Federal Tax Update Podcast

Current Federal Tax Developments for the week of July 1, 2019:

• IRS issues notice to advisers regarding what to do in the event of a data breach
• IRS official confirms a §199A trade or business can include both commercial and residential rental
• Taxpayer found Tax Court didn't believe his vehicle logs
• Transaction found to be substantially similar to a listed transaction

Copyright 2019, Kaplan, Inc.

Current Federal Tax Developments for the week of June 24, 2019: SCOTUS Just Says No

• Proposed regulations issued on qualified agricultural cooperatives

• US Supreme Court rules mere residence of beneficiary not enough to all state to tax entire income of trust

• Taxpayer had a proper claim of right situation when she paid ½ of wages paid back by ex-spouse

• IRS finalizes non-resident alien ESBT regulations

Copyright 2019, Kaplan, Inc.

This week we look at:

• IRS to stop faxing transcripts, only mail them to taxpayer’s address of record

• Final regulations issued for state tax credit donations and new way to report credit as tax paid

• IRS finalizes regulations creating two new HRAs

Copyright 2019, Kaplan, Inc.

This week we look at

• S corporation status lost when SMLLC shareholder adds a new interest holder

• Tax Court does not accept author’s attempt to treat a portion of her income as not self-employment income

• IRS releases employer tables and worksheets for TCJA-aware draft Form W-4

• TIGTA finds that LB&I imposes accuracy-related penalties at lower rate than does SE/SE

• Envelope used to file Tax Court petition lacked postmark, taxpayer could not explain delivery much later than would be expected for timely mailed document

This week we look at

• Evangelizing did not give rise to charitable deduction for most expenses

• DC Circuit agrees with Tax Court that failure to disclose basis of asset doomed $33 million contribution

• Taxpayers lose nearly $1 million of basis due to lack of old documents

• IRS tries one more time to develop a W-4 for the TCJA era

Copyright 2019, Kaplan, Inc.