Current Federal Tax Developments for the week of September 30, 2019: Rentals and the Safe Harbor

  • IRS releases final version of §199A rental safe harbor
  • Special per diem rates that take effect on October 1, 2019 released
  • Tax Court does not accept imprisonment and lack of access to what might be deductible expense documentation as reasonable cause for late filing.

Copyright 2019 Kaplan, Inc.

Direct download: 2019-09-30_Rentals_and_the_Safe_Harbor.mp3
Category:general -- posted at: 5:45pm EDT

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

Copyright 2019, Kaplan, Inc.

Direct download: 2019-09-23_Zombie_Power_of_Attorney.mp3
Category:general -- posted at: 5:34pm EDT

Current Federal Tax Developments for the week of September 16, 2019: §451 Week

  • Students learns real life lesson on taxation of prizes, and we get a tax history lesson
  • Proposed regulations issued for advance payments under TCJA §451(c)
  • Proposed regulations issued for §451(b) revenue conformity added by TCJA

Copyright 2019 Kaplan, Inc.

Direct download: 2019-09-16_Section_451_Week.mp3
Category:general -- posted at: 1:18pm EDT

Current Federal Tax Developments for the week of September 9, 2019: But I Promise, Really!

  • IRS release instructions to 2019 §199A simple deduction form with additional informal guidance
  • Memorandum discusses what does and does not qualify as having made a payment to a retirement plan
  • Relief granted to file the second copy of the Form 3115 late for an automatic method change, but at a cost
  • Activities failed to count as rentals, could not be combined into rental activity by real estate professional
  • A flawed S election uncovered during due diligence for sale of the corporation

Copyright 2019 Kaplan, Inc.

Direct download: 2019-09-09_But_I_Promise_Really.mp3
Category:general -- posted at: 1:41pm EDT

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