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

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

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