This week we are looking the proposed PPP loan revisions

  • Proposed COVID-19 Relief Bill
  • Reopen and revise PPP loans
  • Create second draw need based PPP loan program
  • Fix the deduction issue
  • Simplified forgiveness applications (2)

Copyright, Kaplan, Inc.

Direct download: 2020-12-21_PPP_Loans_Version_2.0_Proposal.mp3
Category:general -- posted at: 6:33pm EST

This week we look at:

  • IRS issues Q&As on CARES Act §§102 and 103
  • Tax organizations respond to IRS Commissioner on no penalty relief
  • SBA issues guidance on tax reporting for CARES Act §1112 payments
  • SBA adds Q&A on Forms 3509 and 3510

Copyright 2020, Kaplan, Inc.

Direct download: 2020-12-14_Paying_Tax_on_1112_Payments.mp3
Category:general -- posted at: 1:44pm EST

This week week we look at:

  • MFA to be available for all online tax products
  • Commuter highway vehicles and COVID-19
  • Opt-in IP PIN program going nationwide
  • Taxpayer willfully failed to report Swiss bank account

Copyright 2020, Kaplan, Inc.

Direct download: 2020-12-07_IRS_Security_Week.mp3
Category:general -- posted at: 10:16am EST

This week we look at:

  • A taxpayer is denied permission to file a late mark to market election as a trader
  • Final regulations are issued related to the TCJA unrelated business income changes
  • Like kind exchange regulations finalized by the IRS

Copyright 2020, Kaplan, Inc.

Direct download: 2020-11-30_Being_Late_Proves_Costly.mp3
Category:general -- posted at: 6:30pm EST

This week we look at:

  • IRS rules taxpayers cannot deductions expenses that qualify for PPP loan forgiveness if reasonably expect forgiveness
  • Revenue Procedure issued for taxpayer who don't get the entire expected forgiveness in the end
  • IRS adds request for additional information on Schedules K-1 for Form 1120-S for 2020
  • IRS Commissioner indicates there will not any sort of broad relief for late filing and late payment of taxes
  • No relief for late filing when CPA firm submitted efile return a few seconds late
  • IRS updates ERC FAQ to deal with acquisition of employers who had taken out PPP loans

Copyright 2020, Kaplan Financial Education

Direct download: 2020-11-23_A_Reasonable_Expectation_of_Forgiveness.mp3
Category:general -- posted at: 11:51am EST

This week we look at:

  • AICPA reports that the IRS is about to release what many will find is unwelcome guidance on expenses expected to be used for forgiveness under PPP loan program
  • IRS gives up on state entity level taxes on passthrough businesses as a workaround to the TCJA limit on the deduction of state and local taxes
  • Taxpayer attempts to argue his LLC was acting as an agent for his IRA custodian, but fails to convince the Tax Court

Copyright 2020, Kaplan, Inc.

Direct download: 2020-11-16_IRS_Throws_in_the_Towel_on_One_SALT_Workaround.mp3
Category:general -- posted at: 12:49pm EST

This week we look at:

  • The IRS releases revised tables to compute required minimum distributions from retirement plan accounts - but not until 2022
  • Taxpayer denied relief from late filing penalties even though he believed his CPA had filed an extension on his behalf
  • IRS publishes news release indicating relief for certain collection related actions due to COVID-19

Copyright 2020, Kaplan, Inc.

Direct download: 2020-11-09_Slowing_Down_RMDs_-_But_Not_Until_2022.mp3
Category:general -- posted at: 8:25pm EST

This week we look at

  • IRS gives guidance to Congressional office on treatment of taxes paid on real estate cooperative
  • Guidance issued for W-2s to be issued for employers who deferred employee FICA at the end of 2020
  • SBA announces that a questionnaire will be sent to large PPP loan borrowers regarding need for the loan

Copyright 2020, Kaplan, Inc.

