This week we look at:

  • §199A final regulations – a pre-tax season package that had to be quickly understood
  • 2019’s year end tax bills – comes in three parts, along with a good portion of the government’s full appropriations package
  • The IRS’s fascination with tax basis capital, and the profession’s reaction to the same
  • §199A FAQ – so we’ll have fewer sub-regulatory guidance items, but that doesn’t mean it all gets reviewed like regulations. Or, perhaps, be careful what you wish for…
  • States looking to extend their tax reach, but in a case with limited application SCOTUS did find there are some limits
  • Additional items beyond the top five…

Copyright 2019, Kaplan, Inc.

Direct download: 2019-12-30_The_Years_Big_Tax_Developments.mp3
Category:general -- posted at: 3:00pm EDT

Current Federal Tax Developments for the week of December 23, 2019: A Tax Bill for the Holidays

  • Further Consolidated Appropriations Act, 2020 signed into law on December 20, 2019
    • SECURE Act
      • The good: Delay in required beginning date for plan distributions, later plan adoption date, etc.
      • The bad: Death of the stretch IRA
    • Extenders apply retroactively - so there are some amended returns that will be needed
    • Tax-exempt version of the parking lot tax is gone, but the for profit version is still around

Copyright 2019, Kaplan, Inc.

Direct download: 2019-12-23_A_Tax_Bill_for_the_Holidays.mp3
Category:general -- posted at: 1:53pm EDT

Current Federal Tax Developments for the week of December 16, 2019: The Sound of Silence

  • IRS does not have the discretion to waive repayment of advance premium credit
  • Employer who reimburses employee when transit card fails to function has to include amount in wages per CCA
  • IRS issues more proposed regulations on state tax issues and charitable contributions, but remains silent on passthrough tax issues
  • IRS grants relief from use of tax basis capital account on partnership K-1s for one year

Copyright 2019, Kaplan, Inc.

Direct download: 2019-12-16_The_Sound_of_Silence.mp3
Category:general -- posted at: 7:20pm EDT

Current Federal Tax Developments for the week of December 9, 2019: Bring in the Forms

  • Final version of 2020 Form W-4 released Final versions of 2019 Forms 1040, 1040-SR, Schedules 2 and 3 released
  • Shortly thereafter, final version of Schedule 1 released still containing question about virtual currency
  • Relief for provision of Forms 1095-B and C
  • Detailed guidance issued for IRS agents on BBA audit procedures

Copyright 2019, Kaplan, Inc.

Direct download: 2019-12-09_Bring_on_the_Forms.mp3
Category:general -- posted at: 10:18am EDT

1



-->

Syndication

Categories

Archives

December 2019
S M T W T F S
     
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31