Federal Tax Update Podcast

This week we look at the following items:

• Two state supreme courts restrict their states’ ability to tax trusts
• IRS issued PMTA on willfulness for FBAR penalty
• Forfeitures now can be used to fund QMACs and QNECs
• IRS discusses the impact on taxable wages of a payroll tax examination
• Many exempt organizations will no longer have to file Schedule B with Form 990
• Proposed regulations issued on due diligence expansion to head of household status added by TCJA

Copyright 2018 Kaplan Professional Education

This week's update includes discussions of the following topics:

• More Wayfair fallout
  • North Dakota out of state seller collections required beginning October 1
  • South Carolina to use South Dakota minimums for out of state sellers
  • Wisconsin will use the South Dakota minimums for the October 1 out of state seller start
• IRS updates security guidance for tax professionals
• Trusts and Estates will get to deduct trustee fees and other Section 67(e) expenses following TCJA
• IRS sticks to its position on prepaid real estate taxes when questioned by NJ Attorney General
• IRS employee indicates the agency accepts that the back door Roth contribution is legal

Copyright 2018, Kaplan, Inc.

This week's update includes discussions of the following topics:

• More Wayfair fallout
  • North Dakota out of state seller collections required beginning October 1
  • South Carolina to use South Dakota minimums for out of state sellers
  • Wisconsin will use the South Dakota minimums for the October 1 out of state seller start
• IRS updates security guidance for tax professionals
• Trusts and Estates will get to deduct trustee fees and other Section 67(e) expenses following TCJA
• IRS sticks to its position on prepaid real estate taxes when questioned by NJ Attorney General
• IRS employee indicates the agency accepts that the back door Roth contribution is legal

Copyright 2018, Kaplan, Inc.

This week we look at the following items:

• States take various actions regarding forcing out of state sellers to collect tax
  • Louisiana looks to adopt its law to fit within Justice Kennedy’s outline of acceptable protections for interstate commerce
  • Alabama, though not a member of SSUTA, will begin requiring collection on October 1
  • Wisconsin, an SSUTA member but without a de minimis limit, will also want collections on October 1
  • New Jersey adopts a law that duplicates South Dakota and adds marketplace provisions
• IRS LB&I Division announces five new compliance campaigns
• IRS agent wonders if a preparer penalty could be assessed directly against an equity holder who did not otherwise violate Section 6694

Copyright 2018, Kaplan, Inc.

This week we look at the following items:

• States take various actions regarding forcing out of state sellers to collect tax
  • Louisiana looks to adopt its law to fit within Justice Kennedy’s outline of acceptable protections for interstate commerce
  • Alabama, though not a member of SSUTA, will begin requiring collection on October 1
  • Wisconsin, an SSUTA member but without a de minimis limit, will also want collections on October 1
  • New Jersey adopts a law that duplicates South Dakota and adds marketplace provisions
• IRS LB&I Division announces five new compliance campaigns
• IRS agent wonders if a preparer penalty could be assessed directly against an equity holder who did not otherwise violate Section 6694

Copyright 2018, Kaplan, Inc.

This week we look at the following items:

• IRS releases a new “postcard” dratt for Form 1040 along with 6 schedules
• CPA who advised on ESOP and prepared 5500s was still found to be an independent appraiser on third time to court
• IRS publishes the list of qualified opportunity zones under TCJA’s Section 1400Z-1
• A amendment of a return with fraudulent positions does not reduce the fraud penalty
• Taxpayer discovers IRS had not agreed to waive all penalties when taxpayer agreed to exam changes

Copyright 2018 Kaplan Inc.