign earned income denied when taxpayer did not show his abode was outside the United States

Copyright 2018 Kaplan Professional Education

Direct download: 2018-11-12_Due_Diligence.mp3
Category:general -- posted at: 7:41am EST

This week we look at the following items:

  • Inflation-adjusted retirement plan numbers for 2019 released

  • IRS publishes draft Form 990-T and instructions with details on the parking lot tax

  • Students lose at DC Circuit in attempt to claim travel deductions

  • A Blue Book on TCJA may be coming soon

  • A taxpayer is denied relief from liability for tax due on a joint return the court finds she didn’t file

Copyright 2018, Kaplan, Inc.

Direct download: 2018-11-05_Parking_Lot_Tax.mp3
Category:general -- posted at: 5:24pm EST

This week we look at the following items:

  • Court finds IRA and plan balance received in divorce not protected in bankruptcy

  • Interest limitation proposed regulations (except for passthroughs) heads to OMB

  • Connecticut crumbling foundation relief clarified to also create NOLs that can be carried back in 2018

  • PTIN renewal opened up by the IRS

  • OMB announces plans for guidance on TCJA loss limitation rules--but not planned to be out until June 2019

  • Taxpayer denied innocent spouse relief.

Copyright 2018 Kaplan Professional Education

Direct download: 2018-10-29_More_Guidance_to_Come.mp3
Category:general -- posted at: 6:11am EST

This week we look at the following items:

  • A pastor had taxable income from pastoral donations

  • IRS grants filing and payment relief related to Hurricane Michael

  • A taxpayer could not apply payment where the IRS had levied the account

  • Initial Qualified Opportunity Zone proposed regulations issued

Copyright 2018, Kaplan, Inc.

Direct download: 2018-10-22_Seizing_the_Opportunity.mp3
Category:general -- posted at: 4:49am EST

This week we look at the following items:

  • IRS issues SIFL rates for second half of 2018

  • Information letter discusses more issues with the SALT workaround regulations

  • Business meals will remain 50% deductible despite TCJA law changes

  • ECPRS program updated by the IRS Market discount not subject to TCJA revenue conformity rule

  • §457 plan not required to offer hurricane relief distributions

Copyright 2018, Kaplan, Inc.

Direct download: 2018-10-08_Business_Meals_Deduction_is_Alive_and_Well.mp3
Category:general -- posted at: 7:27am EST

This week we look at the following items:

  • Wall Street Journal reports IRS will issue guidance allowing 50% deduction for business meals

  • IRS issues guidance on credit for paying employees on FMLA leave

  • Moving expenses incurred in 2017 but reimbursed in 2018 ruled to be excludable from the employee’s income

  • Special per diem rules, including high/low amounts, updated by the IRS

  • IRS agent found to qualify as an innocent spouse when given what turned out to be a misleading response by soon to be ex-spouse

Copyright 2018, Kaplan, Inc.

Direct download: 2018-10-01_Employee_Benefits_Week.mp3
Category:general -- posted at: 9:12am EST

This week we look at the following items:

  • Tax Court allows a taxpayer to try and prove reasonable reliance on indirect legal advice

  • Updated safe harbor explanations for plan distributions issued by IRS

  • IRS delays major revision to Form W-4 to 2020

  • Relief announced for victims of Hurricane Florence

Copyright 2018, Kaplan, Inc.

Direct download: 2018-09-24_Is_This_Reasonable.mp3
Category:general -- posted at: 9:58pm EST

This week we look at the following items:

  • South Dakota enacts remote seller law to implement Wayfair decision beginning November 30

  • Colorado tests the limits of Justice Kennedy’s holdings in Wayfair

  • Even though records were imperfect, Tax Court finds the taxpayer was a real estate professional

  • Opportunity Zone regulations at OMB, expected out around the end of the month

  • IRS rules math error procedures can be used even after refunds are issued

Copyright 2018, Kaplan, Inc.

