2019-04-16 Still to Come on TCJA

Current Federal Tax Developments for the week of April 16, 2019: Still to Come on TCJA

• §199A - Mainly Post-Final Regulation Issues

• §163(j) - Proposed Regulations Out, Awaiting Final Regulations

• Depreciation - Will the Retail Glitch Get Fixed? And When?

• SALT - Soon to be released final regulations on state tax credits and then what

• §461(j) - Limit on business losses - where’s the guidance

• Other areas

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

2019-04-08 SALT and the Home Office

Current Federal Tax Developments for the week of April 8, 2019: SALT and the Home Office

• IRS sends proposed regulations on §199A for cooperatives to OIRA for review

• PMTA outlines intereaction of home office and SALT cap

• Trade or business definition for instructions in Form 461 issue identified by IRS

• Second Circuit reverses Tax Court decision that found a tax “black hole”

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

A PDF with articles for this week’s broadcast can be downloaded below:

2019-04-08 Current Federal Tax Devleopments

2019-04-01 Tax Benefit Rules and Refunds

Current Federal Tax Developments for the week of April 1, 2019: Tax Benefit Rules and Refunds

• Electric vehicle credits for GM vehicles to begin one year phase out

• IRS gives formal guidance on treatment of state income tax refunds following the TCJA $10,000 cap

• SALT workaround regulations and related notice sent to OIRA

• IRS changes requirements to obtain EIN, requires responsible person to have SSN or ITIN

• Final regulations published on reportable transaction law modifications from 2010

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

Articles on the matters discussed this week can be downloaded via the link below:

2019-04-01 Current Federal Tax Developments

2019-03-25 More Underpayment Relief

Current Federal Tax Developments for the week of March 25, 2019: More Underpayment Relief Issues with

• QBI and disallowed passive losses

• Minister’s housing allowance ruled to be acceptable under the U.S. Constitution

• Pilot had no profit motive for business related to vintage World War II aircraft

• IRS suspends two Revenue Rulings related to active trade or business issues under §355

• Relief from underpayment of estimated tax penalty expanded by IRS

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

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

2019-03-25 Current Federal Tax Developments

2019-03-18 Technicalities and Glitches

Current Federal Tax Developments for the week of March 18, 2019: Technicalities and Glitches

• Software glitches in the first years under TCJA

• Lump sum social security benefits are part of MAGI for the premium tax credit

• Safe harbor statements have to be signed and then attached to electronically filed returns as a PDF

• Taxpayer’s mistake in listing old address on tax return proves costly

• Tax Court rejects no harm, no foul view with regard to penalties for filing an S corporation return late

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

Articles on this week’s update topics can be downloaded in the PDF below:

2019-03-18 Current Federal Tax Developments

2019-03-11 §199A Return Issues

This week we talk about the following:

• Look at some items causing confusion over §199A on discussion forums as returns are prepared

• Treasury announces changes in temporary regulations and subregulatory guidance

• Recipients of sexual harassment and sexual abuse settlements with confidentiality clause allowed to deduct legal fees

• Gambling loss triggered by impulse control problem side effect of prescribed drug not a casualty loss

• Proposed regulations issued for FDII and GILTI

• IRS no longer plans to issue regulations to bar post-retirement lump-sum distributions from defined benefit plans

• Partnerships required to add tax basis disclosures given until March 15, 2020 to provide information to IRS

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

The articles on this week’s developments can found in the PDF you can download below:

2019-03-11 Current Federal Tax Developments

2019-03-04 Tax Refunds and the 2019 Tax Returns

Current Federal Tax Developments for the week of March 4, 2019: Tax Refunds and the 2019 Tax Returns

• A look at the special rules under §111 for tax benefit and how it impacts state tax refunds from 2018 returns

• No Fifth Amendment defense against assertion that taxpayer is trafficking under §280E

• IRS grants extension of time to file returns for farmers and fishermen

• IRS has the authority to impose PTIN fees

• Tax Court looks at the application of the penalty review process to automated exams

• IRS gave insufficient notice that a third party would be contacted for information

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

The articles for this week’s program can be downloaded in the PDF below.

2019-03-02 Current Federal Tax Developments

2019-02-25 Co-op Real Estate Tax Issue

Current Federal Tax Developments for the week of February 25, 2019, Co-op Real Estate Tax Issue

• State found to illegally discriminate against federal law enforcement retirees due to tax break for state law enforcement retirees

• IRS decides expanded availability of meal delivery means fewer meals are truly for the convenience of the employer

• IRS acquiesces in case regarding meals for hockey teams

• Politico points out loophole that may exist for owners of co-op shares with regard to $10,000 tax limitations

• Looking at options beyond the safe harbor for rentals under §199A

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

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

2019-02-25 Current Federal Tax Developments

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

An audio only version can be downloaded or streamed below:

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

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

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

An audio only version of the broadcast can be streamed or downloaded below:

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\

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

Articles for this week’s developments can be downloaded as a PDF:

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

An audio only version of the broadcast can be streamed or downloaded below:

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

An audio only version of the broadcast can be downloaded below:

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

An audio only version of the broadcast can be streamed or downloaded below:

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

An audio only broadcast can be downloaded or streamed below:;