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

This week we look at:

  • Loan Adviser Found Not Liable to Repay in FINRA Treated as Ordinary Income from Debt Forgiveness

  • IRS Raises Values Dramatically on Vehicles Eligible for Cents-Per-Mile and Fleet-Average Valuation Rules

  • Safe Harbor Issued on Charitable Contribution Credits Related to a Trade or Business

  • Revenue Procedure Issued to Deal with ADS Issues for Electing Farm and Real Property Businesses

  • IRS Publication Indicates Real Estate Agents/Brokers and Insurance Agents/Brokers are in a Specified Service Trade or Business

  • Proposed Regulations on Treating Sale of Partnership Interest as Effectively Connected to US Trade or Business

  • IRS Announces Plan to Issue Regulations on Two Special Enforcement Matters Under CPAR, as Well as CPAR Final Regulations

  • Annual Disclosure Revenue Procedure Updated by IRS

Copyright 2018, Kaplan, Inc.

Direct download: 2018-12-31-_Lump_of_Coal_for_Real_Estate_Agents_.mp3
Category:general -- posted at: 5:00pm EDT

This week we look at:

  • Just prior to the one year anniversary of TCJA, we finally get a Joint Committee staff Blue Book.on the law

  • Tax credits for purchases of Teslas are being phased-out during 2019

  • MFP payments found in IRS memorandum to be taxable income and part of self-employment income

  • Auto mileage rates for 2019 issued by the IRS

  • A management company that managed a marijuana dispensary was subject to the deduction disallowance rules of §280E

  • A limited amount of additional information released by the IRS on excess loss and NOL rules under TCJA

Copyright 2018, Kaplan, Inc.

Direct download: 2018-12-24_Feeling_Blue_Book_Over_the_Holidays.mp3
Category:general -- posted at: 5:43pm EDT

This week we look at:

  • IRS releases more proposed regulations

  • Lack of documentation dooms deduction for taxpayers

  • §199A final regulations sent to OIRA for review

  • Guidance issued on valuing employer-provided parking for parking lot tax

  • Relief given for some tax-exempt organizations first filing Form 990-T to pay parking lot tax

  • Taxpayers who were out of the country for much of the period of nonpayment still found to be responsible persons

Copyright 2018, Kaplan, Inc.

Direct download: 2018-12-17_All_We_Want_for_Christmas_Are_Our_199A_Final_Regulations.mp3
Category:general -- posted at: 12:33pm EDT

This week we look at the following items:

  • Wisconsin passes its version of an optional passthrough tax to get around SALT limits, but with a twist

  • Guidance released on Section 81(i) stock elections

  • Taxpayer finds you still need some documentation to claim cellular phone expenses

  • IRS fails to persuade Court that a taxpayer had changed its accounting method

  • A brief revisit to the Section 451(b) automatic change revenue procedure

  • Taxpayer warned about filing Tax Court petition primarily to delay collection

Copyright 2018, Kaplan, Inc.

Direct download: 2018-12-10SALTWorkaroundWisconsinStyle.mp3
Category:general -- posted at: 6:02pm EDT

This week we look at:

  • Proposed anti-clawback regulations issued

  • Final §263A negative amount regulations issued

  • §163(j) proposed regulations leave OIRA (finally), last step before publication

Copyright 2018, Kaplan, Inc.

Direct download: 2018-11-26_Slow_March_of_the_163j_Proposed_Regulations.mp3
Category:general -- posted at: 11:02am EDT

This week we look at the following items:

  • IRS publishes 2019 inflation adjusted figures

  • IRS notes increase in breaches of systems of tax return preparers in 2018

  • Filing and deposit date relief announced for victims of California wildfires

  • IRS email discusses application of due diligence preparer penalties

Copyright 2018 Kaplan Professional Education

Direct download: 2018-11-19_Chained_CPI_Makes_Its_Full_Debut.mp3
Category:general -- posted at: 6:41pm EDT

This week we look at the following items:

  • §163(j) proposed regulations due this week

  • IRS releases final TCJA due diligence regulations

  • Country singer found not to operate night club for a profit

  • Foreign earned income denied when taxpayer did not show his abode was outside the United States

Copyright 2018 Kaplan Professional Education

Direct download: 2018-11-12_Due_Diligence.mp3
Category:general -- posted at: 7:41am EDT

This week we look at the following items:

  • Inflation-adjusted retirement plan numbers for 2019 released

  • IRS publishes draft Form 990-T and instructions with details on the parking lot tax

  • Students lose at DC Circuit in attempt to claim travel deductions

  • A Blue Book on TCJA may be coming soon

  • A taxpayer is denied relief from liability for tax due on a joint return the court finds she didn’t file

Copyright 2018, Kaplan, Inc.

