Federal Tax Update Podcast (Federal Tax Update)

This week we look at

• IRS issues updated substantially equal payment guidance
• Final version of basis reporting form for S corporation shareholders issued by IRS
• IRS clarifies how to report expenses used to obtain PPP forgiveness on Schedule M-2
• IRS completes guidance on reporting options for timing of PPP loan forgiveness income recognition

Copyright 2022, Kaplan, Inc.

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.

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.

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.

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.

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.

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.

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.

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.

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.