Current Federal Tax Developments for the week of March 12, 2018 - A Tale of Two Landlords.  Current Federal Tax Developments is brought to you by the state CPA societies and Kaplan Professional Education.

This week we look at the following items:

  • Revised inflation adjusted numbers released for TCJA changes
  • Male sterilization/contraception no-cost benefit not allowed in HDHP policies regardless of state law
  • Roth IRA found not to actually own a foreign sales corporation
  • Taxpayers’ reconstructed records and recollections not enough to prove real estate professional status
  • Architect able to convince court he was a real estate professional with a single four-plex

Copyright 2018, Kaplan, Inc.

Direct download: 2018-03-12_A_Tale_of_Two_Landlords.mp3
Category:general -- posted at: 7:04am EDT

This week we look at the following items:

  • Storage battery for solar system can qualify for credit - but with key conditions
  • Two courts disagree on whether a gravel sale is or is not exempt from tax based on two treaties
  • IRS issues promised guidance to attempt to block S corporation carried interest structure
  • Revised online Form W-4 calculator and Form W-4 issued to deal with TCJA changes

Copyright 2017 Kaplan Inc.

Direct download: 2018-03-05_A_Bit_of_Disagreement.mp3
Category:general -- posted at: 11:37am EDT

This week we look at the following items:

  • IRS begins to process some returns with retroactively restored provisions for 2017
  • IRS reminds taxpayers that a “home equity” debt can still be acquisition debt and deductible on 2018 return
  • AICPA sends Treasury a letter outlining areas of §199A guidance that are needed
  • Taxpayer ends up failing to do a tax-free division of IRA funds in a divorce
  • The IRS fails in its attempt to have a gain on the sale of land taxed as ordinary income

Copyright 2018, Kaplan, Inc.

 

Direct download: 2018-02-26_How_Not_to_Divide_an_IRA.mp3
Category:general -- posted at: 9:52am EDT

This week we look at the following items:

  • A method that went unchallenged in two prior audits did not fare well at all in third IRS exam
  • Treasury officials speak on timing of TCJA guidance, Section 199A reasonable compensation and fiduciary income tax issues at ABA Tax Section meeting
  • Treasury Secretary Mnuchin testifies that IRS will issue guidance to shut down S corporation carried interest structure inspired by TCJA
  • Odd result is nevertheless the proper result appellate court informs taxpayer
  • IRS to release W4 online calculator this week

Copyright 2018, Kaplan, Inc.

Direct download: 2018-02-19_Treasury_at_the_Bar.mp3
Category:Federal Tax Update -- posted at: 9:07am EDT

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.

Direct download: 2018-02-12_Change_the_Rules_During_Tax_Season.mp3
Category:Federal Tax Update -- posted at: 8:36am EDT

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.

Direct download: 2018-02-05_Questions_and_Some_Answers_on_TCJA.mp3
Category:Federal Tax Update -- posted at: 2:27pm EDT

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.

Direct download: 2018-01-29_Government_Gets_Talkative.mp3
Category:general -- posted at: 7:06am EDT

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.

Direct download: 2018-01-22_IRS_in_Shutdown_Mode.mp3
Category:Federal Tax Update -- posted at: 6:48pm EDT

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.

Direct download: 2018-01-15_-_A_Sequel_26_Years_Later.mp3
Category:Federal Tax Update -- posted at: 7:02am EDT

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.

Direct download: 2018-01-08_The_Calm_After_the_Storm.mp3
Category:Federal Tax Update -- posted at: 5:41am EDT



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