Direct download: 2018-09-17_Are_349_Filings_Unconstitutional.mp3
Category:general -- posted at: 5:23pm EST

This week we look at the following items:

  • South Dakota to hold a special session so the state can begin to take advantage of their victory in the Wayfair case
  • Taxpayer who withdrew IRA funds based on a notice of intent to levy cannot escape 10% additional tax
  • IRS clarifies the application of the proposed SALT regulations leading to a bevy of questions
  • IRS memorandum concludes seismic fees for offshore drilling must be amortized and cannot be treated as intangible drilling costs
  • President issues an Executive Order for DOL and Treasury to consider certain changes to retirement plans
  • Tax Court disagrees with the IRS’s view on how §1291(c) gains interact with six year statute

Copyright 2018, Kaplan, Inc.

Direct download: 2018-09-10_SALT_Clarification_-_Well_Not_Really.mp3
Category:general -- posted at: 8:48pm EST

This week we look at the following items:

  • Taxpayers creating multiple entities to try and avoid double taxation of C corporation income find their plan fails
  • IRS issues SALT workaround regulations and affect both new and pre-existing state tax credit programs
  • Modifications made to automatic accounting method revenue procedure to deal with S corporation revocations under special TCJA rule
  • Guidance provided on applying the rules to compute UBTI separately for each trade or business

Copyright 2018, Kaplan, Inc.

Direct download: 2018-08-28_State_Tax_Credits_Take_a_Hit.mp3
Category:general -- posted at: 4:37pm EST

This week we look at the following items:

  • Taxpayers creating multiple entities to try and avoid double taxation of C corporation income find their plan fails
  • IRS issues SALT workaround regulations and affect both new and pre-existing state tax credit programs
  • Modifications made to automatic accounting method revenue procedure to deal with S corporation revocations under special TCJA rule
  • Guidance provided on applying the rules to compute UBTI separately for each trade or business

Copyright 2018, Kaplan, Inc.

Direct download: 2018-08-28_State_Tax_Credits_Take_a_Hit.mp3
Category:general -- posted at: 4:37pm EST

This week we look at the following items:

  • Oregon Supreme Court rules no physical presence required to be subject to corporate income tax
  • Idaho sends out notices to retailers that it’s moving forward with affiliate rule for collecting sales tax
  • IRS prevails over AICPA on question of issuing credential for unenrolled tax preparers
  • AICPA sends comments to the IRS and Treasury on S corporation and Section 461(l) issues following TCJA

Copyright 2018, Kaplan, Inc.

Direct download: 2018-08-20_IRS_Stays_Quiet_States_Keep_Going.mp3
Category:general -- posted at: 4:42pm EST

This week we look at the following items:

  • Proposed regulations for 965 are issued, others on state and local tax workarounds submitted to OMB
  • Majority of states that impose a sales tax now have published post-Wayfair remote seller collection requirements and start dates
  • Proposed regulations on which taxpayers may rely issued on bonus depreciation
  • Automatic accounting method change guidance issued for TCJA small business accounting methods
  • 529 plan revised guidance to deal with TCJA and other recent changes
  • Guidance issued on additional contributions allowed to ABLE accounts by TCJA changes

Copyright 2018, Kaplan, Inc.

Direct download: 2018-08-06_TCJA_Guidance_Appears.mp3
Category:general -- posted at: 10:50pm EST

This week we look at the following items:

  • First 199A regulations are sent to OMB for review
  • Minnesota tests whether lower limits than South Dakota will work under Wayfair
  • Utah enacts South Dakota limits for remote sellers
  • Another US District Court agrees that the IRS’s own regulations limit the FBAR willfulness penalty amount
  • Taxpayer stuck with transferee liability after entering into transaction to sell corporation

Copyright 2018, Kaplan, Inc.

Direct download: 2018-07-30_A_199A_Glimmer_of_Hope.mp3
Category:general -- posted at: 8:47pm EST

This week we look at the following items:

  • Two state supreme courts restrict their states’ ability to tax trusts
  • IRS issued PMTA on willfulness for FBAR penalty
  • Forfeitures now can be used to fund QMACs and QNECs
  • IRS discusses the impact on taxable wages of a payroll tax examination
  • Many exempt organizations will no longer have to file Schedule B with Form 990
  • Proposed regulations issued on due diligence expansion to head of household status added by TCJA

Copyright 2018 Kaplan Professional Education

Direct download: 2018-07-23_Taxing_Trusts_Roadblocks.mp3
Category:general -- posted at: 10:16am EST

This week's update includes discussions of the following topics:

  • More Wayfair fallout
    • North Dakota out of state seller collections required beginning October 1
    • South Carolina to use South Dakota minimums for out of state sellers
    • Wisconsin will use the South Dakota minimums for the October 1 out of state seller start
  • IRS updates security guidance for tax professionals
  • Trusts and Estates will get to deduct trustee fees and other Section 67(e) expenses following TCJA
  • IRS sticks to its position on prepaid real estate taxes when questioned by NJ Attorney General
  • IRS employee indicates the agency accepts that the back door Roth contribution is legal

Copyright 2018, Kaplan, Inc.

