This week we look at:

  • IRS to stop faxing transcripts, only mail them to taxpayer’s address of record

  • Final regulations issued for state tax credit donations and new way to report credit as tax paid

  • IRS finalizes regulations creating two new HRAs

Copyright 2019, Kaplan, Inc.

Direct download: 2019-06-16_Bring_on_the_New_HRAs.mp3
Category:general -- posted at: 3:30pm EDT

This week we look at

  • S corporation status lost when SMLLC shareholder adds a new interest holder

  • Tax Court does not accept author’s attempt to treat a portion of her income as not self-employment income

  • IRS releases employer tables and worksheets for TCJA-aware draft Form W-4

  • TIGTA finds that LB&I imposes accuracy-related penalties at lower rate than does SE/SE

  • Envelope used to file Tax Court petition lacked postmark, taxpayer could not explain delivery much later than would be expected for timely mailed document

Direct download: 2019-06-10_Being_Yourself_as_a_Business.mp3
Category:general -- posted at: 10:45pm EDT

This week we look at

  • Evangelizing did not give rise to charitable deduction for most expenses

  • DC Circuit agrees with Tax Court that failure to disclose basis of asset doomed $33 million contribution

  • Taxpayers lose nearly $1 million of basis due to lack of old documents

  • IRS tries one more time to develop a W-4 for the TCJA era

Copyright 2019, Kaplan, Inc.

Direct download: 2019-06-03_Sweating_the_Details_or_Lose_Out.mp3
Category:general -- posted at: 9:33pm EDT

This week we look at:

  • Virtual currency guidance promised by IRS Commissioner

  • HSA numbers for 2020 released by IRS

  • Auto depreciation limits for 2019 released by IRS

  • House passes retirement reform bill, would drastically cut back on the use of stretch IRAs

  • Assistant US Attorney warns preparers about criminal exposure when they don’t raise enough issues about loans

Copyright 2019, Kaplan, Inc.

Direct download: 2019-05-28_Another_New_Tax_Bill.mp3
Category:general -- posted at: 10:07pm EDT

This week we look at:

  • Review Wolters Kluwer IRS response and other issues

  • IRS releases a new worksheet for computing tax when there are 25% or 28% gains

  • Tax Court finds IRS did not have authority to find Medicare difficulty payments nontaxable in Notice 2014-7

  • CA10 agrees with Tax Court that S corporation cannot accrue wages on participants

  • Taxpayer materially participated in activity under facts and circumstances test

Copyright 2019, Kaplan, Inc.

Direct download: 2019-05-20_Schedule_D_Problem.mp3
Category:general -- posted at: 4:26pm EDT

This week we look at:

  • Wolters Kluwer CCH systems suddenly taken offline due to malware issue

  • GAO criticizes security of e-file providers and software developers

  • IRS updates maximum vehicle values for cents-per-mile and FAVR

  • IRS clarifies redemptions treated as dividends taxation when paid during post-termination transition period

  • Deduction for Connecticut estate taxes must be reduced by portion allocable to state’s gift taxes added back paid in 3 prior years

  • My boss ordered me to do it doesn’t work for trust fund penalty even when the boss is an agent of a federal agency

Direct download: 2019-05-13_Malware_Cybersecurity_and_Tax_Practice.mp3
Category:general -- posted at: 8:47pm EDT

Current Federal Tax Developments for the week of May 6, 2019: Fragile: Handle with Care - S Corporations

  • Taxpayer’s marriage forces repayment of advance PTC, unfairness is not a defense

  • State tax refundable credit in excess of taxes is taxable income to taxpayer

  • IRS expands determination letter to cover a limited number of existing plans

  • LLC operating agreement adoption terminates S election

Copyright 2019, Kaplan, Inc.

Direct download: 2019-05-06_Fragile-_Handle_with_Care_-_S_Corporations.mp3
Category:general -- posted at: 10:07pm EDT

This week we look at:

  • Taxpayer finds expense can’t be assigned to business based on best result

  • IRS greatly expands the FAQ on Section 199A, including a major surprise to many on handling S corporation shareholders

  • IRS updates the EPCRS program to add more self-correction options

  • Chief Counsel Email holds that using a PEO does not allow a partner to be treated as the employee of partnership

Copyright 2019, Kaplan, Inc.

Direct download: 2019-04-29_QA_33_-_The_IRS_FAQ_Says_What.mp3
Category:general -- posted at: 1:08pm EDT

This week we look at the following

  • Draft forms issued to be used to report §199A deduction on 2019 returns

  • Proposed regulations address NRA potential current beneficiaries of ESBTs that are also grantor trusts

  • Memorandum address impact of §318 attribution rules on §1372 and self-employed health insurance deduction

  • Second (and maybe final) set of proposed regulations on opportunity zone issues

  • Ninth Circuit decides IRS regulations did remove the ability to use common law mailbox rule to prove timely filing

Copyright 2019, Kaplan, Inc.