Direct download: 2018-11-05_Parking_Lot_Tax.mp3
Category:general -- posted at: 5:24pm EDT

This week we look at the following items:

  • Court finds IRA and plan balance received in divorce not protected in bankruptcy

  • Interest limitation proposed regulations (except for passthroughs) heads to OMB

  • Connecticut crumbling foundation relief clarified to also create NOLs that can be carried back in 2018

  • PTIN renewal opened up by the IRS

  • OMB announces plans for guidance on TCJA loss limitation rules--but not planned to be out until June 2019

  • Taxpayer denied innocent spouse relief.

Copyright 2018 Kaplan Professional Education

Direct download: 2018-10-29_More_Guidance_to_Come.mp3
Category:general -- posted at: 6:11am EDT

This week we look at the following items:

  • A pastor had taxable income from pastoral donations

  • IRS grants filing and payment relief related to Hurricane Michael

  • A taxpayer could not apply payment where the IRS had levied the account

  • Initial Qualified Opportunity Zone proposed regulations issued

Copyright 2018, Kaplan, Inc.

Direct download: 2018-10-22_Seizing_the_Opportunity.mp3
Category:general -- posted at: 4:49am EDT

This week we look at the following items:

  • IRS issues SIFL rates for second half of 2018

  • Information letter discusses more issues with the SALT workaround regulations

  • Business meals will remain 50% deductible despite TCJA law changes

  • ECPRS program updated by the IRS Market discount not subject to TCJA revenue conformity rule

  • §457 plan not required to offer hurricane relief distributions

Copyright 2018, Kaplan, Inc.

Direct download: 2018-10-08_Business_Meals_Deduction_is_Alive_and_Well.mp3
Category:general -- posted at: 7:27am EDT

This week we look at the following items:

  • Wall Street Journal reports IRS will issue guidance allowing 50% deduction for business meals

  • IRS issues guidance on credit for paying employees on FMLA leave

  • Moving expenses incurred in 2017 but reimbursed in 2018 ruled to be excludable from the employee’s income

  • Special per diem rules, including high/low amounts, updated by the IRS

  • IRS agent found to qualify as an innocent spouse when given what turned out to be a misleading response by soon to be ex-spouse

Copyright 2018, Kaplan, Inc.

Direct download: 2018-10-01_Employee_Benefits_Week.mp3
Category:general -- posted at: 9:12am EDT

This week we look at the following items:

  • Tax Court allows a taxpayer to try and prove reasonable reliance on indirect legal advice

  • Updated safe harbor explanations for plan distributions issued by IRS

  • IRS delays major revision to Form W-4 to 2020

  • Relief announced for victims of Hurricane Florence

Copyright 2018, Kaplan, Inc.

Direct download: 2018-09-24_Is_This_Reasonable.mp3
Category:general -- posted at: 9:58pm EDT

This week we look at the following items:

  • South Dakota enacts remote seller law to implement Wayfair decision beginning November 30

  • Colorado tests the limits of Justice Kennedy’s holdings in Wayfair

  • Even though records were imperfect, Tax Court finds the taxpayer was a real estate professional

  • Opportunity Zone regulations at OMB, expected out around the end of the month

  • IRS rules math error procedures can be used even after refunds are issued

Copyright 2018, Kaplan, Inc.

Direct download: 2018-09-17_Are_349_Filings_Unconstitutional.mp3
Category:general -- posted at: 5:23pm EDT

This week we look at the following items:

  • South Dakota to hold a special session so the state can begin to take advantage of their victory in the Wayfair case
  • Taxpayer who withdrew IRA funds based on a notice of intent to levy cannot escape 10% additional tax
  • IRS clarifies the application of the proposed SALT regulations leading to a bevy of questions
  • IRS memorandum concludes seismic fees for offshore drilling must be amortized and cannot be treated as intangible drilling costs
  • President issues an Executive Order for DOL and Treasury to consider certain changes to retirement plans
  • Tax Court disagrees with the IRS’s view on how §1291(c) gains interact with six year statute

Copyright 2018, Kaplan, Inc.