Direct download: 2020-11-02_SBAs_Coming_Questionnaire_for_Large_PPP_Loans_Volume.mp3
Category:general -- posted at: 7:35am EST

This week we look at:

  • Fees to enter a daily fantasy sports contest is a wager in the view of the IRS
  • Taxpayers must follow all of the criteria listed in Revenue Procedure to take advantage of the ruling
  • IRS adds retrieving funds from state unclaimed property fund to list of items for self-certification for late retirement plan rollover
  • Withholding is required if an employer sponsored retirement plan transfers funds to state unclaimed property fund
  • Draft instructions for 2020 partnerships released outlining requirement to report K-1 capital accounts on tax basis
  • CPA denied in attempt to reduce potential liability by claiming failure of another tax adviser in representing client to reduce penalty
  • Short term extension granted to October 31 to file FBAR reports

Copyright 2020, Kaplan, Inc.

Direct download: 2020-10-27_Tax_Basis_Capital_Accounts_and_the_2020_Form_1065.mp3
Category:general -- posted at: 12:30pm EST

This week we look at:

  • PPP forgiveness application deadline is not October 31

  • Fax line to send in Forms 1045 and 1139 will shut down at the end of 2020

  • Draft instructions to Form 8895 indicate that IRS not longer seeing charitable deductions as reducing QBI

  • Taxpayer could not claim accrued expenses to restore manufacturing line until following year

  • IRS FAQ on EIP for incarcerated individuals is subject to court review

Copyright 2020, Kaplan, Inc.

Direct download: 2020-10-19_FAQs_Not_as_Protected_from_Scrutiny_as_IRS_Hoped.mp3
Category:general -- posted at: 11:33am EST

This week we look at:

  • Final regulations issued for meals and entertainment
  • Withholding on retirement and annuity distribution regulations issued
  • S Corporations get special election for GILTI issues
  • SBA issues guidance on change of ownership for entities with PPP loans outstanding

Copyright 2020, Kaplan, Inc.

Direct download: 2020-10-03_PPP_Loans_and_Change_of_Ownership.mp3
Category:general -- posted at: 11:33am EST

This week we look at

  • IRS issues bonus depreciation final regulations
  • Excess deductions on termination final regulations are issued
  • IRS grants relief for CCH e-filing problems on September 1

Copyright 2020, Kaplan, Inc.

Direct download: 2020-09-28_Excess_Deductions_Will_Actually_Be_Deductible_-_Final.mp3
Category:general -- posted at: 7:31pm EST

This week we look at:

  • IRS discusses options for expedited private letter ruling requests
  • Web page for marijuana industry posted by the IRS
  • Corporation by law had no shareholders, thus no S election was possible
  • Draft form to be used by self-employed to claim COVID-19 sick pay credits published
  • Final version of Form 941-X to be used to revised 2Q 2020 Forms 941 released

Copyright 2020, Kaplan, Inc.

Direct download: 2020-09-21_Revised_Forrms_Issued_for_COVID-19_Relief.mp3
Category:general -- posted at: 12:48pm EST

This week we look at:

  • IRS discusses options for expedited private letter ruling requests
  • Web page for marijuana industry posted by the IRS
  • Corporation by law had no shareholders, thus no S election was possible
  • Draft form to be used by self-employed to claim COVID-19 sick pay credits published
  • Final version of Form 941-X to be used to revised 2Q 2020 Forms 941 released

Copyright 2020, Kaplan, Inc.

Direct download: 2020-09-21_Revised_Forrms_Issued_for_COVID-19_Relief.mp3
Category:general -- posted at: 12:48pm EST

This week we look at:

  • A California decisions discusses the concept of domicile for state residency status
  • IRS publishes special per diem rates for FY 2020/2021, including high-low rates
  • Medicaid coverage of COVID-19 testing and diagnostic services is not minimum essential coverage
  • Tax Court looks at the effective date for a change in innocent spouse provisions
  • An IP PIN ruled not to be part of the signature for an electronically filed tax returns

Copypright 2020, Kaplan, Inc.

Direct download: 2020-09-14_What_Is_Not_Part_of_a_Signature.mp3
Category:general -- posted at: 3:30pm EST

This week we look at:

  • IRS loses in an attempt to challenge a contribution of closely held stock to charity

  • Notice issued giving guidance on retirement plan changes enacted at the end of 2019

  • Second new version of Form 941 for 2020 released in draft form

  • Minister discovers he won't qualify to be paid social security or Medicare coverage due to not understanding employment taxes and pastors

  • IRS publishes web page on BBA Centralized Partnership Audit Regime

Copyright 2020, Kaplan, Inc.

