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.

Direct download: 2018-12-31-_Lump_of_Coal_for_Real_Estate_Agents_.mp3
Category:general -- posted at: 5:00pm EDT

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.

Direct download: 2018-12-24_Feeling_Blue_Book_Over_the_Holidays.mp3
Category:general -- posted at: 5:43pm EDT

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.

Direct download: 2018-12-17_All_We_Want_for_Christmas_Are_Our_199A_Final_Regulations.mp3
Category:general -- posted at: 12:33pm EDT

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.

Direct download: 2018-12-10SALTWorkaroundWisconsinStyle.mp3
Category:general -- posted at: 6:02pm EDT

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.

Direct download: 2018-11-26_Slow_March_of_the_163j_Proposed_Regulations.mp3
Category:general -- posted at: 11:02am EDT

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

Direct download: 2018-11-19_Chained_CPI_Makes_Its_Full_Debut.mp3
Category:general -- posted at: 6:41pm EDT

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

Direct download: 2018-11-12_Due_Diligence.mp3
Category:general -- posted at: 7:41am EDT

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.

Direct download: 2018-11-05_Parking_Lot_Tax.mp3
Category:general -- posted at: 5:24pm EDT

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

Direct download: 2018-10-29_More_Guidance_to_Come.mp3
Category:general -- posted at: 6:11am EDT

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.

Direct download: 2018-10-22_Seizing_the_Opportunity.mp3
Category:general -- posted at: 4:49am EDT



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