Federal Tax Update Podcast

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.

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.

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.

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.