Federal Tax Update Podcast

This week we look at the following items:

• The Bipartisan Budget Act of 2016 includes extenders and other items
• IRS updates priority guidance for TCJA items, adding 18 TCJA projects
• Special relief granted to those with pyrrhotite damage, allowing losses to be claimed on 2017 returns
• Qualified plan and IRA 2018 inflation adjusted figures will not have to change due to TCJA
• A journal entry did not create a shareholder debt, leading to a denial of multi-million dollar loss
• Engineer is potentially liable for penalties if positions on cost segregation study are not justified

Copyright 2017 Kaplan Inc.

This week we look at the following items:

• The AICPA sends a letter to Treasury regarding areas needing immediate guidance on TCJA - and the list is long
• IRS issues interim Form W-4 guidance until they can update the forms for TCJA
• A new proposed regulation added to the Centralized Partnership Audit Regime (CPAR) guidance
• IRS updates its maybe again annual disclosure Revenue Procedure, but doesn’t really change anything

Copyright 2018, Kaplan, Inc.

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.

This week we look at the following items:

• IRS publishes plan for dealing with government shutdown during tax season
• 2017 Roth conversions can be recharacterized through October 15
• Tenth Circuit limits trust’s deduction for property donation to basis in property
• IRS begins sharing information with State Department for those with seriously delinquent tax debts

Copyright 2018, Kaplan, Inc.

This week we look at the following items:

• Supreme Court to take on South Dakota’s challenge to the 1992 Quill decision on nexus for sales taxes
• FASB will allow private companies and not-for-profits to apply SEC Staff Accounting Bulletin 118 to deal with TCJA deferred taxes
• Joint Committee on Taxation publishes its annual list of expired and expiring tax provisions, now updated for TCJA’s individual items
• IRS finds a fuel reward programs where it agrees that a taxpayer can take accrued but unredeemed amounts as a current deduction
• IRS publishes early percentage withholding tables for wages under TCJA

Copyright 2018, Kaplan, Inc.

Current Federal Tax Developments for the week of January 8, 2018 - The Calm After the Storm  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 items:

• IRS to accept efiled returns beginning January 29
• Employer retirement account being paid to surviving spouse cannot be transferred to beneficiary of surviving spouse at spouse’s death
• Rollover of after-tax funds from 401(k) into traditional IRA creates basis
• Innocent spouse relief granted despite fact that husband should have known about the income
• Additional 6 year statute on unreported income from specified foreign assets does not apply until those assets were subject to information reporting

Copyright 2018, Kaplan, Inc.

Current Federal Tax Developments for the week of January 2, 2018 - The Year of TCJA and CPAR.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we discuss the following items:

• SEC issues bulletin on handling deferred taxes related to TCJA
• IRS requires use of Secure Access accounts to access e-Services
• IRS issues news release on deducting prepaid real estate taxes
• Safe harbor created for residential casualty losses just as personal casualty losses generally go away
• In other not long to be useful guidance, the IRS holds that a group of films licensed together can qualify as Section 199 property
• No deduction is allowed for tuition discount until student meets attendance requirement
• IRS announces will continue to use same format W-4s for TCJA withholding
• CPAR opt-out final regulations are issued
• IRS extends date for providing Forms 1095-B and C for 2017

This week we look at the following developments:

• Conference committees appointed and Joint Committee on Taxation issues report on differences

• IRS memo clarifies the tax treatment of a disgorgement payment following U.S. Supreme Court decision

• Qualified plan required amendment (RA) list published for 2017

• No loss allowed on sale to former spouse

• IRS found not to have conducted a second examination of the taxpayers’s books and records

Copyright 2017 Kaplan Inc.

This week we look at the following developments:

• Senate passes their version of HR1, setting up moving to a conference committee
• IRS gets access to information from bitcoin exchange
• The Tax Court uses English law to determine if a payment was alimony for federal tax purposes
• A safe harbor casualty loss rule is adopted for damage to concrete foundations caused by pyrrohite
• A taxpayer is denied a deduction for legal fees to recover overpaid alimony
• More relief for partnerships due to change in filing dates for 2016 returns
• The Tax Court updates its views on how to evaulate Stamps.com postmarks under timely filing rules

Copyright 2017 Kaplan Inc.

Current Federal Tax Developments for the week of November 23, 2017 - S Corporation Difficulties. 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:

• HR1 moves to the Senate floor this week
• Taxpayer does not have COD income when relieved of requirement to pay back overpayments on pension
• Qualified plan relief provisions extended to victims of California wildfires
• Court does not accept attempt to use FLP discount to create income tax loss from liquidation of S corporation formed to hold FLP interest
• No basis to shareholders in debt to S corporation other S corporation shareholders controlled
• IRS issues FAQ on QSEHRAs

Copyright 2017 Kaplan Inc.