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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