Keeping CPAs Up to Date on Tax Matters
A site devoted to articles on current developments in federal taxes geared toward CPAs in tax practice.
Current Federal Tax Developments for the week of June 17, 2019: Bring on the New HRAs
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
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Current Federal Tax Developments for the week of June 10, 2019: Being Yourself as a Business
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
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Current Federal Tax Developments for the week of May 28, 2019: Sweating the Details (or Lose Out)
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
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Current Federal Tax Developments for the week of May 28, 2019: Another New Tax Bill?
Virtual currency guidance promised by IRS Commissioner
HSA numbers for 2020 released by IRS
Auto depreciation limits for 2019 released by IRS
House passes retirement reform bill, would drastically cut back on the use of stretch IRAs
Assistant US Attorney warns preparers about criminal exposure when they don’t raise enough issues about loans
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Current Federal Tax Developments for the week of May 20, 2019: Schedule D Problem
Review Wolters Kluwer IRS response and other issues
IRS releases a new worksheet for computing tax when there are 25% or 28% gains
Tax Court finds IRS did not have authority to find Medicare difficulty payments nontaxable in Notice 2014-7
CA10 agrees with Tax Court that S corporation cannot accrue wages on participants
Taxpayer materially participated in activity under facts and circumstances test
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Current Federal Tax Developments for the week of May 13, 2019: Malware, Cybersecurity and Tax Practice
Wolters Kluwer CCH systems suddenly taken offline due to malware issue
GAO criticizes security of e-file providers and software developers
IRS updates maximum vehicle values for cents-per-mile and FAVR
IRS clarifies redemptions treated as dividends taxation when paid during post-termination transition period
Deduction for Connecticut estate taxes must be reduced by portion allocable to state’s gift taxes added back paid in 3 prior years
My boss ordered me to do it doesn’t work for trust fund penalty even when the boss is an agent of a federal
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Current Federal Tax Developments for the week of May 6, 2019: Fragile: Handle with Care - S Corporations
Taxpayer’s marriage forces repayment of advance PTC, unfairness is not a defense
State tax refundable credit in excess of taxes is taxable income to taxpayer
IRS expands determination letter to cover a limited number of existing plans
LLC operating agreement adoption terminates S election
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Current Federal Tax Developments for the week of April 29, 2019: Q&A 33 - The IRS FAQ Says What?
Taxpayer finds expense can’t be assigned to business based on best result
IRS greatly expands the FAQ on Section 199A, including a major surprise to many on handling S corporation shareholders
IRS updates the EPCRS program to add more self-correction options
Chief Counsel Email holds that using a PEO does not allow a partner to be treated as the employee of partnership
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Current Federal Tax Developments for the week of April 22, 2019: IRS Gets Busy After Tax Season
Draft forms issued to be used to report §199A deduction on 2019 returns
Proposed regulations address NRA potential current beneficiaries of ESBTs that are also grantor trusts
Memorandum address impact of §318 attribution rules on §1372 and self-employed health insurance deduction
Second (and maybe final) set of proposed regulations on opportunity zone issues
Ninth Circuit decides IRS regulations did remove the ability to use common law mailbox rule to prove timely filing
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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
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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”
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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
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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
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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
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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
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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
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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
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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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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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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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