Current Federal Tax Developments for the week of July 1, 2019:

  • IRS issues notice to advisers regarding what to do in the event of a data breach
  • IRS official confirms a §199A trade or business can include both commercial and residential rental
  • Taxpayer found Tax Court didn't believe his vehicle logs
  • Transaction found to be substantially similar to a listed transaction

Copyright 2019, Kaplan, Inc.

Direct download: 2019-07-01_About_That_Drive_from_Florida_to_South_Africa.mp3
Category:general -- posted at: 5:31pm EST

Current Federal Tax Developments for the week of June 24, 2019: SCOTUS Just Says No

  • Proposed regulations issued on qualified agricultural cooperatives

  • US Supreme Court rules mere residence of beneficiary not enough to all state to tax entire income of trust

  • Taxpayer had a proper claim of right situation when she paid ½ of wages paid back by ex-spouse

  • IRS finalizes non-resident alien ESBT regulations

Copyright 2019, Kaplan, Inc.

Direct download: 2019-06-24_Supreme_Court_Just_Says_No.mp3
Category:general -- posted at: 4:28pm EST

This week we look at:

  • IRS to stop faxing transcripts, only mail them to taxpayer’s address of record

  • Final regulations issued for state tax credit donations and new way to report credit as tax paid

  • IRS finalizes regulations creating two new HRAs

Copyright 2019, Kaplan, Inc.

Direct download: 2019-06-16_Bring_on_the_New_HRAs.mp3
Category:general -- posted at: 3:30pm EST

This week we look at

  • S corporation status lost when SMLLC shareholder adds a new interest holder

  • Tax Court does not accept author’s attempt to treat a portion of her income as not self-employment income

  • IRS releases employer tables and worksheets for TCJA-aware draft Form W-4

  • TIGTA finds that LB&I imposes accuracy-related penalties at lower rate than does SE/SE

  • Envelope used to file Tax Court petition lacked postmark, taxpayer could not explain delivery much later than would be expected for timely mailed document

Direct download: 2019-06-10_Being_Yourself_as_a_Business.mp3
Category:general -- posted at: 10:45pm EST

This week we look at

  • Evangelizing did not give rise to charitable deduction for most expenses

  • DC Circuit agrees with Tax Court that failure to disclose basis of asset doomed $33 million contribution

  • Taxpayers lose nearly $1 million of basis due to lack of old documents

  • IRS tries one more time to develop a W-4 for the TCJA era

Copyright 2019, Kaplan, Inc.

Direct download: 2019-06-03_Sweating_the_Details_or_Lose_Out.mp3
Category:general -- posted at: 9:33pm EST

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