This is Current Federal Tax Developments for the week of September 12, 2016 - Justified Paranoia, recorded from my hotel room outside Newark Liberty International Airport this week. 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 announces two dozen preparer’s systems have been cormpromised for ID theft
- A non-tax motivated grouping can’t be changed by the IRS
- Income from forfeited deposit on purchase of building used in business is ordinary income
- A request to re-elect S status early is denied by the IRS
- Court analyzes whether advances to S corporation were loans or capital contributions
- Taxpayer discovers limits of relief provision for IRA overcontributions
- Court of Appeals finds TEFRA doesn’t block managing partner from raising reasonable cause defense disallowed at partnership level
The audio version of this week's broadcast can be streamed or downloaded below.
The articles for this weeks development are available for download at the link below;