Federal Tax Update Podcast

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.

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.

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.

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.