Direct download: 2020-09-07_Remember_the_Secure_Act.mp3
Category:general -- posted at: 6:29pm EST

This week we look at:

  • Crowdsourcing platform payments made in convertible virtual current for performing microtasks is taxable income
  • Payroll tax holiday guidance finally released by Treasury days before holiday is scheduled to begin
  • IRS temporarily expands and simplifies use of e-signatures
  • SBA issues new PPP guidance with de minimis owner rule and rules related to rents and mortgages as nonpayroll costs

Copyright Kaplan, Inc.

Direct download: 2020-08-31_Excellent_Guidance_to_Confirm_Fears.mp3
Category:general -- posted at: 3:28pm EST

This week we look at:

  • Qualified plan loan offset amount proposed regulations issued to deal with TCJA plan loan rollover provision
  • US Chamber of Commerce and other organizations issue letter describing issues with payroll tax holiday Presidential memo
  • IRS warns employees to wait to file Forms 941-X on second quarter 2020 941s until new form released in late September
  • Chair of Ways & Means asks to IRS to pause sending notices that may relate to unopened payments and IRS complies two days later
  • IRS begins accepting 2019 amended individual returns electronically
  • Payments of interest on 2019 tax refunds are being paid out to taxpayers

Copyright Kaplan, Inc.

Direct download: 2020-08-24_The_Week_of_the_Two_Letters.mp3
Category:general -- posted at: 2:23pm EST

This week we look at:

  • Summary of §163(j) final regulations SBA publishes PPP loan forgiveness FAQ
  • IRS reminds employers of ability to establish leave sharing plans for employees to provide COVID-19 relief
  • Proposed revenue procedure released to allow qualified residential living facilities to be §163(j) real estate businesses
  • IRS updates qualified plan safe harbor distribution notices for SECURE Act and CARES Act changes
  • President issues memorandum providing for deferral of employee OASDI, but leaves open issue of whether amounts will be forgiven

Copyright 2020, Kaplan, Inc.

Direct download: 2020-08-10_Deferring_Employee_FICA_-_Forgiveness_TBD.mp3
Category:general -- posted at: 9:55am EST

This week we look at:

  • IRS releases multiple regulation project texts on TCJA items
  • No syndicate relief offered for tax shelters by the IRS for small business accounting or §163(j)
  • Taxpayers informed how to deal with inventory issues when opting out of application of §471(a)
  • Forms 3115 for automatic method changes to be faxed in beginning in August

Copyright 2020, Kaplan, Inc.

Direct download: 2020-08-02_Rise_of_the_Syndicates.mp3
Category:general -- posted at: 3:48pm EST

This week we look at:

  • Discussions continue on fourth COVID bill in the Senate
  • SBA announces the agency will begin accepting lender's documents for PPP loan forgiveness on August 10 (maybe)
  • IRS releases percentages for the premium tax credit for 2021
  • IRS position taken for strategic reasons in another conservation easement case doesn't bind the agency in a case with an unrelated taxpayer
  • Second Circuit agrees with Tax Court that property was note used in a trade or business

Copyright 2020, Kaplan, Inc.

Direct download: 2020-07-27_Third_Time_to_Court_on_Conservation_Easement.mp3
Category:general -- posted at: 11:53am EST

This week we look at:

  • IRS describes letters issued for Form 7200 when various issues arrive
    Loan was nonrecourse since lender did not take route that could have lead to deficiency judgment
  • Debt failed to be qualified principal residence interest
  • IRS proposes to add Schedules K-2 and K-3 for international partnership issues
  • PTIN fees to return next year

Copyright 2020, Kaplan, Inc.

Direct download: 2020-07-18_The_Tax_Court_Deals_with_Debt_Issues.mp3
Category:general -- posted at: 10:35am EST

This week we look at:

  • W2s will report FFCRA sick and FMLA pay to each employee
  • Congress extends PPP loan program through August 8, 2020
  • FAQ looks at the tax implications of receiving a CARES Provider Relief Payments
  • Depreciation limits for vehicles for 2020 released by the IRS
  • §265(a)(1) does not bar deduction under UBIT rules for a charity
  • Flowchart for BBA CPAR audit regime published by the IRS

Copyright 2020, Kaplan, Inc.