Direct download: 2018-09-10_SALT_Clarification_-_Well_Not_Really.mp3
Category:general -- posted at: 8:48pm EDT

This week we look at the following items:

  • Taxpayers creating multiple entities to try and avoid double taxation of C corporation income find their plan fails
  • IRS issues SALT workaround regulations and affect both new and pre-existing state tax credit programs
  • Modifications made to automatic accounting method revenue procedure to deal with S corporation revocations under special TCJA rule
  • Guidance provided on applying the rules to compute UBTI separately for each trade or business

Copyright 2018, Kaplan, Inc.

Direct download: 2018-08-28_State_Tax_Credits_Take_a_Hit.mp3
Category:general -- posted at: 4:37pm EDT

This week we look at the following items:

  • Taxpayers creating multiple entities to try and avoid double taxation of C corporation income find their plan fails
  • IRS issues SALT workaround regulations and affect both new and pre-existing state tax credit programs
  • Modifications made to automatic accounting method revenue procedure to deal with S corporation revocations under special TCJA rule
  • Guidance provided on applying the rules to compute UBTI separately for each trade or business

Copyright 2018, Kaplan, Inc.

Direct download: 2018-08-28_State_Tax_Credits_Take_a_Hit.mp3
Category:general -- posted at: 4:37pm EDT

This week we look at the following items:

  • Oregon Supreme Court rules no physical presence required to be subject to corporate income tax
  • Idaho sends out notices to retailers that it’s moving forward with affiliate rule for collecting sales tax
  • IRS prevails over AICPA on question of issuing credential for unenrolled tax preparers
  • AICPA sends comments to the IRS and Treasury on S corporation and Section 461(l) issues following TCJA

Copyright 2018, Kaplan, Inc.

Direct download: 2018-08-20_IRS_Stays_Quiet_States_Keep_Going.mp3
Category:general -- posted at: 4:42pm EDT

This week we look at the following items:

  • Proposed regulations for 965 are issued, others on state and local tax workarounds submitted to OMB
  • Majority of states that impose a sales tax now have published post-Wayfair remote seller collection requirements and start dates
  • Proposed regulations on which taxpayers may rely issued on bonus depreciation
  • Automatic accounting method change guidance issued for TCJA small business accounting methods
  • 529 plan revised guidance to deal with TCJA and other recent changes
  • Guidance issued on additional contributions allowed to ABLE accounts by TCJA changes

Copyright 2018, Kaplan, Inc.

Direct download: 2018-08-06_TCJA_Guidance_Appears.mp3
Category:general -- posted at: 10:50pm EDT

This week we look at the following items:

  • First 199A regulations are sent to OMB for review
  • Minnesota tests whether lower limits than South Dakota will work under Wayfair
  • Utah enacts South Dakota limits for remote sellers
  • Another US District Court agrees that the IRS’s own regulations limit the FBAR willfulness penalty amount
  • Taxpayer stuck with transferee liability after entering into transaction to sell corporation

Copyright 2018, Kaplan, Inc.

Direct download: 2018-07-30_A_199A_Glimmer_of_Hope.mp3
Category:general -- posted at: 8:47pm EDT

This week we look at the following items:

  • Two state supreme courts restrict their states’ ability to tax trusts
  • IRS issued PMTA on willfulness for FBAR penalty
  • Forfeitures now can be used to fund QMACs and QNECs
  • IRS discusses the impact on taxable wages of a payroll tax examination
  • Many exempt organizations will no longer have to file Schedule B with Form 990
  • Proposed regulations issued on due diligence expansion to head of household status added by TCJA

Copyright 2018 Kaplan Professional Education

Direct download: 2018-07-23_Taxing_Trusts_Roadblocks.mp3
Category:general -- posted at: 10:16am EDT

This week's update includes discussions of the following topics:

  • More Wayfair fallout
    • North Dakota out of state seller collections required beginning October 1
    • South Carolina to use South Dakota minimums for out of state sellers
    • Wisconsin will use the South Dakota minimums for the October 1 out of state seller start
  • IRS updates security guidance for tax professionals
  • Trusts and Estates will get to deduct trustee fees and other Section 67(e) expenses following TCJA
  • IRS sticks to its position on prepaid real estate taxes when questioned by NJ Attorney General
  • IRS employee indicates the agency accepts that the back door Roth contribution is legal

Copyright 2018, Kaplan, Inc.

