2019-08-19 George M Would Be Proud

Current Federal Tax Developments for the week of August 19, 2019: George M Would Be Proud...

• Taxpayer “wins” on a Cohan style case, but things don’t really go well

• Qualified plan distribution is part of taxable income for the taxpayer even if the taxpayer doesn’t cash the check

• An estate cannot avail itself of the economic disability tolling of the statute of limitations (and it wouldn’t have mattered anyway).

• IRS to send out estimated tax penalty refund checks to 400,000 taxpayers

Copyright 2019 Kaplan, Inc.