Direct download: 2018-07-16_OK_to_Use_the_Back_Door.mp3
Category:general -- posted at: 1:34pm EST

This week's update includes discussions of the following topics:

  • More Wayfair fallout
    • North Dakota out of state seller collections required beginning October 1
    • South Carolina to use South Dakota minimums for out of state sellers
    • Wisconsin will use the South Dakota minimums for the October 1 out of state seller start
  • IRS updates security guidance for tax professionals
  • Trusts and Estates will get to deduct trustee fees and other Section 67(e) expenses following TCJA
  • IRS sticks to its position on prepaid real estate taxes when questioned by NJ Attorney General
  • IRS employee indicates the agency accepts that the back door Roth contribution is legal

Copyright 2018, Kaplan, Inc.

Direct download: 2018-07-16_OK_to_Use_the_Back_Door.mp3
Category:general -- posted at: 1:34pm EST

This week we look at the following items:

  • States take various actions regarding forcing out of state sellers to collect tax
    • Louisiana looks to adopt its law to fit within Justice Kennedy’s outline of acceptable protections for interstate commerce
    • Alabama, though not a member of SSUTA, will begin requiring collection on October 1
    • Wisconsin, an SSUTA member but without a de minimis limit, will also want collections on October 1
    • New Jersey adopts a law that duplicates South Dakota and adds marketplace provisions
  • IRS LB&I Division announces five new compliance campaigns
  • IRS agent wonders if a preparer penalty could be assessed directly against an equity holder who did not otherwise violate Section 6694

Copyright 2018, Kaplan, Inc.

Direct download: 2018-07-09_The_States_Strike_Back.mp3
Category:general -- posted at: 8:10pm EST

This week we look at the following items:

  • States take various actions regarding forcing out of state sellers to collect tax
    • Louisiana looks to adopt its law to fit within Justice Kennedy’s outline of acceptable protections for interstate commerce
    • Alabama, though not a member of SSUTA, will begin requiring collection on October 1
    • Wisconsin, an SSUTA member but without a de minimis limit, will also want collections on October 1
    • New Jersey adopts a law that duplicates South Dakota and adds marketplace provisions
  • IRS LB&I Division announces five new compliance campaigns
  • IRS agent wonders if a preparer penalty could be assessed directly against an equity holder who did not otherwise violate Section 6694

Copyright 2018, Kaplan, Inc.

Direct download: 2018-07-09_The_States_Strike_Back.mp3
Category:general -- posted at: 8:10pm EST

This week we look at the following items:

  • IRS releases a new “postcard” dratt for Form 1040 along with 6 schedules
  • CPA who advised on ESOP and prepared 5500s was still found to be an independent appraiser on third time to court
  • IRS publishes the list of qualified opportunity zones under TCJA’s Section 1400Z-1
  • A amendment of a return with fraudulent positions does not reduce the fraud penalty
  • Taxpayer discovers IRS had not agreed to waive all penalties when taxpayer agreed to exam changes

Copyright 2018 Kaplan Inc.

Direct download: 2018-07-02_Postcard_Week.mp3
Category:general -- posted at: 11:11pm EST

Copyright 2018 Kaplan Professional Education

Direct download: 2018-06-18_Do_Not_Rely_on_the_IRS.mp3
Category:general -- posted at: 12:00pm EST

Copyright 2018 Kaplan Professional Education

Direct download: 2018-06-25_So_Long_Quill.mp3
Category:general -- posted at: 12:00pm EST

This week we look at the following items:

  • Updated timeline for some TCJA guidance
  • Court accepted father’s testimony for where son lived during tax year
  • Dad denied deduction for payments related to revenue collected for son who lacked a general contractor’s license
  • The IRS grants some relief for §965 transition tax payments
  • Memo deals with confusion that arose due to special meaning certain words have in a tax context

Copyright 2018 Kaplan Professional Education

Direct download: 2018-06-11_The_Problem_with_Claiming_an_Adjustment.mp3
Category:general -- posted at: 1:08pm EST

This week we look at the following items:

  • Fact sheet on how the IRS contacts taxpayers--and how it doesn’t
  • Ruling issued on how funds sent to state under abandoned property laws is treated for withholding and reporting purposes
  • Taxpayer was found to be a statutory employee, deductions allowed above the line
  • IRS issues proposed regulations that would increase number of taxpayers that must electronically file all information returns

Copyright 2018 Kaplan Inc.