Direct download: 2018-07-16_OK_to_Use_the_Back_Door.mp3
Category:general -- posted at: 1:34pm EDT

This week's update includes discussions of the following topics:

  • More Wayfair fallout
    • North Dakota out of state seller collections required beginning October 1
    • South Carolina to use South Dakota minimums for out of state sellers
    • Wisconsin will use the South Dakota minimums for the October 1 out of state seller start
  • IRS updates security guidance for tax professionals
  • Trusts and Estates will get to deduct trustee fees and other Section 67(e) expenses following TCJA
  • IRS sticks to its position on prepaid real estate taxes when questioned by NJ Attorney General
  • IRS employee indicates the agency accepts that the back door Roth contribution is legal

Copyright 2018, Kaplan, Inc.

Direct download: 2018-07-16_OK_to_Use_the_Back_Door.mp3
Category:general -- posted at: 1:34pm EDT

This week we look at the following items:

  • States take various actions regarding forcing out of state sellers to collect tax
    • Louisiana looks to adopt its law to fit within Justice Kennedy’s outline of acceptable protections for interstate commerce
    • Alabama, though not a member of SSUTA, will begin requiring collection on October 1
    • Wisconsin, an SSUTA member but without a de minimis limit, will also want collections on October 1
    • New Jersey adopts a law that duplicates South Dakota and adds marketplace provisions
  • IRS LB&I Division announces five new compliance campaigns
  • IRS agent wonders if a preparer penalty could be assessed directly against an equity holder who did not otherwise violate Section 6694

Copyright 2018, Kaplan, Inc.

Direct download: 2018-07-09_The_States_Strike_Back.mp3
Category:general -- posted at: 8:10pm EDT

This week we look at the following items:

  • States take various actions regarding forcing out of state sellers to collect tax
    • Louisiana looks to adopt its law to fit within Justice Kennedy’s outline of acceptable protections for interstate commerce
    • Alabama, though not a member of SSUTA, will begin requiring collection on October 1
    • Wisconsin, an SSUTA member but without a de minimis limit, will also want collections on October 1
    • New Jersey adopts a law that duplicates South Dakota and adds marketplace provisions
  • IRS LB&I Division announces five new compliance campaigns
  • IRS agent wonders if a preparer penalty could be assessed directly against an equity holder who did not otherwise violate Section 6694

Copyright 2018, Kaplan, Inc.

Direct download: 2018-07-09_The_States_Strike_Back.mp3
Category:general -- posted at: 8:10pm EDT

This week we look at the following items:

  • IRS releases a new “postcard” dratt for Form 1040 along with 6 schedules
  • CPA who advised on ESOP and prepared 5500s was still found to be an independent appraiser on third time to court
  • IRS publishes the list of qualified opportunity zones under TCJA’s Section 1400Z-1
  • A amendment of a return with fraudulent positions does not reduce the fraud penalty
  • Taxpayer discovers IRS had not agreed to waive all penalties when taxpayer agreed to exam changes

Copyright 2018 Kaplan Inc.

Direct download: 2018-07-02_Postcard_Week.mp3
Category:general -- posted at: 11:11pm EDT

Copyright 2018 Kaplan Professional Education

Direct download: 2018-06-18_Do_Not_Rely_on_the_IRS.mp3
Category:general -- posted at: 12:00pm EDT

Copyright 2018 Kaplan Professional Education

Direct download: 2018-06-25_So_Long_Quill.mp3
Category:general -- posted at: 12:00pm EDT

This week we look at the following items:

  • Updated timeline for some TCJA guidance
  • Court accepted father’s testimony for where son lived during tax year
  • Dad denied deduction for payments related to revenue collected for son who lacked a general contractor’s license
  • The IRS grants some relief for §965 transition tax payments
  • Memo deals with confusion that arose due to special meaning certain words have in a tax context

Copyright 2018 Kaplan Professional Education

Direct download: 2018-06-11_The_Problem_with_Claiming_an_Adjustment.mp3
Category:general -- posted at: 1:08pm EDT

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 EDT

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 EDT

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 EDT

Copyright 2018 Kaplan Inc.

Direct download: 2018-05-07_Unreasonable_Reliance.mp3
Category:general -- posted at: 12:49pm EDT

This week we look at the following items:

  • Colorado reports disappointing results from tattletale use tax law
  • Oklahoma enacts a second tattletale use tax law
  • IRS grants relief for last minute change in HSA maximum contribution amount for 2018
  • Volunteers who divided amounts in tip jar at end of shift received tips subject to FICA
  • Taxpayer who failed to check and find return was never accepted held liable for late filing penalty

Copyright 2018 Kaplan Inc.

Direct download: 2018-04-30_What_if_No_One_Tattles.mp3
Category:general -- posted at: 1:39pm EDT

This week we look at the following items:

  • IRS computer system failure ends up adding one extra day to tax season
  • The Supreme Court heard oral arguments in the Wayfair case
  • IRS gives details on blended rates to be used by fiscal year C corporations
  • IRS issues the rates for valuing employer owned aircraft trips for the first half of 2018
  • The IRS clarifies how the repeal of the special alimony trust provision in TCJA will work
  • The AICPA asks the IRS to reconsider its position on refunds of overpayments for those with remaining 965 transition tax installments

Copyright 2018 Kaplan Inc.

Direct download: 2018-04-23_Groundhog_Day_the_Tax_Pros_Version.mp3
Category:general -- posted at: 4:00pm EDT

This week we look at the following developments:

  • Supreme Court will shortly hear oral arguments in Wayfair case
  • A number of states increase pressure on out of state sellers
    • Idaho requires collection at $10,000 of sale from any seller that the Supreme Court doesn’t tell us lacks nexus in Wayfair
    • Georgia adds a $200,000/200 transaction tattletale statute
    • Oklahoma puts a $10,000 tattletale statute in place that also impacts referrers
  • New York passes two TJCA SALT limitation workaround statutes - but do they work?
  • IRS issues guidance on three TCJA topics on Monday, including 43 pages on Section 965 transition tax

Copyright 2018, Kaplan, Inc.

Direct download: 2018-04-09_Focus_on_States.mp3
Category:general -- posted at: 7:38am EDT

This week we look at the following items:

  • Accountant by day, goaltender by night in Chicago
  • IRS publishes statistics on exams, collections, phone wait times and more
  • IRS reminds and warns taxpayers about virtual currency issues
  • IRS recommends taxpayers have a payroll checkup

Copyright 2018 Kaplan Inc.

Direct download: 2018-04-02_Tending_Goal_and_Mining_Currency.mp3
Category:general -- posted at: 4:39pm EDT

Current Federal Tax Developments for the week of March 12, 2018 - A Tale of Two Landlords.  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:

  • Revised inflation adjusted numbers released for TCJA changes
  • Male sterilization/contraception no-cost benefit not allowed in HDHP policies regardless of state law
  • Roth IRA found not to actually own a foreign sales corporation
  • Taxpayers’ reconstructed records and recollections not enough to prove real estate professional status
  • Architect able to convince court he was a real estate professional with a single four-plex

Copyright 2018, Kaplan, Inc.

Direct download: 2018-03-12_A_Tale_of_Two_Landlords.mp3
Category:general -- posted at: 7:04am EDT

This week we look at the following items:

  • Storage battery for solar system can qualify for credit - but with key conditions
  • Two courts disagree on whether a gravel sale is or is not exempt from tax based on two treaties
  • IRS issues promised guidance to attempt to block S corporation carried interest structure
  • Revised online Form W-4 calculator and Form W-4 issued to deal with TCJA changes

Copyright 2017 Kaplan Inc.

Direct download: 2018-03-05_A_Bit_of_Disagreement.mp3
Category:general -- posted at: 11:37am EDT

This week we look at the following items:

  • IRS begins to process some returns with retroactively restored provisions for 2017
  • IRS reminds taxpayers that a “home equity” debt can still be acquisition debt and deductible on 2018 return
  • AICPA sends Treasury a letter outlining areas of §199A guidance that are needed
  • Taxpayer ends up failing to do a tax-free division of IRA funds in a divorce
  • The IRS fails in its attempt to have a gain on the sale of land taxed as ordinary income

Copyright 2018, Kaplan, Inc.