Direct download: 2019-04-22_IRS_Gets_Busy_After_Tax_Season.mp3
Category:general -- posted at: 10:10am EDT

This week we review where we stand on TCJA guidance at the end of the first TCJA tax season.

  • §199A - Mainly Post-Final Regulation Issues
  • §163(j) - Proposed Regulations Out, Awaiting Final Regulations
  • Depreciation - Will the Retail Glitch Get Fixed? And When?
  • SALT - Soon to be released final regulations on state tax credits and then what
  • §461(j) - Limit on business losses - where’s the guidance
  • Other areas

Copyright 2019, Kaplan, Inc.

Direct download: 2019-04-16_Still_to_Come_on_TCJA.mp3
Category:general -- posted at: 5:47pm EDT

Current Federal Tax Developments for the week of April 8, 2019: SALT and the Home Office

  • IRS sends proposed regulations on §199A for cooperatives to OIRA for review

  • PMTA outlines intereaction of home office and SALT cap

  • Trade or business definition for instructions in Form 461 issue identified by IRS

  • Second Circuit reverses Tax Court decision that found a tax “black hole”

Copyright 2019 Kaplan, Inc.

Direct download: 2019-04-08_SALT_and_the_Home_Office.mp3
Category:general -- posted at: 10:17am EDT

Current Federal Tax Developments for the week of April 1, 2019: Tax Benefit Rules and Refunds

  • Electric vehicle credits for GM vehicles to begin one year phase out

  • IRS gives formal guidance on treatment of state income tax refunds following the TCJA $10,000 cap

  • SALT workaround regulations and related notice sent to OIRA

  • IRS changes requirements to obtain EIN, requires responsible person to have SSN or ITIN

  • Final regulations published on reportable transaction law modifications from 2010

Copyright 2019 Kaplan, Inc.

Direct download: 2019-04-01_Tax_Benefit_Rule_and_Refunds.mp3
Category:general -- posted at: 1:16pm EDT

This week we look at:

  • QBI and disallowed passive losses

  • Minister’s housing allowance ruled to be acceptable under the U.S. Constitution

  • Pilot had no profit motive for business related to vintage World War II aircraft

  • IRS suspends two Revenue Rulings related to active trade or business issues under §355

  • Relief from underpayment of estimated tax penalty expanded by IRS

Copyright 2019 Kaplan, Inc.

Direct download: 2019-03-25_More_Underpayment_Relief.mp3
Category:general -- posted at: 1:25pm EDT

Current Federal Tax Developments for the week of March 18, 2019: Technicalities and Glitches

  • Software glitches in the first years under TCJA

  • Lump sum social security benefits are part of MAGI for the premium tax credit

  • Safe harbor statements have to be signed and then attached to electronically filed returns as a PDF

  • Taxpayer’s mistake in listing old address on tax return proves costly

  • Tax Court rejects no harm, no foul view with regard to penalties for filing an S corporation return late

Copyright 2019 Kaplan, Inc.

Direct download: 2019-03-18_Technicalities_and_Glitches.mp3
Category:general -- posted at: 11:10am EDT

This week we talk about the following:

  • Look at some items causing confusion over §199A on discussion forums as returns are prepared

  • Treasury announces changes in temporary regulations and subregulatory guidance

  • Recipients of sexual harassment and sexual abuse settlements with confidentiality clause allowed to deduct legal fees

  • Gambling loss triggered by impulse control problem side effect of prescribed drug not a casualty loss

  • Proposed regulations issued for FDII and GILTI

  • IRS no longer plans to issue regulations to bar post-retirement lump-sum distributions from defined benefit plans

  • Partnerships required to add tax basis disclosures given until March 15, 2020 to provide information to IRS

Copyright 2019 Kaplan, Inc.

Direct download: 2019-03-11_199A_Return_Issue_and_Tax_Returns.mp3
Category:general -- posted at: 12:39pm EDT

Current Federal Tax Developments for the week of March 4, 2019: Tax Refunds and the 2019 Tax Returns

  • A look at the special rules under §111 for tax benefit and how it impacts state tax refunds from 2018 returns

  • No Fifth Amendment defense against assertion that taxpayer is trafficking under §280E

  • IRS grants extension of time to file returns for farmers and fishermen

  • Tax Court looks at the application of the penalty review process to automated exams

  • IRS gave insufficient notice that a third party would be contacted for information

Copyright 2019 Kaplan, Inc.