Direct download: 2018-06-04_When_an_Employee_Isn27t_an_Employee.mp3
Category:Federal Tax Update -- posted at: 12:26pm EST

This week we look at the following items:

  • FBAR penalty limited to lower amount in old regulation
  • Taxpayer had not started a business yet, so no current deduction allowed for expenses incurred
  • IRS to issue regulations on SALT/charity workarounds, raises substance over form issue
  • DC Circuit agrees with Ninth Circuit that partnerships with disregarded entity partners are subject to TEFRA (and presumably subject to CPAR) audits

Copyright 2018 Kaplan Inc.

Direct download: 2018-05-29_SALT_Battles_Begin.mp3
Category:general -- posted at: 8:24am EST

This week we look at the following items:

  • Update on TCJA guidance from the ABA Tax Section Meeting
  • Tax due on tuition waiver received as part of severance package when used by daughter 22 years later
  • Connecticut becomes the next state to adopt SALT workarounds
  • IRS updates revenue procedure for use of information on status of charity
  • Taxpayer reliance on advice from one adviser could not be in good faith and received no advice from other

Copyright 2018 Kaplan Inc.

Direct download: 2018-05-21_Time_Doesn27t_Solve_All_Tax_Problems.mp3
Category:general -- posted at: 11:50am EST

This week we look at the following items:

  • Taxpayer had to include son’s savings account in determination of solvency
  • 2019 HRA amounts announced by the IRS
  • IRS changes Section 382 recognized built-in gain/loss safe harbors due to changes made by TCJA
  • Revenue procedure issued to deal with requests to change accounting methods due to ASC 606 adoption for financial statements
  • General automatic method change revenue procedure annual update published by IRS
  • Taxpayer found to have no asset to sell and, due to that, income was ordinary and not capital in nature

Copyright 2018 Kaplan Inc.

Direct download: 2018-05-14_Change_in_the_Air.mp3
Category:general -- posted at: 2:23pm EST

Copyright 2018 Kaplan Inc.

Direct download: 2018-05-07_Unreasonable_Reliance.mp3
Category:general -- posted at: 12:49pm EST

This week we look at the following items:

  • Colorado reports disappointing results from tattletale use tax law
  • Oklahoma enacts a second tattletale use tax law
  • IRS grants relief for last minute change in HSA maximum contribution amount for 2018
  • Volunteers who divided amounts in tip jar at end of shift received tips subject to FICA
  • Taxpayer who failed to check and find return was never accepted held liable for late filing penalty

Copyright 2018 Kaplan Inc.

Direct download: 2018-04-30_What_if_No_One_Tattles.mp3
Category:general -- posted at: 1:39pm EST

This week we look at the following items:

  • IRS computer system failure ends up adding one extra day to tax season
  • The Supreme Court heard oral arguments in the Wayfair case
  • IRS gives details on blended rates to be used by fiscal year C corporations
  • IRS issues the rates for valuing employer owned aircraft trips for the first half of 2018
  • The IRS clarifies how the repeal of the special alimony trust provision in TCJA will work
  • The AICPA asks the IRS to reconsider its position on refunds of overpayments for those with remaining 965 transition tax installments

Copyright 2018 Kaplan Inc.

Direct download: 2018-04-23_Groundhog_Day_the_Tax_Pros_Version.mp3
Category:general -- posted at: 4:00pm EST

This week we look at the following developments:

  • Supreme Court will shortly hear oral arguments in Wayfair case
  • A number of states increase pressure on out of state sellers
    • Idaho requires collection at $10,000 of sale from any seller that the Supreme Court doesn’t tell us lacks nexus in Wayfair
    • Georgia adds a $200,000/200 transaction tattletale statute
    • Oklahoma puts a $10,000 tattletale statute in place that also impacts referrers
  • New York passes two TJCA SALT limitation workaround statutes - but do they work?
  • IRS issues guidance on three TCJA topics on Monday, including 43 pages on Section 965 transition tax

Copyright 2018, Kaplan, Inc.

