2017-10-09 Congress Proves It Can Pass a Tax Bill

Current Federal Tax Developments for the week of October 9, 2017 - Congress Proves It Can Pass a Tax Bill.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we look at the following developments:

• South Dakota petitions the Supreme Court for its Quill challenge
• Congress passes a Hurricane relief bill
• Taxpayer did not willfully fail to file FBAR
• Parents are held liable to repay dependent son’s advanced health insurance credit
• LB&I announces method that can be used to start with ASC 730 research expenses in computing qualified research expenditures
• Time off donation programs expanded to cover Hurricane Maria relief donations
• IRS releases special per diem rates for new fiscal year

An audio only version of this week's broadcast can be streamed or downloaded below.

The articles related to this week's developments can be downloaded in the PDF below.

2017-10-09 Current Federal Tax Developments

2017-10-02 Framing Tax Reform

Current Federal Tax Developments for the week of October 2, 2017 - Framing Tax Reform.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we look at the framework for comprehensive tax reform that was issued by the “Big 6” and is scheduled to be taken up by Congress.  We discuss the proposal’s framework for changes in:

• Standard deduction and personal exemptions
• Individual tax brackets
• Alternative minimum tax repeal
• Itemized deductions
• Work, education and retirement issues
• Estate and GST Tax repeal
• Business tax rates
• Expensing of capital improvements
• Interest expense
• Other business deductions and credits
• Offshore corporate earnings
• Where does this go from here?

Below is the article describing in more detail the framework.

2017-10-02 Current Federal Tax Developments

2017-09-25 Good Deeds and Conflicts of Interest

Current Federal Tax Developments for the week of September 25, 2017 - Good Deeds and Conflict of Interest.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we look at the following developments

• Hurricane Irma relief expanded to cover entire state of Georgia
• Volunteer attorney finds himself in a conflict of interest mess when husband has a change of heart
• Payment for issues in foreclosure found to create taxable income
• IRS opens pilot PLR program for D Reorg/Section 355 issues
• Proposed regulations issued for truncated SSNs on W-2--but not until 2018 W-2s

An audio only version of this week's update can be streamed or downloaded below:

Articles for this week's developments can be found in the PDF below:

2017-09-25 Current Federal Tax Developments

2017-09-18 Making Quill Irrelevant

Current Federal Tax Developments for the week of September 18, 2017 - Making Quill Irrelevant.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we look at the following developments

• IRS Extends Harvey Relief to Victims of Irma
• South Dakota Ready to Ask Supreme Court to Throw Out Quill
• Massachusetts Releases Regulations That Broadly Define Physical Presence
• IRS Has Right to Examine First Deceased Spouse Form 706 to Decrease DSUE at Second Death

You can stream or download the audio version of this week's program below:

The articles giving more detail on this week's developments can be downloaded as a single PDF below.

• 2017-09-18 Current Federal Tax Developments

2017-09-11 Loss Deduction Timing

Current Federal Tax Developments for the week of September 11, 2017 - Loss Deduction Timing.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we look at the following developments

• IRS Memorandum discusses application of plan loan grace period provisions
• Taxpayer’s loss didn’t qualify for Madoff revenue procedure special relief
• IRS allows employees to donate leave time when employers pay it out as a donation for Harvey relief
• Use of a PEO didn’t cause an S corporation inadequate compensation issue to become a worker classification  issue

The audio only version of this week's program can be downloaded or streamed below.

The articles for this week's sessions can be downloaded below:

2017-09-11 Current Federal Tax Developments

2017-09-05 Harvey Relief

Current Federal Tax Developments for the week of September 5, 2017 - Harvey Relief.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we look at the following developments

• IRS and Texas provide due date relief for those in Harvey disaster area
• IRS provides special rules to allow for hardship distributions and loans from qualified plans for those in Harvey disaster area
• Taxpayer owed excess premium credit despite exchange’s failure to update monthly premium for information taxpayer provided
• Loss related to minor daughter's pageant activity has to go on daughter’s return
• A taxpayer’s refund ends up in  a “black hole” caused by a quirk in how Congress drafted the law
• IRS grants relief for partnerships that missed the change in due dates this year
• Taxpayer unable to establish that an extension was actually filed
• IRS TAM discusses recognition of a common law marriage

The audio version of this week's broadcast can be streamed or downloaded below:

The articles for this week's updates are found in the PDF that may be downloaded below:

2017-09-05 Current Federal Tax Developments

2017-08-28 Microcaptives

Current Federal Tax Developments for the week of August 28, 2017 - Microcaptives.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we look at the following developments

• In its first look at microcaptive insurance companies, the Tax Court found no insurance was provided in specific case
• ESOP disqualified for failing to cover employees of related employer
• Social club found that measuring profit motive for UBIT differs from individuals
• Deduction denied to estate for gift tax liability on net gift
• Small partnerships are not, in the view of the IRS National Office, effectively exempt from the requirement to file tax returns.

