Federal Tax Update Podcast
Sat, 21 Jul 2018 14:16:56 +0000

This week we look at the following items:

  • Two state supreme courts restrict their states’ ability to tax trusts
  • IRS issued PMTA on willfulness for FBAR penalty
  • Forfeitures now can be used to fund QMACs and QNECs
  • IRS discusses the impact on taxable wages of a payroll tax examination
  • Many exempt organizations will no longer have to file Schedule B with Form 990
  • Proposed regulations issued on due diligence expansion to head of household status added by TCJA

Copyright 2018 Kaplan Professional Education

Sat, 14 Jul 2018 17:34:25 +0000

This week's update includes discussions of the following topics:

  • More Wayfair fallout
    • North Dakota out of state seller collections required beginning October 1
    • South Carolina to use South Dakota minimums for out of state sellers
    • Wisconsin will use the South Dakota minimums for the October 1 out of state seller start
  • IRS updates security guidance for tax professionals
  • Trusts and Estates will get to deduct trustee fees and other Section 67(e) expenses following TCJA
  • IRS sticks to its position on prepaid real estate taxes when questioned by NJ Attorney General
  • IRS employee indicates the agency accepts that the back door Roth contribution is legal

Copyright 2018, Kaplan, Inc.

Sat, 14 Jul 2018 17:34:09 +0000

This week's update includes discussions of the following topics:

  • More Wayfair fallout
    • North Dakota out of state seller collections required beginning October 1
    • South Carolina to use South Dakota minimums for out of state sellers
    • Wisconsin will use the South Dakota minimums for the October 1 out of state seller start
  • IRS updates security guidance for tax professionals
  • Trusts and Estates will get to deduct trustee fees and other Section 67(e) expenses following TCJA
  • IRS sticks to its position on prepaid real estate taxes when questioned by NJ Attorney General
  • IRS employee indicates the agency accepts that the back door Roth contribution is legal

Copyright 2018, Kaplan, Inc.

Sun, 08 Jul 2018 00:10:07 +0000

This week we look at the following items:

  • States take various actions regarding forcing out of state sellers to collect tax
    • Louisiana looks to adopt its law to fit within Justice Kennedy’s outline of acceptable protections for interstate commerce
    • Alabama, though not a member of SSUTA, will begin requiring collection on October 1
    • Wisconsin, an SSUTA member but without a de minimis limit, will also want collections on October 1
    • New Jersey adopts a law that duplicates South Dakota and adds marketplace provisions
  • IRS LB&I Division announces five new compliance campaigns
  • IRS agent wonders if a preparer penalty could be assessed directly against an equity holder who did not otherwise violate Section 6694

Copyright 2018, Kaplan, Inc.

Sun, 08 Jul 2018 00:10:02 +0000

This week we look at the following items:

  • States take various actions regarding forcing out of state sellers to collect tax
    • Louisiana looks to adopt its law to fit within Justice Kennedy’s outline of acceptable protections for interstate commerce
    • Alabama, though not a member of SSUTA, will begin requiring collection on October 1
    • Wisconsin, an SSUTA member but without a de minimis limit, will also want collections on October 1
    • New Jersey adopts a law that duplicates South Dakota and adds marketplace provisions
  • IRS LB&I Division announces five new compliance campaigns
  • IRS agent wonders if a preparer penalty could be assessed directly against an equity holder who did not otherwise violate Section 6694

Copyright 2018, Kaplan, Inc.

Sun, 01 Jul 2018 03:11:03 +0000

This week we look at the following items:

  • IRS releases a new “postcard” dratt for Form 1040 along with 6 schedules
  • CPA who advised on ESOP and prepared 5500s was still found to be an independent appraiser on third time to court
  • IRS publishes the list of qualified opportunity zones under TCJA’s Section 1400Z-1
  • A amendment of a return with fraudulent positions does not reduce the fraud penalty
  • Taxpayer discovers IRS had not agreed to waive all penalties when taxpayer agreed to exam changes

Copyright 2018 Kaplan Inc.

Sat, 16 Jun 2018 16:00:00 +0000

Copyright 2018 Kaplan Professional Education

Sat, 16 Jun 2018 16:00:00 +0000

Copyright 2018 Kaplan Professional Education

Sat, 09 Jun 2018 17:08:42 +0000

This week we look at the following items:

  • Updated timeline for some TCJA guidance
  • Court accepted father’s testimony for where son lived during tax year
  • Dad denied deduction for payments related to revenue collected for son who lacked a general contractor’s license
  • The IRS grants some relief for §965 transition tax payments
  • Memo deals with confusion that arose due to special meaning certain words have in a tax context

Copyright 2018 Kaplan Professional Education

Sat, 02 Jun 2018 16:26:27 +0000

This week we look at the following items:

  • Fact sheet on how the IRS contacts taxpayers--and how it doesn’t
  • Ruling issued on how funds sent to state under abandoned property laws is treated for withholding and reporting purposes
  • Taxpayer was found to be a statutory employee, deductions allowed above the line
  • IRS issues proposed regulations that would increase number of taxpayers that must electronically file all information returns

Copyright 2018 Kaplan Inc.

