Federal Tax Update Podcast

Current Federal Tax Developments for the week of September 30, 2019: Rentals and the Safe Harbor

• IRS releases final version of §199A rental safe harbor
• Special per diem rates that take effect on October 1, 2019 released
• Tax Court does not accept imprisonment and lack of access to what might be deductible expense documentation as reasonable cause for late filing.

Copyright 2019 Kaplan, Inc.

Current Federal Tax Developments for the week of September 23, 2019: Zombie Power of Attorney

• IRS releases final and new proposed regulations on §168(k) bonus depreciation
• Settlement offer to be sent to 200 taxpayers under exam for microcaptive structures
• Government shutdown causes IRS to lose ability to extend statute taxpayer had already agreed to extend
• Power of attorney not used by son nevertheless left him authorized to act for father, barring claim for extended statute
• CPA ordered to turn over tax returns of client based on two factor test

Copyright 2019, Kaplan, Inc.

Current Federal Tax Developments for the week of September 16, 2019: §451 Week

• Students learns real life lesson on taxation of prizes, and we get a tax history lesson
• Proposed regulations issued for advance payments under TCJA §451(c)
• Proposed regulations issued for §451(b) revenue conformity added by TCJA

Copyright 2019 Kaplan, Inc.

Current Federal Tax Developments for the week of September 9, 2019: But I Promise, Really!

• IRS release instructions to 2019 §199A simple deduction form with additional informal guidance
• Memorandum discusses what does and does not qualify as having made a payment to a retirement plan
• Relief granted to file the second copy of the Form 3115 late for an automatic method change, but at a cost
• Activities failed to count as rentals, could not be combined into rental activity by real estate professional
• A flawed S election uncovered during due diligence for sale of the corporation

Copyright 2019 Kaplan, Inc.