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

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