Federal Tax Update Podcast

This week we look at:

• State found to illegally discriminate against federal law enforcement retirees due to tax break for state law enforcement retirees

• IRS decides expanded availability of meal delivery means fewer meals are truly for the convenience of the employer

• IRS acquiesces in case regarding meals for hockey teams

• Politico points out loophole that may exist for owners of co-op shares with regard to $10,000 tax limitations

• Looking at options beyond the safe harbor for rentals under §199A

Copyright 2019 Kaplan, Inc.

This week we look at:

• Fix for auto depreciation quirk added by TCJA released by IRS

• A subtrust qualified as a conduit trust for IRA distribution purposes

• AICPA asks for relief from potential impact of syndicate rules on small business tax relief

• Form 1065 instructions add a requirement for certain partnerships to disclose negative tax basis

• Checkbox added for when basis calculation required with Form 1040 and situations where it is required expanded by IRS

Copyright 2019 Kaplan, Inc.

This week we look at:

• Situations where an employer can recover HSA funds from employee accounts

• IRS decides taxpayers can use Rev. Proc. 2018-60 even if currently using an impermissible method of accounting

• Taxpayer reasonably relied on CPA's advice and escapes penalties

• Airline passenger discovers he can't sue the TSA for his lost tax paperwork

Copyright 2019 Kaplan, Inc.

This week we look at:

• IRS delays end of faxing transcripts after Chair and ranking minority member of Senate Finance Committee send a joint letter requesting a delay

• Taxpayers could not avoid NOL carryforward election they claimed they were unaware of

• IRS publishes corrected version of §199A regulations, changes one word some see as potentially important

• Article discusses risks to marijuana businesses from electing small business inventory relief added by TCJA

Copyright 2019, Kaplan, Inc.