Federal Tax Update Podcast

This week we look at the following items:

• IRS begins to process some returns with retroactively restored provisions for 2017
• IRS reminds taxpayers that a “home equity” debt can still be acquisition debt and deductible on 2018 return
• AICPA sends Treasury a letter outlining areas of §199A guidance that are needed
• Taxpayer ends up failing to do a tax-free division of IRA funds in a divorce
• The IRS fails in its attempt to have a gain on the sale of land taxed as ordinary income

Copyright 2018, Kaplan, Inc.

This week we look at the following items:

• A method that went unchallenged in two prior audits did not fare well at all in third IRS exam
• Treasury officials speak on timing of TCJA guidance, Section 199A reasonable compensation and fiduciary income tax issues at ABA Tax Section meeting
• Treasury Secretary Mnuchin testifies that IRS will issue guidance to shut down S corporation carried interest structure inspired by TCJA
• Odd result is nevertheless the proper result appellate court informs taxpayer
• IRS to release W4 online calculator this week

Copyright 2018, Kaplan, Inc.

This week we look at the following items:

• The Bipartisan Budget Act of 2016 includes extenders and other items
• IRS updates priority guidance for TCJA items, adding 18 TCJA projects
• Special relief granted to those with pyrrhotite damage, allowing losses to be claimed on 2017 returns
• Qualified plan and IRA 2018 inflation adjusted figures will not have to change due to TCJA
• A journal entry did not create a shareholder debt, leading to a denial of multi-million dollar loss
• Engineer is potentially liable for penalties if positions on cost segregation study are not justified

Copyright 2017 Kaplan Inc.

This week we look at the following items:

• The AICPA sends a letter to Treasury regarding areas needing immediate guidance on TCJA - and the list is long
• IRS issues interim Form W-4 guidance until they can update the forms for TCJA
• A new proposed regulation added to the Centralized Partnership Audit Regime (CPAR) guidance
• IRS updates its maybe again annual disclosure Revenue Procedure, but doesn’t really change anything

Copyright 2018, Kaplan, Inc.