2019-02-18 Forms and Instructions Week

Current Federal Tax Developments for the week of February 18, 2019: Forms and Instructions Week

• Fix for auto depreciation quirk added by TCJA released by IRS

• A subtrust qualified as a conduit trust for IRA distribution purposes

• AICPA asks for relief from potential impact of syndicate rules on small business tax relief

• Form 1065 instructions add a requirement for certain partnerships to disclose negative tax basis

• Checkbox added for when basis calculation required with Form 1040 and situations where it is required expanded by IRS

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A PDF with articles for this week’s program can be downloaded below.

2019-02-18 Current Federal Tax Developments

2019-02-11 Tax Records and Luggage

This week we look at:

• Situations where an employer can recover HSA funds from employee accounts

• IRS decides taxpayers can use Rev. Proc. 2018-60 even if currently using an impermissible method of accounting

• Taxpayer reasonably relied on CPA's advice and escapes penalties

• Airline passenger discovers he can't sue the TSA for his lost tax paperwork

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A PDF of articles on this week’s developments can be downloaded below:

2019-02-11 Current Federal Tax Developments

2019-02-04 What is in a Word?

This week we look at:

• IRS delays end of faxing transcripts after Chair and ranking minority member of Senate Finance Committee send a joint letter requesting a delay

• Taxpayers could not avoid NOL carryforward election they claimed they were unaware of

• IRS publishes corrected version of §199A regulations, changes one word some see as potentially important

• Article discusses risks to marijuana businesses from electing small business inventory relief added by TCJA

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Articles on the developments discussed this week can be found in the PDF below:

2018-02-04 What is in a Word?

2019-01-28 IRS Funding Restored (At Least for Now)

This week we look at:

• Reported IRS backlog of unanswered letters that arrived during the shutdown

• IRS publishes information on impact of shutdown on matters before the Tax Court

• W-2 wages Revenue Procedure made final at same time §199A final regulations come out

• More thoughts on the §199A final regulations\

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2019-01-28 Current Federal Tax Developments

2019-01-21 199A Final Regulations and Rental Safe Harbor

This week we look at:

• New York State Publishes Its Wayfair Guidance, Demanding Immediate Compliance

• Trust Case Going to US Supreme Court

• Sequestration Does Not Apply to Minimum Tax Credit

• Proposed Safe Harbor for Rental as a Trade or Business Under §199A

• Final Regulations Are Out - §965 and, the Big One, §199A

• IRS Grants Limited Waiver of Underpayment Penalties

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Articles on this week’s developments are found in the PDF you can download below:

2019-01-21 Current Federal Tax Developments

2019-01-14 Syndicate Danger

Current Federal Tax Developments for the week of January 14, 2019: Syndicate Danger

• IRS reopens IVES and user-fees based programs

• Advisers need to be sure to check syndicate rules to assure entity not subject to §163(j) rules

• Treat of realtors revised in second draft version of portion of Publication 535

• Filing season to start January 28, refunds are going to be issued

• Address to file gift tax returns has changed, estate tax return address to change in July

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Articles on this week’s updates can be downloaded below:

2019-01-14 Current Federal Tax Developments

2019-01-07 All Quiet on the Tax Front

Current Federal Tax Developments for the week of January 7, 2019: All Quiet on the Tax Front

• IRS Notice gives guidance to tax-exempt organizations on excess compensation tax

• Outgoing W&M Chairman publishes discussion paper on TCJA technical corrections

• §199A final regulations still sitting at OIRA

A PDF with articles for this week developments can be downloaded below:

2019-01-07 Current Federal Tax Developments

2018-12-31 Lump of Coal for Real Estate Agents?

This week we look at:

• Loan Adviser Found Not Liable to Repay in FINRA Treated as Ordinary Income from Debt Forgiveness

• IRS Raises Values Dramatically on Vehicles Eligible for Cents-Per-Mile and Fleet-Average Valuation Rules

• Safe Harbor Issued on Charitable Contribution Credits Related to a Trade or Business

• Revenue Procedure Issued to Deal with ADS Issues for Electing Farm and Real Property Businesses

• IRS Publication Indicates Real Estate Agents/Brokers and Insurance Agents/Brokers are in a Specified Service Trade or Business

• Proposed Regulations on Treating Sale of Partnership Interest as Effectively Connected to US Trade or Business

• IRS Announces Plan to Issue Regulations on Two Special Enforcement Matters Under CPAR, as Well as CPAR Final Regulations

• Annual Disclosure Revenue Procedure Updated by IRS

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Articles on this week’s developments can be downloaded below:

2018-12-31 Current Federal Tax Developments

2018-12-24 Feeling Blue (Book) Over the Holidays

Current Federal Tax Developments for the week of December 24, 2018: Feeling Blue (Book) Over the Holidays

This week we look at:

• Just prior to the one year anniversary of TCJA, we finally get a Joint Committee staff Blue Book.on the law

• Tax credits for purchases of Teslas are being phased-out during 2019

• MFP payments found in IRS memorandum to be taxable income and part of self-employment income

• Auto mileage rates for 2019 issued by the IRS

• A management company that managed a marijuana dispensary was subject to the deduction disallowance rules of §280E

• A limited amount of additional information released by the IRS on excess loss and NOL rules under TCJA

An audio only version of this week’s podcast can be downloaded or streamed below:

Articles describing this week’s developments can be downloaded in the PDF below

2018-12-24 Current Federal Tax Developments

2018-12-17 All We Want for Christmas Are Our 199A Final Regulations

This week we look at:

• IRS releases more proposed regulations

• Lack of documentation dooms deduction for taxpayers

• §199A final regulations sent to OIRA for review

• Guidance issued on valuing employer provided parking for parking lot tax

• Relief given for some tax-exempt organizations first filing Form 990-T to pay parking lot tax

• Taxpayers who were out of the country for much of the period of nonpayment still found to be responsible persons

An audio version of this week’s broadcast can be streamed or downloaded below:

Articles on this week’s developments discussed on the program can be downloaded below:

2018-12-17 Current Federal Tax Developments

2018-12-10 SALT Workaround, Wisconsin Style

This week we look at the following items:

• Wisconsin passes its version of an optional passthrough tax to get around SALT limits, but with a twist

• Guidance released on Section 81(i) stock elections

• Taxpayer finds you still need some documentation to claim cellular phone expenses

• IRS fails to persuade Court that a taxpayer had changed its accounting method

• A brief revisit to the Section 451(b) automatic change revenue procedure

• Taxpayer warned about filing Tax Court petition primarily to delay collection

An audio version of this week’s broadcast can be downloaded or streamed below:

Articles for this week’s developments can be downloaded below:

2018-12-10 Current Federal Tax Developments

2018-12-03 Interest Regulations Are Out

Current Federal Tax Developments for the week of December 3, 2018: Interest Regulations are Out

This week we look at the following items:

• IRS releases the 163(j) interest deduction limitation proposed regulations

• Special real property election for infrastructure maintenance company Revenue Procedure released

• IRS memorandum describes what the IRS can question when an employer excludes meals from employee’s wages under §119

• Foreign tax credit proposed regulations issued

• Automatic accounting method change procedures issued for §451(b) revenue conformity

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2018-11-26 Slow March of the 163(j) Proposed Regulations

Current Federal Tax Developments for the week of November 26, 2018: Slow March of the 163(j) Proposed Regulations

• This week we look at the following items:

• Proposed anti-clawback regulations issued

• Final §263A negative amount regulations issued

• §163(j) proposed regulations leave OIRA (finally), last step before publication

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2018-11-19 Chained CPI Makes Its Full Debut

This week we look at the following items:

• IRS publishes 2019 inflation adjusted figures

• IRS notes increase in breaches of systems of tax return preparers in 2018

• Filing and deposit date relief announced for victims of California wildfires

• IRS email discusses application of due diligence preparer penalties

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2018-11-12 Due Diligence

This week we look at the following items:

• §163(j) proposed regulations due this week

• IRS releases final TCJA due diligence regulations

• Country singer found not to operate night club for a profit

• Foreign earned income denied when taxpayer did not show his abode was outside the United States

An audio only version of this week’s broadcast can be downloaded and streamed below.

2018-11-05 Parking Lot Tax

Current Federal Tax Developments for the week of November 5, 2018: Parking Lot Tax

This week we look at the following items:

• Inflation-adjusted retirement plan numbers for 2019 released

• IRS publishes draft Form 990-T and instructions with details on the parking lot tax

• Students lose at DC Circuit in attempt to claim travel deductions

• A Blue Book on TCJA may be coming soon

• A taxpayer is denied relief from liability for tax due on a joint return the court finds she didn’t file

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2018-10-29 More Guidance to Come

This week we look at the following items:

• Court finds IRA and plan balance received in divorce not protected in bankruptcy

• Interest limitation proposed regulations (except for passthroughs) heads to OMB

• Connecticut crumbling foundation relief clarified to also create NOLs that can be carried back in 2018

• PTIN renewal opened up by the IRS

• OMB announces plans for guidance on TCJA loss limitation rules--but not planned to be out until June 2019

• Taxpayer denied innocent spouse relief.

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2018-10-22 Seizing the Opportunity

Current Federal Tax Developments for the week of October 22, 2018: Seizing the Opportunity

This week we look at the following items:

• A pastor had taxable income from pastoral donations

• IRS grants filing and payment relief related to Hurricane Michael

• A taxpayer could not apply payment where the IRS had levied the account

• Initial Qualified Opportunity Zone proposed regulations issued

Citations for this week’s topics and a copy of the proposed regulations can be downloaded below:

2018-10-22 Current Federal Tax Developments

2018-10-08 Business Meals Deduction is Alive and Well

This week we look at the following items:

• IRS issues SIFL rates for second half of 2018

• Information letter discusses more issues with the SALT workaround regulations

• Business meals will remain 50% deductible despite TCJA law changes

• ECPRS program updated by the IRS Market discount not subject to TCJA revenue conformity rule

• §457 plan not required to offer hurricane relief distributions

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2018-10-08 Current Federal Tax Developments

2018-10-01 Employee Benefits Week

Current Federal Tax Developments for the week of October 1, 2018: Employee Benefits Week

This week we look at the following items:

• Wall Street Journal reports IRS will issue guidance allowing 50% deduction for business meals

• IRS issues guidance on credit for paying employees on FMLA leave

• Moving expenses incurred in 2017 but reimbursed in 2018 ruled to be excludable from the employee’s income

• Special per diem rules, including high/low amounts, updated by the IRS

• IRS agent found to qualify as an innocent spouse when given what turned out to be a misleading response by soon to be ex-spouse

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The articles for this week’s developments can be downloaded via the link below:

2018-10-01 Current Federal Tax Developments