Federal Tax Update Podcast

Current Federal Tax Developments for the week of August 5, 2019: About that Bitcoin...

• IRS sends out 10,000 letters on cryptocurrency, including some demanding a response
• Relief granted on three bonus depreciation elections for year that includes September 28, 2017
• Draft Schedule K-1 for Form 1120S revised to change §199A information reporting
• Letter ruling holds a partial deduction allowed for DNA tests requested by an individual
• Organization not operated exclusively for charitable purpose, §501(c)(3) status revoked retroactively
  
  

Copyright 2019, Kaplan, Inc.

Current Federal Tax Developments for the week of August 5, 2019: About that Bitcoin...

• IRS sends out 10,000 letters on cryptocurrency, including some demanding a response
• Relief granted on three bonus depreciation elections for year that includes September 28, 2017
• Draft Schedule K-1 for Form 1120S revised to change §199A information reporting
• Letter ruling holds a partial deduction allowed for DNA tests requested by an individual
• Organization not operated exclusively for charitable purpose, §501(c)(3) status revoked retroactively
  
  

Copyright 2019, Kaplan, Inc.

Current Federal Tax Developments for the week of August 5, 2019: About that Bitcoin...

• IRS sends out 10,000 letters on cryptocurrency, including some demanding a response
• Relief granted on three bonus depreciation elections for year that includes September 28, 2017
• Draft Schedule K-1 for Form 1120S revised to change §199A information reporting
• Letter ruling holds a partial deduction allowed for DNA tests requested by an individual
• Organization not operated exclusively for charitable purpose, §501(c)(3) status revoked retroactively
  
  

Copyright 2019, Kaplan, Inc.

Current Federal Tax Developments for the week of August 5, 2019: About that Bitcoin...

• IRS sends out 10,000 letters on cryptocurrency, including some demanding a response
• Relief granted on three bonus depreciation elections for year that includes September 28, 2017
• Draft Schedule K-1 for Form 1120S revised to change §199A information reporting
• Letter ruling holds a partial deduction allowed for DNA tests requested by an individual
• Organization not operated exclusively for charitable purpose, §501(c)(3) status revoked retroactively
  
  

Copyright 2019, Kaplan, Inc.

Current Federal Tax Developments for the week of August 5, 2019: About that Bitcoin...

• IRS sends out 10,000 letters on cryptocurrency, including some demanding a response
• Relief granted on three bonus depreciation elections for year that includes September 28, 2017
• Draft Schedule K-1 for Form 1120S revised to change §199A information reporting
• Letter ruling holds a partial deduction allowed for DNA tests requested by an individual
• Organization not operated exclusively for charitable purpose, §501(c)(3) status revoked retroactively
  
  

Copyright 2019, Kaplan, Inc.

Current Federal Tax Developments for the week of August 5, 2019: About that Bitcoin...

• IRS sends out 10,000 letters on cryptocurrency, including some demanding a response
• Relief granted on three bonus depreciation elections for year that includes September 28, 2017
• Draft Schedule K-1 for Form 1120S revised to change §199A information reporting
• Letter ruling holds a partial deduction allowed for DNA tests requested by an individual
• Organization not operated exclusively for charitable purpose, §501(c)(3) status revoked retroactively
  
  

Copyright 2019, Kaplan, Inc.

Current Federal Tax Developments for the week of August 5, 2019: About that Bitcoin...

• IRS sends out 10,000 letters on cryptocurrency, including some demanding a response
• Relief granted on three bonus depreciation elections for year that includes September 28, 2017
• Draft Schedule K-1 for Form 1120S revised to change §199A information reporting
• Letter ruling holds a partial deduction allowed for DNA tests requested by an individual
• Organization not operated exclusively for charitable purpose, §501(c)(3) status revoked retroactively
  
  

Copyright 2019, Kaplan, Inc.

Current Federal Tax Developments for the week of July 29, 2019: 1982 Tax Form Nostalgia

• IRS releases final regulations on §501(c)(4) notice
• Taxpayers who paid certain French taxes may have refund opportunities
• Six new compliance initiatives announced by IRS
• Minor relief granted to file superseding returns to some CPAR covered partnerships
• IRS releases a new draft version of Form 1099-NEC for the first time in 38 years

Copyright 2019 Kaplan, Inc.

Current Federal Tax Developments for the week of July 22, 2019: The Short-Lived 1040 Postcard

• Taxpayer who failed to file a signed Form 8332 with his return was denied the dependency exemption even though he eventually got a signed form
• IRS updates list of allowed preventive care for high deductible health plans
• IRS debuts new Form 1040-SR and revises Form 1040 to get rid of the postcard on draft 2019 forms the agency released

Copyright 2019 Kaplan, Inc.

This week we look at:

• Taxes-Security-Together Checklist for tax professionals issued by the IRS

• Tax Court found that taxpayer was victim of a bookkeeping error and had sent IRA rollover contribution to custodian, late rollover allowed

• IRS discovers 31 years after the fact that a typo fix never was picked up in the Code of Federal Regulations

• Frequently asked questions page issued to explain TCJA change to §704(d) partner basis limits on charitable deductions and foreign taxes

Copyright 2019, Kaplan, Inc.