2018-01-08 The Calm After the Storm

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.