Direct download: 2018-04-09_Focus_on_States.mp3
Category:general -- posted at: 7:38am EST

This week we look at the following items:

  • Accountant by day, goaltender by night in Chicago
  • IRS publishes statistics on exams, collections, phone wait times and more
  • IRS reminds and warns taxpayers about virtual currency issues
  • IRS recommends taxpayers have a payroll checkup

Copyright 2018 Kaplan Inc.

Direct download: 2018-04-02_Tending_Goal_and_Mining_Currency.mp3
Category:general -- posted at: 4:39pm EST

This week we look at the following items:

  • Congress passed bill to fix the grain glitch and passed partnership audit rule changes
  • IRS warns of increasing attacks against tax professionals
  • Series 8453 business forms must be signed manually
  • Supreme Court rules on tax obstruction statute

Copyright 2018, Kaplan, Inc.

Direct download: 2018-03-26_Grain_Glitch_Fix.mp3
Category:Federal Tax Update -- posted at: 4:11pm EST

Current Federal Tax Developments for the week of March 19, 2018 - Love and the Tax Attorney. Current Federal Tax Developments is brought to you by the state CPA societies and Kaplan Professional Education.

This week we look at the following items:

  • OVDP program to end on September 28, 2018
  • Entire cost of having international firm prepare returns for employees sent overseas treated as wages
  • Conundrum only a tax attorney could love - dealing with a sale case where the regulations don’t give guidance
  • Guidance given on reporting and paying Section 965 transition tax

Copyright 2018 Kaplan Inc.

Direct download: 2018-03-19_Love_and_the_Tax_Attorney.mp3
Category:Federal Tax Update -- posted at: 3:46pm EST

Current Federal Tax Developments for the week of March 12, 2018 - A Tale of Two Landlords.  Current Federal Tax Developments is brought to you by the state CPA societies and Kaplan Professional Education.

This week we look at the following items:

  • Revised inflation adjusted numbers released for TCJA changes
  • Male sterilization/contraception no-cost benefit not allowed in HDHP policies regardless of state law
  • Roth IRA found not to actually own a foreign sales corporation
  • Taxpayers’ reconstructed records and recollections not enough to prove real estate professional status
  • Architect able to convince court he was a real estate professional with a single four-plex

Copyright 2018, Kaplan, Inc.

Direct download: 2018-03-12_A_Tale_of_Two_Landlords.mp3
Category:general -- posted at: 7:04am EST

This week we look at the following items:

  • Storage battery for solar system can qualify for credit - but with key conditions
  • Two courts disagree on whether a gravel sale is or is not exempt from tax based on two treaties
  • IRS issues promised guidance to attempt to block S corporation carried interest structure
  • Revised online Form W-4 calculator and Form W-4 issued to deal with TCJA changes

Copyright 2017 Kaplan Inc.

Direct download: 2018-03-05_A_Bit_of_Disagreement.mp3
Category:general -- posted at: 11:37am EST

This week we look at the following items:

  • IRS begins to process some returns with retroactively restored provisions for 2017
  • IRS reminds taxpayers that a “home equity” debt can still be acquisition debt and deductible on 2018 return
  • AICPA sends Treasury a letter outlining areas of §199A guidance that are needed
  • Taxpayer ends up failing to do a tax-free division of IRA funds in a divorce
  • The IRS fails in its attempt to have a gain on the sale of land taxed as ordinary income

Copyright 2018, Kaplan, Inc.

 

Direct download: 2018-02-26_How_Not_to_Divide_an_IRA.mp3
Category:general -- posted at: 9:52am EST

This week we look at the following items:

  • A method that went unchallenged in two prior audits did not fare well at all in third IRS exam
  • Treasury officials speak on timing of TCJA guidance, Section 199A reasonable compensation and fiduciary income tax issues at ABA Tax Section meeting
  • Treasury Secretary Mnuchin testifies that IRS will issue guidance to shut down S corporation carried interest structure inspired by TCJA
  • Odd result is nevertheless the proper result appellate court informs taxpayer
  • IRS to release W4 online calculator this week

Copyright 2018, Kaplan, Inc.

