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
Direct download: 2018-01-02_The_Year_of_TCJA_and_CPAR.mp3
Category:Federal Tax Update -- posted at: 6:48am EDT

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.

Direct download: 2017-12-11_-_Let_the_Conference_Begin.mp3
Category:Federal Tax Update -- posted at: 12:58pm EDT

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.

Direct download: 2017-12-04_On_to_the_Conference.mp3
Category:Federal Tax Update -- posted at: 5:17pm EDT

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

The articles for this week can be downloaded below:

2017-11-27 Current Federal Tax Developments

Copyright 2017 Kaplan Inc.

Direct download: 2017-11-27_S_Corporation_Problems.mp3
Category:Federal Tax Update -- posted at: 12:44pm EDT

Another week as Congress continues down the path towards comprehensive tax reform. This week we look at the changes the Senate made to its bill, as well as the passage by the House of their version of the bill. We also discuss what comes next in this process.

The PDF below has the description of the two bills as they stood when this was recorded on November 18, 2017.

2017-11-20 Current Federal Tax Developments

Copyright 2017 Kaplan Inc.

Direct download: 2017-11-20_One_Down_One_to_Go.mp3
Category:Federal Tax Update -- posted at: 2:27pm EDT

This week we look at the current developments on the tax reform front, including the two amendment sets adopted by the Ways and Means Committee and the Joint Committee's explanation of the bill the Senate Finance Committee will hold hearings on beginning Monday.

Copyright 2017 Kaplan Inc.

Direct download: 2017-11-13_Tax_Reform_Continues.mp3
Category:general -- posted at: 3:09pm EDT

Current Federal Tax Developments is brought to you by the Loscalzo Institute and your state society of CPAs. This week we look at HR1, Tax Cuts and Jobs Act.

A PDF with a description of the provisions can be downloaded below:

2017-11-06 Current Federal Tax Developments

Copyright 2017 Loscalzo Institute, a Kaplan Company.

 

Direct download: 2017-11-06_Current_Federal_Tax_Developments_-_Tax_Reform_Starts.mp3
Category:general -- posted at: 7:44am EDT

Current Federal Tax Developments is brought to you by the Loscalzo Institute, a Kaplan Company and by your state society of CPAs.

This week we look at the following developments:

  • House adopts Senate budget resolution beginning tax reform process
  • A taxpayer’s amount of claimed theft loss found excessive by Tax Court
  • An expert’s testimony did not substitute for records of cost of goods sold
  • IRS summons to state agency found to be proper
  • IRS memo discusses indirect loan issues for church 403(b) plan

Copyright 2017 Kaplan Inc.

Direct download: 2017-10-30_Kick_Off_for_Tax_Reform.mp3
Category:general -- posted at: 1:30pm EDT

Current Federal Tax Developments for the week of October 23, 2017 - Indexing Time of the Year. 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:

  • IRS releases inflation adjusted tax factors for 2018
  • LB&I Division issues guidance on unit of property and major component issues for the mining industry
  • IRS announced retirement plan numbers for 2018
  • IRS announces nonacquiesence in S corporation/real estate professional decision
  • Anti-Kerr regulations officially withdrawn by the IRS
  • 2017 Returns without health care information will not be accepted for efiling
  • A court decision that appears to arrive at approximately the right place, but for all the wrong reasons

Copyright 2017 Kaplan Inc.

Direct download: 2017-10-23_Indexing_Time_of_the_Year.mp3
Category:general -- posted at: 1:32pm EDT

This week we look at the following developments:

  • Filing date relief issued by IRS for victims of Northern California wildfires
  • Challenge to minister’s housing allowance exclusion returns to court
  • Tax Court will assert strict subordination requirement for mortgages on conservation easements outside First Circuit
  • Signature no longer required for §754 election
  • Retroactive loss of tax-exempt status going back a decade proves very costly in terms of interest on unpaid tax
  • IRS email discusses potential impact on due date disaster relief and date for assessment of tax

PDF with articles for this week's podcast.

Copyright 2017 Kaplan Inc.

Direct download: 2017-10-16_Housing_Allowance_Returns_to_Court.mp3
Category:general -- posted at: 3:45pm EDT



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