Direct download: 2020-07-12_BBA_Audit_Flowchart.mp3
Category:general -- posted at: 6:01pm EST

This week we look at:

  • IRS updates FAQ to discuss PPPFA changes to employer payroll tax deferral rules
  • Relief granted to allow for changes to be made in 2020 to safe harbor 401(k) plans
  • IRS outlines issues with marketing materials for CRAT tax shelter being promoted
  • Memorandum discusses what impact a superseded return has on the statute of limitations for returns filed on extension
  • IRS announces July 15 deadline will not be extended for 2019 returns

Copyright 2020, Kaplan, Inc.

Direct download: 2020-07-04_What_is_Not_Discussed.mp3
Category:general -- posted at: 1:43pm EST

This week we look at:

  • IRS issues clarifications on claiming the employee retention credit

  • SBA issues formal interim final rules modifying forgiveness rules for PPPFA

  • Additional final regulations issued under §199A

  • Proposed regulations released to deal with the TCJA parking lot tax

  • IRS announces interest will be paid on refunds for returns filed by 7/15/20, with interest starting to accrue at 4/15/20

Copyright 2020, Kaplan Financial Education

Direct download: 2020-06-27_CARES_Fix_for_the_RMDs_that_Arent_RMDs.mp3
Category:general -- posted at: 7:48pm EST

This week we look at:

  • Revised PPP forgiveness application and some rules to take into account PPPFA changes
    Relief granted for PPP loan qualification related to certain felony convictions of owners
  • CARES special retirement plan provision relief published by IRS
  • Using the wrong FedEx service to file a Tax Court petition costs taxpayer the option to challenge the IRS in Tax Court

Copyright 2020, Kaplan Financial Education

Direct download: 2020-06-22_CARES_Retirement_Plan_Rules_Issued.mp3
Category:general -- posted at: 12:33pm EST

This week we look at:

  • SBA begins issuing revised guidance to take into account PPPFA changes to PPP loan program
  • IRS rules no inclusion in income or payroll tax liability for programs where employees donate leave time to COVID-19 charities
  • Proposed regulations would expand deductions for medical expenses
  • Post-TCJA real estate like-kind exchange proposed regulations issued by the IRS

Copyright 2020, Kaplan, Inc.

Direct download: 2020-06-19_TCJA_Returns-Like_Kind_Exchanges.mp3
Category:general -- posted at: 9:43pm EST

This week we look at:

  • Payroll Protection Program Flexibility Act of 2020 enacted into law on June 5, 2020
  • Relief from physical presence rules given to qualified plans
  • IRS expands Qualified Opportunity Zone relief and extends period for existing relief
  • IRS returns to tax basis capital computation issues - gives two different proposed methods

Copyright 2020, Kaplan Professional Education

Direct download: 2020-06-08_PPPFA_Becomes_Law.mp3
Category:general -- posted at: 3:16pm EST

This week we look at:

  • PPP developments - only a single FAQ change but two bills to change the program.
  • IRS releases guidance on how to deal with ATNOLs for corporations carrying back net operating losses.
  • The ability to electronically file amended individual income tax returns will exist for 2019 returns later this summer.
  • IRS announces additional due date relief.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-05-30_Electronic_Amended_Returns_Real_Soon_Now.mp3
Category:general -- posted at: 5:27pm EST

The latest update on the new interim final regulations on PPP Loan Forgiveness rules.

A PDF with information on both IFRS can be downloaded below.

May 22 IFRs from SBA - PPP Loan Forgiveness

Copyright 2020, Kaplan, Inc.

