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: