This is Current Federal Tax Developments for the week of December 26, 2016 - Boxing Up Tax Developments for 2016. Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE.
This week we’ll look at the following:
- Some injured veterans have a chance to claim a refund
- IRS extends automatic accounting method relief for issue related to tangible property regulations
- Organization denied exempt status where 50% of the benefits would go to one pre-selected person
- Modifications to trust did not allow for trust income tax deduction
- Partner discovers that taxes, like life, are unfair
- Partner who cannot show debt allocated to her found not to have basis with which to claim a loss
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The articles for this week's podcast can be downloaded below.