Federal Tax Update Podcast

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.

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.

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.

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

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.

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.

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.

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.

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.

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.