Direct download: 2020-05-24_PPP_Loan_Forgiveness_Interim_Final_Rules.mp3
Category:general -- posted at: 10:14pm EST

This week we look at:

  • PPP guidance on foreign affiliates, §501(c)(12) utilities, the actual final extension of the PPP repayment date and the SBA backing off the threats on necessity of the loan certification

  • IRS discusses which date to use to value certain stock based compensation

  • Changes made to maximum medical FSA carryovers for cafeteria plans

  • IRS issues COVID-19 related relief for cafeteria plans

  • The tax consequences of payments to students discussed in IRS FAQ which uses §139 to exclude them from income

  • IRS releases inflation adjusted HSA and HDHP numbers for 2021

Copyright 2020, Kaplan, Inc.

Direct download: 2020-05-25_Just_Kidding.mp3
Category:general -- posted at: 9:07pm EST

This week we look at:

  • IRS changes its guidance on the payment of health insurance only and qualification for the Employee Retention Credit

  • Borrowers can repay PPP loans by May 14 and then use Employee Retention Credit in the future.

  • SBA issues guidance for non-discrimination rules and not for profits and also impact of student workers.

  • Borrowers using new seasonal employer measuring periods will be able to sign unmodified PPP loan applications.

  • SBA gives relief to businesses unable to rehire employees who wish to remain on unemployment.

  • IRS issues guidance on excess deductions on termination following TCJA's addition of §67(g).

  • Taxwriters disagree with IRS's view on deductibility of expenses used to obtain PPP loan forgiveness.

  • Cannabis business found to be a reseller and not a producer. IRS issues guidance on taxpayers whom the agency wishes to return their economic impact payments.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-05-11_One_More_Week_to_Return_Funds_And_You_Get_ERC.mp3
Category:general -- posted at: 3:32pm EST

This week we look at:

  • PPP loan updates on corporate groups, businesses sold after February 15, 2020, loan review procedures, private companies need to show loan was necessary, treatment of seasonal employers, how to count 500 employees and maximum loan calculation amounts
  • Update on faxing procedures for Forms 1139 and 1045
  • No deduction allowed for amounts paid to achieve PPP loan forgiveness per IRS
  • Draft Form 941 released for second quarter of 2020
  • IRS clarifies filing date relief for U.S. Tax Court filings
  • IRS and DOL issue relief for certain timeframes that apply to employee benefit plans

Copyright 2020, Kaplan, Inc.

Direct download: 2020-05-04_No_Deduction_for_You.mp3
Category:general -- posted at: 4:26pm EST

This week we look at:

  • PPP Loan program and EIDL Grants Get Additional Funding
  • PPP guidance raises question of false certification that loans were necessary, provides other clarifications
  • IRS provides additional guidance on payments to repair homes due to pyrrhotite damage
  • Relief for taxpayers unable to meet foreign earned income exclusions due to COVID-19
  • Special procedures for taxpayers who are not required to file but wish to file for advance payments
  • IRS gives special relief related to COVID-19 travel restrictions impacting substantial presence test

Copyright 2020, Kaplan, Inc.

Direct download: 2020-04-27_Is_This_Necessary.mp3
Category:general -- posted at: 9:38pm EST

This week we look at:

  • SBA issues guidance on self-employed taxpayers and partners for PPP loan program
  • Revenue Procedure issued explaining how to deal with retroactive change in life for qualified improvement property
  • IRS gives guidance on filing Forms 1139 and 1045 via fax while Service Centers are shut down
  • Proposed regulations released to set government portion of PTIN fee at $21
  • Procedures issued to deal with Forms 706 returned by private delivery services from closed Service Centers

Copyright 2020, Kaplan, Inc.

Direct download: 2020-04-20_End_of_First_Funding_Round_for_PPP_Loans.mp3
Category:general -- posted at: 6:57pm EST

This week we look at:

  • PPP loan program FAQ gets updated by SBA
  • IRS releases §163(j) relief for real estate and farming businesses
  • Procedures released for making election to waive NOL carryback period under CARES provisions
  • IRS explains the payroll tax deferral program
  • Partnerships covered by BBA CPAR given temporary reprieve from centralized audit rules
  • Six month extension granted to file Forms 1045 and 1139
  • IRS greatly expands list of returns, payments and actions extended to July 15, 2020.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-04-13_The_IRS_Returns_to_Issuing_Guidance.mp3
Category:general -- posted at: 12:02pm EST

This week review the status of developing guidance on key provisions of the CARES Act:

  • Recovery Rebate for Individuals, Including Advance Payment
  • Deferral of the Required Minimum Distributions for 2020
  • PPP SBA loan program - things we've learned and things we still need guidance on
  • Forgiveness of PPP loans - are payroll costs different for this than for the maximum loan or not? Does anyone know for sure?
  • Emergency EIDL Loans - the forgotten provision
  • Employee retention payroll credit - the alternative (maybe) to a PPP loan
  • Delay of deposits for employer portion of OASDI taxes - can take if you don't have a PPP loan forgiven

Copyright 2020, Kaplan, Inc.


