Federal Tax Update Podcast

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.

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.

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

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

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.

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

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.

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.

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.

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.