Direct download: 2019-03-04_Tax_Refunds_and_the_2019_Tax_Returns.mp3
Category:general -- posted at: 10:52am EDT

This week we look at:

  • State found to illegally discriminate against federal law enforcement retirees due to tax break for state law enforcement retirees

  • IRS decides expanded availability of meal delivery means fewer meals are truly for the convenience of the employer

  • IRS acquiesces in case regarding meals for hockey teams

  • Politico points out loophole that may exist for owners of co-op shares with regard to $10,000 tax limitations

  • Looking at options beyond the safe harbor for rentals under §199A

Copyright 2019 Kaplan, Inc.

Direct download: 2019-02-25_Co-op_Real_Estate_Tax_Issue.mp3
Category:general -- posted at: 2:27pm EDT

This week we look at:

  • Fix for auto depreciation quirk added by TCJA released by IRS

  • A subtrust qualified as a conduit trust for IRA distribution purposes

  • AICPA asks for relief from potential impact of syndicate rules on small business tax relief

  • Form 1065 instructions add a requirement for certain partnerships to disclose negative tax basis

  • Checkbox added for when basis calculation required with Form 1040 and situations where it is required expanded by IRS

Copyright 2019 Kaplan, Inc.

Direct download: 2019-02-18_Forms_and_Instructions_Week.mp3
Category:general -- posted at: 12:10pm EDT

This week we look at:

  • Situations where an employer can recover HSA funds from employee accounts

  • IRS decides taxpayers can use Rev. Proc. 2018-60 even if currently using an impermissible method of accounting

  • Taxpayer reasonably relied on CPA's advice and escapes penalties

  • Airline passenger discovers he can't sue the TSA for his lost tax paperwork

Copyright 2019 Kaplan, Inc.

Direct download: 2019-02-11_Tax_Records_and_Luggage.mp3
Category:general -- posted at: 3:15pm EDT

This week we look at:

  • IRS delays end of faxing transcripts after Chair and ranking minority member of Senate Finance Committee send a joint letter requesting a delay

  • Taxpayers could not avoid NOL carryforward election they claimed they were unaware of

  • IRS publishes corrected version of §199A regulations, changes one word some see as potentially important

  • Article discusses risks to marijuana businesses from electing small business inventory relief added by TCJA

Copyright 2019, Kaplan, Inc.

Direct download: 2019-02-04_Whats_in_a_Word_.mp3
Category:general -- posted at: 3:42pm EDT

This week we look at:

  • Reported IRS backlog of unanswered letters that arrived during the shutdown

  • IRS publishes information on impact of shutdown on matters before the Tax Court

  • W-2 wages Revenue Procedure made final at same time §199A final regulations come out

  • More thoughts on the §199A final regulations

Copyright 2019, Kaplan, Inc.

Direct download: 2019-01-28_IRS_Funding_Restored_At_Least_for_Now.mp3
Category:general -- posted at: 6:56pm EDT

This week we look at:

  • New York State Publishes Its Wayfair Guidance, Demanding Immediate Compliance
  • Trust Case Going to US Supreme Court
  • Sequestration Does Not Apply to Minimum Tax Credit
  • Proposed Safe Harbor for Rental as a Trade or Business Under §199A
  • Final Regulations Are Out - §965 and, the Big One, §199A
  • IRS Grants Limited Waiver of Underpayment Penalties

Copyright 2019 Kaplan Professional Education

Direct download: 2019-01-21_199A_Final_Regulations_and_Rental_Safe_Harbor.mp3
Category:general -- posted at: 11:16am EDT

This week we look at:

  • IRS reopens IVES and user-fees based programs

  • Advisers need to be sure to check syndicate rules to assure entity not subject to §163(j) rules

  • Treat of realtors revised in second draft version of portion of Publication 535

  • Filing season to start January 28, refunds are going to be issued

  • Address to file gift tax returns has changed, estate tax return address to change in July

Copyright 2019, Kaplan, Inc.

Direct download: 2019-01-14_-_Syndicate_Danger.mp3
Category:general -- posted at: 12:39pm EDT

This week's developments:

  • IRS Notice gives guidance to tax-exempt organizations on excess compensation tax

  • Outgoing W&M Chairman publishes discussion paper on TCJA technical corrections

  • §199A final regulations still sitting at OIRA

Copyright 2019, Kaplan, Inc.

Direct download: 2019-01-07_All_Quiet_on_the_Tax_Front.mp3
Category:general -- posted at: 4:44pm EDT

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