August 15, 2016 - Seeing if the Phish Will Bite
This is Current Federal Tax Developments for the week of August 15, 2016 - Seeing if Phish Will Bite. Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.
This week we’ll look at the following:
- IRS issues phishing attack masquerading as tax software update being aimed at preparers
- IRS agents ordered not to initiate contact via phone in another situation
- A taxpayer discovers divorce decree determination for claiming exemption irrelevant for federal taxes
- A real estate professional discovers the difference between “not automatically passive” and “materially participating”
- Relief granted to CRATs due to low interest rates
- The Tax Court looks to form over substance in reverse §1031 exchange
- IRS gives guidance on ITIN changes imposed by PATH--and modifies a difficult to administer portion of the Act
An audio version of this week's update can be streamed or downloaded below.
A PDF containing all articles for the items discussed this week is available below.