.The audio only version of this week's presentation can be streamed or downloaded below:

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The articles for each of this week's developments can be downloaded in the PDF file below:

2017-08-28 Current Federal Tax Developments

2017-08-21 Not Ordinary

Current Federal Tax Developments for the week of August 21, 2017 - Not Ordinary.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we look at the following developments

• Birth certificate did not establish taxpayer’s age for additional tax on premature distributions
• No deduction when taxpayer did not request reimbursement from employer
• Fifth Circuit carves out “facts and circumstances” exception to being able to substitute parcels in a conservation easement
• Taxpayer’s participation in employer’s IPO did not allow an ordinary loss for commissions paid to sell stock from options exercised
• IRS tells colleges it is the end of the line for extensions on Form 1098-T tuition reporting

An audio only version of this week's discussion can be streamed or downloaded below.

Articles for this week's session can be downloaded as a PDF below.

2017-08-21 Current Federal Tax Developments

2017-08-14 Definition of Farming

Current Federal Tax Developments for the week of August 14, 2017 - Definition of Farming.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute.

This week we look at the following developments

• Tax Court looks at what it means to be in the business of lending money
• Sale of farmland can make a farmer not a farmer for conservation easement purposes
• IRS announces will not acquiesce in a decision on a reverse 1031 exchange
• Minority shareholder has to turn over dividends to IRS even though not aware of fraudulent conveyance

You can stream or download the audio version of this week's presentation below.

Articles for this week's developments can be downloaded as a PDF below.

2017-08-14 Current Federal Tax Developments

2017-08-07 Fragile S Corporation

Current Federal Tax Developments for the week of August 7, 2017 - Fragile S Corporations.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute.

This week we look at the following developments

• Colorado tattletale tax use tax rules published
• IRS warns of another phishing email, but give questionable advice that could make firms more likely to fall for the scam
• A taxpayer accidentally created a structure that terminated his S status the moment he died
• IRS gives details on computing payroll tax deposits when using research credit

An audio only version of this week's broadcast can be streamed or downloaded below:

This week's articles for the updates discussed can be downloaded below:

2017-08-07 Current Federal Tax Developments

2017-07-31 Goodbye BAT

Current Federal Tax Developments for the week of July 31, 2017 - Goodbye BAT.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute.

This week we look at the following developments

• Big 6 gives outline on tax reform and the border adjustable tax is out
• Appeals to start pilot web-based conferencing program
• IRS announces steps to be taken to combat business tax related identity theft
• Deemed distribution took place in year ability to correct expired, not the following year
• Taxpayer fails to show he had work locations outside of the metropolitan area or that he was away from home

And audio only version of this week's program can be streamed or downloaded below:

Articles discussing this week's developments in more detail can be downloaded below:

2017-07-.31 Current Federal Tax Developments

2017-07-24 Congress Starts Up Second Reconciliation Project

Current Federal Tax Developments for the week of July 24, 2017 - Congress Starts Up Second Reconciliation Process.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute.

This week we look at the following developments

• Senate looking to vote on health care without assurance of passage, House begins next year’s reconciliation bill that is intended to be the vehicle for comprehensive tax reform
• A tax case gives a lesson in the claim-of-right doctrine and the doctrine of rescission
• IRS extends safe harbor reporting for HFA borrowers for the third time
• Taxpayer could not prove he notified broker he wanted to use a cost flow method other than FIFO
• The limits of ACA Executive Orders discussed in IRS letters

An audio-only version of this week's broadcast can be streamed or downloaded below:

Articles describing this week's developments can be downloaded below:

2017-07-24 Current Federal Tax Developments

2017-07-17 Employer's Error, Employee's Tax Bill

Current Federal Tax Developments for the week of July 17, 2017 - Employer’s Error, Employee’s Tax Bill.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute.

