Federal Tax Update Podcast

Current Federal Tax Developments is brought to you by the Loscalzo Institute, a Kaplan Company and by your state society of CPAs.

This week we look at the following developments:

• House adopts Senate budget resolution beginning tax reform process
• A taxpayer’s amount of claimed theft loss found excessive by Tax Court
• An expert’s testimony did not substitute for records of cost of goods sold
• IRS summons to state agency found to be proper
• IRS memo discusses indirect loan issues for church 403(b) plan

Copyright 2017 Kaplan Inc.

Current Federal Tax Developments for the week of October 23, 2017 - Indexing Time of the Year. Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we look at the following developments:

• IRS releases inflation adjusted tax factors for 2018
• LB&I Division issues guidance on unit of property and major component issues for the mining industry
• IRS announced retirement plan numbers for 2018
• IRS announces nonacquiesence in S corporation/real estate professional decision
• Anti-Kerr regulations officially withdrawn by the IRS
• 2017 Returns without health care information will not be accepted for efiling
• A court decision that appears to arrive at approximately the right place, but for all the wrong reasons

Copyright 2017 Kaplan Inc.

This week we look at the following developments:

• Filing date relief issued by IRS for victims of Northern California wildfires
• Challenge to minister’s housing allowance exclusion returns to court
• Tax Court will assert strict subordination requirement for mortgages on conservation easements outside First Circuit
• Signature no longer required for §754 election
• Retroactive loss of tax-exempt status going back a decade proves very costly in terms of interest on unpaid tax
• IRS email discusses potential impact on due date disaster relief and date for assessment of tax

PDF with articles for this week's podcast.

Copyright 2017 Kaplan Inc.

Loscalzo Institute/A Kaplan Corporation Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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• Citations link

This week we look at the following developments:

• South Dakota petitions the Supreme Court for its Quill challenge
• Congress passes a Hurricane relief bill
• Taxpayer did not willfully fail to file FBAR
• Parents are held liable to repay dependent son’s advanced health insurance credit
• LB&I announces method that can be used to start with ASC 750 research expenses in computing qualified research expenditures
• Time off donation programs expanded to cover Hurricane Maria relief donations
• IRS releases special per diem rates for new fiscal year

Copyright 2017 Kaplan Inc.