Federal Tax Update Podcast

Current Federal Tax Developments for the week of December 2, 2019: Horses and Hobbies

• Commissioner rules that insurance payments for pyrrohite damage does not require Forms 1099
• Horse business found not to be a hobby, losses allowed
• IRS updates per diem rules for TCJA, following similar update for auto mileage rules

Copyright 2019, Kaplan, Inc.

Current Federal Tax Developments for the week of December 2, 2019: Horses and Hobbies

• Commissioner rules that insurance payments for pyrrohite damage does not require Forms 1099
• Horse business found not to be a hobby, losses allowed
• IRS updates per diem rules for TCJA, following similar update for auto mileage rules

Copyright 2019, Kaplan, Inc.

Current Federal Tax Developments for the week of November 25, 2019: Back to the FAQ

• IRS discusses information security responsibilities and risks for tax professionals
• Rental section added to IRS’s §199A FAQ page on website
• Final regulations issued on anti-clawback estate/gift tax provisions
• Only one penalty applied to taxpayer that was both the owner and beneficiary of a foreign trust

Copyright 2019 Kaplan, Inc.

Current Federal Tax Developments for the week of November 18, 2019: Upcoming Features

• Significant TCJA guidance to be issued by end of January 2020
• PLR allows advisory fees to be paid out of an annuity without trigger taxable income to owner
• IRS announces enforcement program for syndicated conservation easement programs
• IRS updates auto mileage rulings for changes made by TCJA
• IRS found to have attempted to assess tax on Son of BOSS after all statutes had expired

Copyright 2019, Kaplan, Inc.

Current Federal Tax Developments for the week of November 11, 2019: Indexing Week

• Federal Circuit shoots down previously successful taxpayer argument that limited maximum FBAR penalty
• IRS publishes the 2020 inflation adjusted numbers
• Proposed regulations issued to revise the life expectancy tables for required minimum distributions
• Retirement plan numbers for 2020 issued by IRS

Copyright 2019 Kaplan, Inc.

Current Federal Tax Developments for the week of November 4, 2019 Both a Home and an Investment

• Wisconsin fails in attempt to look to sublease to tax software sales based on computers sold to be used in the state

• IRS agrees that taxpayer qualifies for both §121 and §1031 for the sale of a former home destroyed by fire

• Draft Form 1065 and K-1 instructions released by the IRS

Copyright 2019 Kaplan, Inc.