2018-06-18 Don't Rely on the IRS

Current Federal Tax Developments for the week of June 18, 2018: Don’t Rely on the IRS. 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:

• IRS indicates that TCJA UBIT provisions may be delayed, but no specific commitment
• Physician’s attempt to claim that social security disability is not taxable fails
• Taxpayer found to be solely in the business of selling controlled substances
• Shareholder barred from unilaterally changing S corporation’s election not to claim FICA credit
• Taxpayer who relied on two IRS employees for last date to file Tax Court petition finds herself without access to the court

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

A PDF with articles on this week's updates can be downloaded below:

2018-06-18 Current Federal Tax Developments

2018-06-11 The Problem with Claiming an Adjustment

Current Federal Tax Developments for the week of June 11, 2018: The Problem with Claiming an Adjustment. 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:

• 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

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

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

2018-06-11 Current Federal Tax Developments

2018-06-04 When an Employee Isn't an Employee

Current Federal Tax Developments for the week of June 4, 2018: When an Employee Isn’t an Employee. 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:

• 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

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

Articles on this week's developments can be downloaded as a PDF from the link below.

2018-06-04 Current Federal Tax Developments

2018-05-29 SALT Battles Begin

Current Federal Tax Developments for the week of May 29, 2018: SALT Battles Begin. 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:

• 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

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

The articles on this week's developments can be found in PDF you can download below:

2018-05-29 Current Federal Tax Developments

2018-05-21 Time Doesn't Solve All Tax Problems

Current Federal Tax Developments for the week of May 21, 2018: Time Doesn’t Solve All Tax Problems.  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:

• 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

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

The articles on the developments discussed in this week's podcast can be downloaded below:

2018-05-21 Time Doesn't Solve All Problems

2017-05-14 Change is in the Air

Current Federal Tax Developments for the week of May 14, 2018: Change in the Air. 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:

• 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

An audio only version of the broadcast can be streamed/downloaded below.

The articles for this week's updates can be found in the PDF you can download below:

2018-05-14 Current Federal Tax Developments

2018-05-07 Unreasonable Reliance

Current Federal Tax Developments for the week of May 7, 2018 Unreasonable Reliance.  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:

• Oklahoma governor vetoes an expansion of tattletale law
• Small businesses warned about tax ID theft targeted at them
• Organization denied exempt status, was ruled to be the organizer’s consulting business
• IRS delays TCJA third party life insurance policy sale reporting rules
• Taxpayer did not reasonably rely on advice in taking a tax position, penalties applied

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

Articles for this week's developments are contained in the PDF that can be downloaded below:

2018-05-07 Current Federal Tax Developments

2018-04-30 What If Nobody Tattles?

Current Federal Tax Developments for the week of April 30, 2018 - What If No One Tattles?.  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:

• 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

An audio version of this broadcast can be downloaded below.

A PDf with articles on this week's updates can be downloaded below.

2018-04-30 Current Federal Tax Developments

2018-04-23 Groundhog Day, the Tax Pros Version

Current Federal Tax Developments for the week of April 23, 2018 - Groundhog Day, the Tax Pros Version. 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:

• 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

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

Articles related to this week's broadcast can be found the PDF you can download below.

2018-04-23 Current Federal Tax Developments

2018-04-09 Focus on States

Current Federal Tax Developments for the week of April 9, 2018 - Focus on States. 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:

• 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

An audio version of this podcast can be streamed or downloaded below

2018-04-02 Tending Goal and Mining Currency

Current Federal Tax Developments for the week of April 2, 2018 - Tending Goal and Mining Currency. 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:

• 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

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

A PDF with this week's articles can be downloaded below:

2018-04-02 Current Federal Tax Developments

2018-03-26 Grain Glitch Fix

Current Federal Tax Developments for the week of March 26, 2018 - Grain Glitch Fix.  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:

• 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

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

Articles discussing each of the developments can be downloaded below:

2018-03-26 Current Federal Tax Developments

2018-03-19 Love and the Tax Attorney

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
• Mansion was never actually a rental, so loss was a capital loss rather than a 1231 loss

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

A PDF with articles on this week's developments can be downloaded below.

2018-03-19 Current Federal Tax Developments

2018-03-12 A Tale of Two Landlords

Current Federal Tax Developments for the week of March 12, 2018 - A Tale of Two Landlords.  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:

• Revised inflation adjusted numbers released for TCJA changes
• Male sterilization/contraception no-cost benefit not allowed in HDHP policies regardless of state law
• Roth IRA found not to actually own a foreign sales corporation
• Taxpayers’ reconstructed records and recollections not enough to prove real estate professional status
• Architect able to convince court he was a real estate professional with a single four-plex

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

A PDF with articles on this week's developments can be downloaded below:

2018-03-12 Current Federal Tax Developments

2018-03-05 A Bit of Disagreement

Current Federal Tax Developments for the week of March 3, 2018 - A Bit of Disagreement.  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:

• Storage battery for solar  system can qualify for credit - but with key conditions
• Two courts disagree on whether a gravel sale is or is not exempt from tax based on two treaties
• IRS issues promised guidance to attempt to block S corporation carried interest structure
• Revised online Form W-4 calculator and Form W-4 issued to deal with TCJA changes

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

A PDF with articles on the topics discussed this week can be downloaded below:

2018-03-05 Current Federal Tax Developments

2018-02-26 How Not to Divide an IRA

Current Federal Tax Developments for the week of February 26, 2018 - How Not to Divide an IRA. 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:

• 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

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

Articles related to this week's broadcast can be read in the PDF available for download below:

2018-02-26 Current Federal Tax Developments

2018-02-19 Treasury at the Bar

Current Federal Tax Developments for the week of February 19, 2018 - Treasury at the Bar. 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:

• 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

The audio of this week's broadcast can be streamed or downloaded below:

Articles discussing this week's developments can be found in the PDF below:

2018-02-18 Current Federal Tax Developments

2018-02-12 Changing the Rules During Tax Season

Current Federal Tax Developments for the week of February 12, 2018 - Change the Rules During Tax Season. 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:

• The Bipartisan Budget Act of 2018 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

The audio version of this week's program can be streamed or downloaded below:

A PDF containing articles on the items discussed can be downloaded via the link below:

2018-02-12 Changing the Rules During Tax Season

2018-02-05 Questions and Some Answers on TCJA

Current Federal Tax Developments for the week of February 5, 2018 - Questions and Some Answers on TCJA 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:

• 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

An audio only version of this week's program can be streamed or downloaded below.

A PDF with articles on each of the update topics can be downloaded below:

• 2016-02-05 Current Federal Tax Developments

2018-01-29 Government Gets Talkative

Current Federal Tax Developments for the week of January 22, 2018 - Government Gets Talkative 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:

• IRS to recompute 2018 inflation adjustment items
• Priority of guidance discussed by IRS and Treasury
• JCT counsel discussses impact of TCJA provisions on meals and entertainment and working condition fringe benefits
• New Form 1024-A to be used by §501(c)(4) organizations seeking determination letter
• Leaving return under doormat for ex-spouse to sign and mail not reasonable cause for late filing

An audio version of this week's program can be streamed or downloaded below:

Articles related to this week's program can be downloaded below:

2018-01-29 Current Federal Tax Developments