Mon, 28 May 2018 12:24:36 +0000

This week we look at the following items:

  • FBAR penalty limited to lower amount in old regulation
  • Taxpayer had not started a business yet, so no current deduction allowed for expenses incurred
  • IRS to issue regulations on SALT/charity workarounds, raises substance over form issue
  • DC Circuit agrees with Ninth Circuit that partnerships with disregarded entity partners are subject to TEFRA (and presumably subject to CPAR) audits

Copyright 2018 Kaplan Inc.

Sun, 20 May 2018 15:50:20 +0000

This week we look at the following items:

  • Update on TCJA guidance from the ABA Tax Section Meeting
  • Tax due on tuition waiver received as part of severance package when used by daughter 22 years later
  • Connecticut becomes the next state to adopt SALT workarounds
  • IRS updates revenue procedure for use of information on status of charity
  • Taxpayer reliance on advice from one adviser could not be in good faith and received no advice from other

Copyright 2018 Kaplan Inc.

Sat, 12 May 2018 18:23:05 +0000

This week we look at the following items:

  • Taxpayer had to include son’s savings account in determination of solvency
  • 2019 HRA amounts announced by the IRS
  • IRS changes Section 382 recognized built-in gain/loss safe harbors due to changes made by TCJA
  • Revenue procedure issued to deal with requests to change accounting methods due to ASC 606 adoption for financial statements
  • General automatic method change revenue procedure annual update published by IRS
  • Taxpayer found to have no asset to sell and, due to that, income was ordinary and not capital in nature

Copyright 2018 Kaplan Inc.

Sat, 05 May 2018 16:49:19 +0000

Copyright 2018 Kaplan Inc.

Sat, 28 Apr 2018 17:39:20 +0000

This week we look at the following items:

  • Colorado reports disappointing results from tattletale use tax law
  • Oklahoma enacts a second tattletale use tax law
  • IRS grants relief for last minute change in HSA maximum contribution amount for 2018
  • Volunteers who divided amounts in tip jar at end of shift received tips subject to FICA
  • Taxpayer who failed to check and find return was never accepted held liable for late filing penalty

Copyright 2018 Kaplan Inc.

Sun, 22 Apr 2018 20:00:28 +0000

This week we look at the following items:

  • IRS computer system failure ends up adding one extra day to tax season
  • The Supreme Court heard oral arguments in the Wayfair case
  • IRS gives details on blended rates to be used by fiscal year C corporations
  • IRS issues the rates for valuing employer owned aircraft trips for the first half of 2018
  • The IRS clarifies how the repeal of the special alimony trust provision in TCJA will work
  • The AICPA asks the IRS to reconsider its position on refunds of overpayments for those with remaining 965 transition tax installments

Copyright 2018 Kaplan Inc.

Sun, 08 Apr 2018 11:38:24 +0000

This week we look at the following developments:

  • Supreme Court will shortly hear oral arguments in Wayfair case
  • A number of states increase pressure on out of state sellers
    • Idaho requires collection at $10,000 of sale from any seller that the Supreme Court doesn’t tell us lacks nexus in Wayfair
    • Georgia adds a $200,000/200 transaction tattletale statute
    • Oklahoma puts a $10,000 tattletale statute in place that also impacts referrers
  • New York passes two TJCA SALT limitation workaround statutes - but do they work?
  • IRS issues guidance on three TCJA topics on Monday, including 43 pages on Section 965 transition tax

Copyright 2018, Kaplan, Inc.

Sat, 31 Mar 2018 20:39:34 +0000

This week we look at the following items:

  • Accountant by day, goaltender by night in Chicago
  • IRS publishes statistics on exams, collections, phone wait times and more
  • IRS reminds and warns taxpayers about virtual currency issues
  • IRS recommends taxpayers have a payroll checkup

Copyright 2018 Kaplan Inc.

Sun, 25 Mar 2018 20:11:57 +0000

This week we look at the following items:

  • Congress passed bill to fix the grain glitch and passed partnership audit rule changes
  • IRS warns of increasing attacks against tax professionals
  • Series 8453 business forms must be signed manually
  • Supreme Court rules on tax obstruction statute

Copyright 2018, Kaplan, Inc.

Sat, 17 Mar 2018 19:46:36 +0000

Current Federal Tax Developments for the week of March 19, 2018 - Love and the Tax Attorney. Current Federal Tax Developments is brought to you by the state CPA societies and Kaplan Professional Education.

This week we look at the following items:

  • OVDP program to end on September 28, 2018
  • Entire cost of having international firm prepare returns for employees sent overseas treated as wages
  • Conundrum only a tax attorney could love - dealing with a sale case where the regulations don’t give guidance
  • Guidance given on reporting and paying Section 965 transition tax

Copyright 2018 Kaplan Inc.


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