Federal Tax Update Podcast

Current Federal Tax Developments for the week of April 1, 2019: Tax Benefit Rules and Refunds

• Electric vehicle credits for GM vehicles to begin one year phase out

• IRS gives formal guidance on treatment of state income tax refunds following the TCJA $10,000 cap

• SALT workaround regulations and related notice sent to OIRA

• IRS changes requirements to obtain EIN, requires responsible person to have SSN or ITIN

• Final regulations published on reportable transaction law modifications from 2010

Copyright 2019 Kaplan, Inc.

This week we look at:

• QBI and disallowed passive losses

• Minister’s housing allowance ruled to be acceptable under the U.S. Constitution

• Pilot had no profit motive for business related to vintage World War II aircraft

• IRS suspends two Revenue Rulings related to active trade or business issues under §355

• Relief from underpayment of estimated tax penalty expanded by IRS

Copyright 2019 Kaplan, Inc.

Current Federal Tax Developments for the week of March 18, 2019: Technicalities and Glitches

• Software glitches in the first years under TCJA

• Lump sum social security benefits are part of MAGI for the premium tax credit

• Safe harbor statements have to be signed and then attached to electronically filed returns as a PDF

• Taxpayer’s mistake in listing old address on tax return proves costly

• Tax Court rejects no harm, no foul view with regard to penalties for filing an S corporation return late

Copyright 2019 Kaplan, Inc.

This week we talk about the following:

• Look at some items causing confusion over §199A on discussion forums as returns are prepared

• Treasury announces changes in temporary regulations and subregulatory guidance

• Recipients of sexual harassment and sexual abuse settlements with confidentiality clause allowed to deduct legal fees

• Gambling loss triggered by impulse control problem side effect of prescribed drug not a casualty loss

• Proposed regulations issued for FDII and GILTI

• IRS no longer plans to issue regulations to bar post-retirement lump-sum distributions from defined benefit plans

• Partnerships required to add tax basis disclosures given until March 15, 2020 to provide information to IRS

Copyright 2019 Kaplan, Inc.

Current Federal Tax Developments for the week of March 4, 2019: Tax Refunds and the 2019 Tax Returns

• A look at the special rules under §111 for tax benefit and how it impacts state tax refunds from 2018 returns

• No Fifth Amendment defense against assertion that taxpayer is trafficking under §280E

• IRS grants extension of time to file returns for farmers and fishermen

• Tax Court looks at the application of the penalty review process to automated exams

• IRS gave insufficient notice that a third party would be contacted for information

Copyright 2019 Kaplan, Inc.