Federal Tax Update Podcast (Federal Tax Update)

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

This week we look at the following developments:

• Conference committees appointed and Joint Committee on Taxation issues report on differences

• IRS memo clarifies the tax treatment of a disgorgement payment following U.S. Supreme Court decision

• Qualified plan required amendment (RA) list published for 2017

• No loss allowed on sale to former spouse

• IRS found not to have conducted a second examination of the taxpayers’s books and records

Copyright 2017 Kaplan Inc.

This week we look at the following developments:

• Senate passes their version of HR1, setting up moving to a conference committee
• IRS gets access to information from bitcoin exchange
• The Tax Court uses English law to determine if a payment was alimony for federal tax purposes
• A safe harbor casualty loss rule is adopted for damage to concrete foundations caused by pyrrohite
• A taxpayer is denied a deduction for legal fees to recover overpaid alimony
• More relief for partnerships due to change in filing dates for 2016 returns
• The Tax Court updates its views on how to evaulate Stamps.com postmarks under timely filing rules

Copyright 2017 Kaplan Inc.

Current Federal Tax Developments for the week of November 23, 2017 - S Corporation Difficulties. 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 developments:

• HR1 moves to the Senate floor this week
• Taxpayer does not have COD income when relieved of requirement to pay back overpayments on pension
• Qualified plan relief provisions extended to victims of California wildfires
• Court does not accept attempt to use FLP discount to create income tax loss from liquidation of S corporation formed to hold FLP interest
• No basis to shareholders in debt to S corporation other S corporation shareholders controlled
• IRS issues FAQ on QSEHRAs

Copyright 2017 Kaplan Inc.

Another week as Congress continues down the path towards comprehensive tax reform. This week we look at the changes the Senate made to its bill, as well as the passage by the House of their version of the bill. We also discuss what comes next in this process.

The PDF below has the description of the two bills as they stood when this was recorded on November 18, 2017.

2017-11-20 Current Federal Tax Developments

Copyright 2017 Kaplan Inc.

Loscalzo Institute/A Kaplan Corporation Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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• Citations link

This week we look at the following developments:

• South Dakota petitions the Supreme Court for its Quill challenge
• Congress passes a Hurricane relief bill
• Taxpayer did not willfully fail to file FBAR
• Parents are held liable to repay dependent son’s advanced health insurance credit
• LB&I announces method that can be used to start with ASC 750 research expenses in computing qualified research expenditures
• Time off donation programs expanded to cover Hurricane Maria relief donations
• IRS releases special per diem rates for new fiscal year

Copyright 2017 Kaplan Inc.

Loscalzo Institute/A Kaplan Corporation Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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• Download citations

This week we look at the following developments

• IRS Extends Harvey Relief to Victims of Irma
• South Dakota Ready to Ask Supreme Court to Throw Out Quill
• Massachusetts Releases Regulations That Broadly Define Physical Presence
• IRS Has Right to Examine First Deceased Spouse Form 706 to Decrease DSUE at Second Death

Copyright 2017 Kaplan, Inc.

Loscalzo Institute/A Kaplan Corporation Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

• Download podcast
• Download citations

This week we look at the following developments

• IRS Extends Harvey Relief to Victims of Irma
• South Dakota Ready to Ask Supreme Court to Throw Out Quill
• Massachusetts Releases Regulations That Broadly Define Physical Presence
• IRS Has Right to Examine First Deceased Spouse Form 706 to Decrease DSUE at Second Death

Copyright 2017 Kaplan Inc.

Loscalzo Institute/A Kaplan Corporation Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

• Download podcast
• Download citations

This week's podcast includes:

Section: 72 IRS Memorandum Gives Examples of Applying Plan Loan Grace Period Rules

Section: 165 Loss Does Not Qualify for Special Relief Revenue Procedure from Madoff Era

And Much More...

Loscalzo Institute Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

• Download podcast
• Download citations

This week's podcast includes:

Section: 36B Taxpayer Had to Repay Excess Premium Credit Despite Exchange Not Reacting to Notice of Change in Income

Section: 73 Loss from Competing in Pageants Reportable on Return of Minor Daughter, Not Parents

And Much More...