This week we look at:

  • Payroll tax credit starts on April 1.
  • IRS reverses courses, announces gift/GSTT returns will also be due on July 15, 2020.
  • IRS issues guidance that clarifies which April 15 deadlines are moved back to July 15, 2020.
  • Congress passes the CARES Act with a number of tax provisions.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-03-30_Due_Dates_and_CARES_Act.mp3
Category:general -- posted at: 3:10pm EST

This week we look at:

  • Congress passes payroll tax credit for newly mandated paid sick leave

  • Initial April 15 delay guidance only delayed payment date but no actual extension to file

  • Late Friday guidance replaces first delay guidance with a real delay in April 15 filing date, though questions still remain

Copyright 2020, Kaplan, Inc.

Direct download: 2020-03-23_Moving_Tax_Day_to_July_15.mp3
Category:general -- posted at: 2:16pm EST

Current Federal Tax Developments for the week of March 16, 2020: Waiting for Relief

  • President declares emergency over COVID-19, directs Treasury to provide relief--and now we are waiting.
  • HR 6201 passes the House and moves on to the Senate, containing a few tax provisions mainly related to mandatory sick leave provision rule
  • AICPA letter issued to IRS regarding the informal §199A guidance the agency has issued
  • HDHPs are allowed to pay for COVID-19 testing and treatment without jeopardizing ability of insured to make HSA contributions.
  • Dropping a tax document in the mailbox turns out not to be a good idea, as USPS postmark was after the private postmark date on envelope.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-03-16_Waiting_for_Relief.mp3
Category:general -- posted at: 2:04pm EST

Current Federal Tax Developments for the week of March 9, 2020: Sometimes Too Late Really is Too Late:

  • IRS denies a taxpayer's request to make a late mark to market election under §475(f)
  • Loss limits for passive activities, basis and at-risk also limit self-employment loss use
  • Revenue Procedure grants relief for filing some information returns for certain foreign trusts

Copyright 2020, Kaplan Financial Education

Direct download: 2020-03-09_Sometimes_Too_Late_is_Really_Too_Late.mp3
Category:general -- posted at: 3:11pm EST

Current Federal Tax Developments for the week of March 2, 2020: Late Filing

  • Taxpayer who voluntarily exited OVDI program ended up with very poor result.
  • Illnesses of corporate officers not found to give reasonable cause for late filing of S corporation returns.
  • Supreme Court refuses to review Ninth Circuit ruling upholding IRS regulation that only items listed in §7502 can be used to prove timely filing.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-03-02_Late_Filing_Week.mp3
Category:general -- posted at: 2:38pm EST

Current Federal Tax Developments for the week of February 24, 2020: Meals and Entertainment After TCJA

  • Proposed regulations can be relied upon in the interim, as well as continued reliance on Notice 2018-76
  • Separate invoicing rule for food/beverage first released in Notice 2018-76 is also in the proposed regulations
  • Definition of entertainment stays similar to older definition, but does not include business meals
  • Adopts Notice 2018-76 rules for business meals
  • Detailed guidance on meals related exceptions to 50% disallowance found at §274(e)

Copyright 2020, Kaplan, Inc.

Direct download: 2020-02-24_Meals_and_Entertainment_Guidance.mp3
Category:general -- posted at: 4:35pm EST

Current Federal Tax Developments for the week of February 17, 2020: The Week of Fortnite and Schedule 1

  • IRS urges tax professionals to make use of multi-factor authentication
  • V-bucks and Roblox removed from list of convertible virtual currencies on FAQ
  • Challenge to validity of regulations on disclosing basis in appraisal found wanting by the Tax Court

Copyright 2020, Kaplan, Inc.

