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 EDT

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 EDT

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 EDT

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 EDT






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