Federal Tax Update Podcast

Current Federal Tax Developments for the week of July 29, 2019: 1982 Tax Form Nostalgia

• IRS releases final regulations on §501(c)(4) notice
• Taxpayers who paid certain French taxes may have refund opportunities
• Six new compliance initiatives announced by IRS
• Minor relief granted to file superseding returns to some CPAR covered partnerships
• IRS releases a new draft version of Form 1099-NEC for the first time in 38 years

Copyright 2019 Kaplan, Inc.

Current Federal Tax Developments for the week of July 22, 2019: The Short-Lived 1040 Postcard

• Taxpayer who failed to file a signed Form 8332 with his return was denied the dependency exemption even though he eventually got a signed form
• IRS updates list of allowed preventive care for high deductible health plans
• IRS debuts new Form 1040-SR and revises Form 1040 to get rid of the postcard on draft 2019 forms the agency released

Copyright 2019 Kaplan, Inc.

This week we look at:

• Taxes-Security-Together Checklist for tax professionals issued by the IRS

• Tax Court found that taxpayer was victim of a bookkeeping error and had sent IRA rollover contribution to custodian, late rollover allowed

• IRS discovers 31 years after the fact that a typo fix never was picked up in the Code of Federal Regulations

• Frequently asked questions page issued to explain TCJA change to §704(d) partner basis limits on charitable deductions and foreign taxes

Copyright 2019, Kaplan, Inc.

Update for the week of July 8, 2019. This week we look at:

• The Taxpayer First Act of 2019, signed into law on July 1, 2019

• The Supreme Court decides one trust due process case is enough for a single term

• IRS proposed a change in MEP to allow a solution to the one bad apple problem

• IRS goes back to issuing guidance via website FAQs, this time for QOFs

• Employers will be able to truncate SSNs on W-2s given to employees--but not right away

• IRS finalizes regulations barring partnerships from using disregarded entities to put partners on the payroll

Copyright 2019 Kaplan Professional Education