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



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