Direct download: 2018-02-19_Treasury_at_the_Bar.mp3
Category:Federal Tax Update -- posted at: 9:07am EST

This week we look at the following items:

  • The Bipartisan Budget Act of 2016 includes extenders and other items
  • IRS updates priority guidance for TCJA items, adding 18 TCJA projects
  • Special relief granted to those with pyrrhotite damage, allowing losses to be claimed on 2017 returns
  • Qualified plan and IRA 2018 inflation adjusted figures will not have to change due to TCJA
  • A journal entry did not create a shareholder debt, leading to a denial of multi-million dollar loss
  • Engineer is potentially liable for penalties if positions on cost segregation study are not justified

Copyright 2017 Kaplan Inc.

Direct download: 2018-02-12_Change_the_Rules_During_Tax_Season.mp3
Category:Federal Tax Update -- posted at: 8:36am EST

This week we look at the following items:

  • The AICPA sends a letter to Treasury regarding areas needing immediate guidance on TCJA - and the list is long
  • IRS issues interim Form W-4 guidance until they can update the forms for TCJA
  • A new proposed regulation added to the Centralized Partnership Audit Regime (CPAR) guidance
  • IRS updates its maybe again annual disclosure Revenue Procedure, but doesn’t really change anything

Copyright 2018, Kaplan, Inc.

Direct download: 2018-02-05_Questions_and_Some_Answers_on_TCJA.mp3
Category:Federal Tax Update -- posted at: 2:27pm EST

This week we look at the following items:

  • IRS to recompute 2018 inflation adjustment items
  • Priority of guidance discussed by IRS and Treasury
  • JCT counsel discussses impact of TCJA provisions on meals and entertainment and working condition fringe benefits
  • New Form 1024-A to be used by §501(c)(4) organizations seeking determination letter
  • Leaving return under doormat for ex-spouse to sign and mail not reasonable cause for late filing

Copyright 2018, Kaplan Professional Education, Inc.

Direct download: 2018-01-29_Government_Gets_Talkative.mp3
Category:general -- posted at: 7:06am EST

This week we look at the following items:

  • IRS publishes plan for dealing with government shutdown during tax season
  • 2017 Roth conversions can be recharacterized through October 15
  • Tenth Circuit limits trust’s deduction for property donation to basis in property
  • IRS begins sharing information with State Department for those with seriously delinquent tax debts

Copyright 2018, Kaplan, Inc.

Direct download: 2018-01-22_IRS_in_Shutdown_Mode.mp3
Category:Federal Tax Update -- posted at: 6:48pm EST

This week we look at the following items:

  • Supreme Court to take on South Dakota’s challenge to the 1992 Quill decision on nexus for sales taxes
  • FASB will allow private companies and not-for-profits to apply SEC Staff Accounting Bulletin 118 to deal with TCJA deferred taxes
  • Joint Committee on Taxation publishes its annual list of expired and expiring tax provisions, now updated for TCJA’s individual items
  • IRS finds a fuel reward programs where it agrees that a taxpayer can take accrued but unredeemed amounts as a current deduction
  • IRS publishes early percentage withholding tables for wages under TCJA

Copyright 2018, Kaplan, Inc.

Direct download: 2018-01-15_-_A_Sequel_26_Years_Later.mp3
Category:Federal Tax Update -- posted at: 7:02am EST

Current Federal Tax Developments for the week of January 8, 2018 - The Calm After the Storm  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we look at the following items:

  • IRS to accept efiled returns beginning January 29
  • Employer retirement account being paid to surviving spouse cannot be transferred to beneficiary of surviving spouse at spouse’s death
  • Rollover of after-tax funds from 401(k) into traditional IRA creates basis
  • Innocent spouse relief granted despite fact that husband should have known about the income
  • Additional 6 year statute on unreported income from specified foreign assets does not apply until those assets were subject to information reporting

Copyright 2018, Kaplan, Inc.

Direct download: 2018-01-08_The_Calm_After_the_Storm.mp3
Category:Federal Tax Update -- posted at: 5:41am EST

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
Direct download: 2018-01-02_The_Year_of_TCJA_and_CPAR.mp3
Category:Federal Tax Update -- posted at: 6:48am EST

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