Direct download: 2020-02-17_The_Week_of_Fortnite_and_Schedule_1.mp3
Category:general -- posted at: 1:38pm EST

This week we look at:

  • Regulations implementing changes to FAVR and cents-per-mile methods finalized by IRS
  • OIRA finishes review of final §163(j) regulations, starts review of additional proposed regulations
  • Tax Court finds that language in deed fails to comply with regulations for qualified conservation easements
  • Form 1023 now goes fully online--but only after 90 days when applicants can still use paper

Copyright 2020, Kaplan, Inc.

Direct download: 2020-02-10_Waiting_on_163j_Regulations.mp3
Category:general -- posted at: 5:17pm EST

This week we look at:

  • Special agent in charge of Los Angeles CID talks about their potential use of the virtual currency question on Schedule 1, Form 1040.

  • Taxpayer wins on claim LLC was not a sham, but finds the result is actually worse when court rules amounts paid to law firm were start-up expenses under §195 TAM rules that taxpayer did not have an intangible related to synergistic benefits that could be written off.

  • Taxpayer could not use claim of right provision under §1341(a) to claim a deduction related to gain recognized in prior year when trustee of grantor sold stock that trustee was barred from selling by the trust agreement.

  • IRS and taxpayer agree that a regulation on the books since 2001 mandates a result different from what the court had arrived at when agreeing with IRS position on §7502(a) and late filed returns asserted originally in the case.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-02-03_Western_Wisconsin_Week.mp3
Category:general -- posted at: 2:38pm EST

Current Federal Tax Developments for the week of January 27, 2020: Real Soon Now

  • IRS can use sample of transactions to carry burden for §165(c) kickbacks/bribery issues per CCA
  • IRS gives IRA custodians relief on RMD notices for 2020--but it means IRA owners may get bad advice about required distributions
  • Treasury indicates that guidance on excess distributions on termination deduction is “just around the corner.”
  • Microsoft denied assertion of privilege for most documents prepared by outside accounting firm in transfer pricing case

Copyright 2020, Kaplan, Inc.

Direct download: 2020-01-27_Real_Soon_Now.mp3
Category:general -- posted at: 11:08am EST

Current Federal Tax Developments for the week of January 20, 2020: Relief Week

  • IRS expands rules excluding from income discharge of certain student loan debt
  • Did the IRS just endorse a SALT workaround? Or maybe not…
  • Small partnership late filing relief revenue procedure still in effect despite repeal of TEFRA provision
  • Tax Court found taxpayer’s petition was more likely than not filed timely

Copyright 2020, Kaplan, Inc.

Direct download: 2020-01-20_Relief_Week.mp3
Category:general -- posted at: 11:59am EST

This week we look at:

  • A look at the interaction of qualified plans and post-70 ½ deductible IRA contributions under the SECURE Act.

  • A date change in the final version of the SECURE Act related to the kiddie tax.

  • An ESOP is found to be disqualified from inception due to both issues in its plan document and in operation of the plan.

  • IRS announces e-file start dates, with business returns now being accepted.

  • Two cases look at the timing of the required IRS supervisor review of proposed penalties in an exam.

Copyright 2020, Kaplan, Inc.

Direct download: 2020-01-13_When_Bad_Things_Happen_Penalties_and_Disqualification.mp3
Category:general -- posted at: 5:32pm EST

This week we look at:

  • Case from the Archive: Taxpayer Shows How to Win When the IRS Claims Your Business is a Hobby

  • Taxpayers who have SFR prepared won’t see a §199A deduction in the SFR 2020

  • Auto mileage rates issued at the last minute

  • Charitable contributions of virtual currency guidance issued by IRS in FAQ

  • Taxpayers can’t raise substance over form argument since the taxpayer picked the form

  • Final Qualified Opportunity Fund regulations issued by the IRS

  • IRS issues updated guidance on withholding on pensions

Copyright 2020, Kaplan, Inc.

Direct download: 2020-01-06_Beginning_a_New_Decade.mp3
Category:general -- posted at: 8:41pm EST

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