This week we look at the following developments

• Employee has to pay tax on amount of plan loan when employer erroneously fails to withhold from paychecks while on leave
• Legal issue did not originate with S corporation, so only an itemized deduction was allowed
• Cash basis landfill operator allowed to elect to deduct currently a portion of eventual clean-up costs
• IRS email explains the limits on the use of Form 941-X to correct issues in prior years

Articles for this week's developments can be downloaded here.

2017-07-17 Current Federal Tax Developments

2017-07-10 Turn in Your Customers, or Else!

Current Federal Tax Developments for the week of July 10, 2017 - Turn in Your Customers, Or Else.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute.

This week we look at the following developments

• A new use tax tattletale law goes on the books, but with a much lower trigger and higher penalties
• IRS reminds us the IRC trumps a Tax Court memorandum decision - especially when the IRS apparently  forgot to argue the law at trial
• Failing to report the basis of an asset being donated dooms any charitable contribution deduction

Articles giving more details on the developments covered can be downloaded below:

2017-07-10 Current Federal Tax Developments

2017-07-03 Meals for the Road Team

Current Federal Tax Developments for the week of July 3, 2017 - Meals for the Road Team. Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute.

his week we look at the following developments:

• Senate doesn’t vote on health care reform before July 4 recess
• Taxpayer didn’t owe tax on funds wired from IRA to buy stock
• Another Circuit holds that mortgage must be subordinated before conservation easement donation
• Full deduction allowed for road meals for hockey team
• Final regulations issued on streamlined application for §501(c)(3) status

A PDF with articles for this weeks developments can be downloaded below.

2017-07-03 Current Federal Tax Developments

2017-06-26 Two on the Hook

Current Federal Tax Developments for the week of June 26, 2017 - Two on the Hook. Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute.

This week we look at the following developments

• A new phishing scheme for tax professional masquerades as coming from education providers
• Rental activity found not to be passive under the S corporation excess passive income rules
• Corporation on the hook for payroll taxes not paid by PEO
• IRS again issuing PTINs which may or may not be free
• IRS improperly calculated going concern value when rejecting offer in compromise

An audio version of the update can be streamed or downloaded below.

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The articles for this week's updates can be downloaded below:

2016-06-26 Current Federal Tax Developments

2017-06-19 The Heat is On

Current Federal Tax Developments for the week of June 19, 2017 - The Heat is On.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute.

This week we look at the following developments

• Supreme Court declines to hear ex-CEO of Qwest’s appeal
• S corporation could not deduct accrued wages for ESOP plan participants
• IRS views Mescalero as applying on in front of court in email
• The BBA partnership proposed regulations are finally in the Federal Register
• Disaster relief does not give relief to those already out of compliance

A PDF with articles describing this week's updates can be downloaded below:

2017-06-19 Current Federal Tax Developments

2017-06-12 Limits on Privilege

Current Federal Tax Developments for the week of June 12, 2017 - Limits on Privilege. Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute.

This week we look at the following developments

• IRS creates automatic relief for some late portability elections
• IRS has the authority to mandate use of PTINs-but the agency can’t charge for them
• SMLLC partner forces partnership into TEFRA examination regime
• Neither FATP privilege nor fifth amendment barred IRS from obtaining informaton from tax preparer

Articles describing this week's developments can be downloaded at:

2017-06-12 Current Federal Tax Developments

2017-06-05 What Can You Rely On?

Current Federal Tax Developments for the week of June 5, 2017 - What Can You Rely On?. Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute.

This week we look at the following developments

• Agents warned against relying on IRS website FAQs
• User fees begin moving online
• Taxpayer reasonably relied on preparer despite numerous errors made by preparer
• IRS begins certifying CPEOs

An audio only version of this week's program can be streamed or downloaded below:

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Articles on this week's developments can be found in the PDF you can download below:

2017-06-05 Current Federal Tax Developments

2017-05-29 Celebrating 25 Years of Quill

Current Federal Tax Developments for the week of May 29, 2017 - Celebrating 25 Years of Quill.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we look at the following developments

• IRS reconstruction of income accepted by Tax Court
• Supporting community journal organizations not found to be exempt purpose
• Pushing back charitable deductions to prior years on a Form 1041
• Deathbed estate plan fails to be accepted by the Tax Court

A PDF file with this week's articles can be downloaded below:

2016-05-29 Current Federal Tax Developments