Federal Tax Update Podcast

This week we look at:

• Taxpayer finds expense can’t be assigned to business based on best result

• IRS greatly expands the FAQ on Section 199A, including a major surprise to many on handling S corporation shareholders

• IRS updates the EPCRS program to add more self-correction options

• Chief Counsel Email holds that using a PEO does not allow a partner to be treated as the employee of partnership

Copyright 2019, Kaplan, Inc.

This week we look at the following

• Draft forms issued to be used to report §199A deduction on 2019 returns

• Proposed regulations address NRA potential current beneficiaries of ESBTs that are also grantor trusts

• Memorandum address impact of §318 attribution rules on §1372 and self-employed health insurance deduction

• Second (and maybe final) set of proposed regulations on opportunity zone issues

• Ninth Circuit decides IRS regulations did remove the ability to use common law mailbox rule to prove timely filing

Copyright 2019, Kaplan, Inc.

This week we review where we stand on TCJA guidance at the end of the first TCJA tax season.

• §199A - Mainly Post-Final Regulation Issues
• §163(j) - Proposed Regulations Out, Awaiting Final Regulations
• Depreciation - Will the Retail Glitch Get Fixed? And When?
• SALT - Soon to be released final regulations on state tax credits and then what
• §461(j) - Limit on business losses - where’s the guidance
• Other areas

Copyright 2019, Kaplan, Inc.

Current Federal Tax Developments for the week of April 8, 2019: SALT and the Home Office

• IRS sends proposed regulations on §199A for cooperatives to OIRA for review

• PMTA outlines intereaction of home office and SALT cap

• Trade or business definition for instructions in Form 461 issue identified by IRS

• Second Circuit reverses Tax Court decision that found a tax “black hole”

Copyright 2019 Kaplan, Inc.