 

Direct download: 2018-02-26_How_Not_to_Divide_an_IRA.mp3
Category:general -- posted at: 9:52am EDT

This week we look at the following items:

  • IRS to recompute 2018 inflation adjustment items
  • Priority of guidance discussed by IRS and Treasury
  • JCT counsel discussses impact of TCJA provisions on meals and entertainment and working condition fringe benefits
  • New Form 1024-A to be used by §501(c)(4) organizations seeking determination letter
  • Leaving return under doormat for ex-spouse to sign and mail not reasonable cause for late filing

Copyright 2018, Kaplan Professional Education, Inc.

Direct download: 2018-01-29_Government_Gets_Talkative.mp3
Category:general -- posted at: 7:06am EDT

This week we look at the current developments on the tax reform front, including the two amendment sets adopted by the Ways and Means Committee and the Joint Committee's explanation of the bill the Senate Finance Committee will hold hearings on beginning Monday.

Copyright 2017 Kaplan Inc.

Direct download: 2017-11-13_Tax_Reform_Continues.mp3
Category:general -- posted at: 3:09pm EDT

Current Federal Tax Developments is brought to you by the Loscalzo Institute and your state society of CPAs. This week we look at HR1, Tax Cuts and Jobs Act.

A PDF with a description of the provisions can be downloaded below:

2017-11-06 Current Federal Tax Developments

Copyright 2017 Loscalzo Institute, a Kaplan Company.

 

Direct download: 2017-11-06_Current_Federal_Tax_Developments_-_Tax_Reform_Starts.mp3
Category:general -- posted at: 7:44am EDT

Current Federal Tax Developments is brought to you by the Loscalzo Institute, a Kaplan Company and by your state society of CPAs.

This week we look at the following developments:

  • House adopts Senate budget resolution beginning tax reform process
  • A taxpayer’s amount of claimed theft loss found excessive by Tax Court
  • An expert’s testimony did not substitute for records of cost of goods sold
  • IRS summons to state agency found to be proper
  • IRS memo discusses indirect loan issues for church 403(b) plan

Copyright 2017 Kaplan Inc.

Direct download: 2017-10-30_Kick_Off_for_Tax_Reform.mp3
Category:general -- posted at: 1:30pm EDT

Current Federal Tax Developments for the week of October 23, 2017 - Indexing Time of the Year. 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:

  • IRS releases inflation adjusted tax factors for 2018
  • LB&I Division issues guidance on unit of property and major component issues for the mining industry
  • IRS announced retirement plan numbers for 2018
  • IRS announces nonacquiesence in S corporation/real estate professional decision
  • Anti-Kerr regulations officially withdrawn by the IRS
  • 2017 Returns without health care information will not be accepted for efiling
  • A court decision that appears to arrive at approximately the right place, but for all the wrong reasons

Copyright 2017 Kaplan Inc.

Direct download: 2017-10-23_Indexing_Time_of_the_Year.mp3
Category:general -- posted at: 1:32pm EDT

This week we look at the following developments:

  • Filing date relief issued by IRS for victims of Northern California wildfires
  • Challenge to minister’s housing allowance exclusion returns to court
  • Tax Court will assert strict subordination requirement for mortgages on conservation easements outside First Circuit
  • Signature no longer required for §754 election
  • Retroactive loss of tax-exempt status going back a decade proves very costly in terms of interest on unpaid tax
  • IRS email discusses potential impact on due date disaster relief and date for assessment of tax

PDF with articles for this week's podcast.

Copyright 2017 Kaplan Inc.

Direct download: 2017-10-16_Housing_Allowance_Returns_to_Court.mp3
Category:general -- posted at: 3:45pm EDT

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

This week we look at the framework for comprehensive tax reform that was issued by the “Big 6” and is scheduled to be taken up by Congress.  We discuss the proposal’s framework for changes in:
 
  • Standard deduction and personal exemptions
  • Individual tax brackets
  • Alternative minimum tax repeal
  • Itemized deductions
  • Work, education and retirement issues
  • Estate and GST Tax repeal
  • Business tax rates
  • Expensing of capital improvements
  • Interest expense
  • Other business deductions and credits
  • Offshore corporate earnings
  • Where does this go from here?

Copyright 2017 Kaplan Inc.

Direct download: 2017-10-02_Framing_Tax_Reform.mp3
Category:general -- posted at: 12:41pm EDT

Nichols Patrick CPE  New "Repair Regs" Sec. 263(a)

Direct download: Repair_Regulations_Promotion.mp3
Category:general -- posted at: 11:19am EDT

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