Federal Tax Update Podcast

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.

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.

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.

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.