This week we look at the following:

  • California rules on tax issues for directors that have meeting in California

  • Chief Counsel’s office gives guidance on use of secured email exchanges

  • §280E found not to represent an excessive fine even if the Tax Court doesn’t completely agree on why

  • Interim guidance issued to Appeals employees on BBA partnership regime

  • Whistleblower cannot force IRS to reopen an audit that he claimed was woefully inadequate

Copyright 2019 Kaplan, Inc.

Direct download: 2019-10-28_Denied_Deduction_Not_Excessive_Fine.mp3
Category:general -- posted at: 7:57am EDT

Current Federal Tax Developments for the week of October 21, 2019: The Details are in Forms (and Instructions)

  • Agents directed to grant relief in certain WOTC situations
  • Form 1120-S instructions disclose 3 new statements to be required on K-1s for 2019
  • Social security inflation adjusted 2019 numbers officially released
  • Second draft of Form 1065 Schedule K-1 asks for additional information about disregarded entity partners
  • TAS’s request for a delay while taxpayers facing loss of passport seek assistance denied by IRS

Copyright 2019, Kaplan, Inc.

Direct download: 2019-10-21_Its_All_in_the_Forms_and_Instructions.mp3
Category:general -- posted at: 5:05pm EDT

Current Federal Tax Developments for the week of October 7, 2019: Virtual Currency and Taxes

  • IRS expands IP PIN program to 10 more states

  • Question on virtual currency transactions will be on Schedule 1, Form 1040 and 1040SR, along with release of more draft instructions

  • Hard forks of virtual currencies are taxable events per IRS and the rule appears to apply retroactively

  • Additional set of FAQs added for taxation of virtual currencies to IRS website

Copyright 2019 Kaplan, Inc.

Direct download: 2019-10-14_Virtual_Currency_and_Taxes.mp3
Category:general -- posted at: 9:28pm EDT

Current Federal Tax Developments for the week of October 7, 2019

  • Pennsylvania cites Wayfair in providing for sales only based income tax nexus
  • Taxes on investment real estate under IRC §164 - no $10,000 limit?
  • Drafts of 2019 Forms 1065, 1120-S and related K-1s released by IRS
  • Proposed regulations for ALEs using individual coverage HRAs released

Copyright 2019 Kaplan, Inc.

Direct download: 2019-10-07_Get_Ready_for_the_2019_Passthrough_Forms.mp3
Category:general -- posted at: 11:33am EDT






October 2019
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