2017-12-04 On to the Conference

Current Federal Tax Developments for the week of December 4, 2017 - On to the Conference.  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:

• Senate passes their version of HR1, setting up moving to a conference committee
• IRS gets access to information from bitcoin exchange
• The Tax Court uses English law to determine if a payment was alimony for federal tax purposes
• A safe harbor casualty loss rule is adopted for damage to concrete foundations caused by pyrrohite
• A taxpayer is denied a deduction for legal fees to recover overpaid alimony
• More relief for partnerships due to change in filing dates for 2016 returns
• The Tax Court updates its views on how to evaulate Stamps.com postmarks under timely filing rules

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

A PDF with this week's articles on the developments can be downloaded below:

2017-12-04 Current Federal Tax Developments

2017-11-27 S Corporation Problems

Current Federal Tax Developments for the week of November 23, 2017 - S Corporation Difficulties. 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:

• HR1 moves to the Senate floor this week
• Taxpayer does not have COD income when relieved of requirement to pay back overpayments on pension
• Qualified plan relief provisions extended to victims of California wildfires
• Court does not accept attempt to use FLP discount to create income tax loss from liquidation of S corporation formed to hold FLP interest
• No basis to shareholders in debt to S corporation other S corporation shareholders controlled
• IRS issues FAQ on QSEHRAs

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

The articles for this week can be downloaded below:

2017-11-27 Current Federal Tax Developments

2017-11-20 One Down, One to Go

Another week as Congress continues down the path towards comprehensive tax reform. This week we look at the changes the Senate made to its bill, as well as the passage by the House of their version of the bill. We also discuss what comes next in this process.

The audio version of this week's broadcast can be streamed and/or downloaded below.

The PDF below has the description of the two bills as they stood when this was recorded on November 18, 2017.

2017-11-20 Current Federal Tax Developments

2017-11-13 Tax Reform Continues

This week we look at the current developments on the tax reform front, including the two amendment sets adopted by the Ways and Means Committee and the Joint Committee's explanation of the bill the Senate Finance Committee will hold hearings on beginning Monday.

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

This week's session is related to the following items this week related to the Tax Reform and Jobs Act.

• JCT Description of the Senate version of the Tax Reform and Jobs Act
• First Amendment - House Version Tax Reform and Jobs Act
• Second Amendment - House Version Tax Reform and Jobs Act

2017-11-06 Tax Reform Begins

Current Federal Tax Developments is brought to you by the Loscalzo Institute and your state society of CPAs. This week we look at HR1, Tax Cuts and Jobs Act.

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

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A PDF with a description of the provisions can be downloaded below:

2017-11-06 Current Federal Tax Developments

2017-10-30 Kick Off for Tax Reform

This week we look at the following developments:

• House adopts Senate budget resolution beginning tax reform process
• A taxpayer’s amount of claimed theft loss found excessive by Tax Court
• An expert’s testimony did not substitute for records of cost of goods sold
• IRS summons to state agency found to be proper
• IRS memo discusses indirect loan issues for church 403(b) plan

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

A PDF of articles for this week's broadcast can be downloaded below:

2017-10-30 Current Federal Tax Developments

2017-10-23 Indexing Time of the Year

Current Federal Tax Developments for the week of October 23, 2017 - Indexing Time of the Year.  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 releases inflation adjusted tax factors for 2018
• LB&I Division issues guidance on unit of property and major component issues for the mining industry
• IRS announced retirement plan numbers for 2018
• IRS announces nonacquiesence in S corporation/real estate professional decision
• Anti-Kerr regulations officially withdrawn by the IRS
• 2017 Returns without health care information will not be accepted for efiling
• A court decision that appears to arrive at approximately the right place, but for all the wrong reasons

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

Articles for the developments discussed in this week's podcast can be found in the PDF you can download below.

2017-10-23 Current Federal Tax Developments

2017-10-16 Housing Allowance Returns to Court

Current Federal Tax Developments for the week of October 16, 2017 - Housing Allowance Returns to Court.  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:

• Filing date relief issued by IRS for victims of Northern California wildfires
• Challenge to minister’s housing allowance exclusion returns to court
• Tax Court will assert strict subordination requirement for mortgages on conservation easements outside First Circuit
• Signature no longer required for §754 election
• Retroactive loss of tax-exempt status going back a decade proves very costly in terms of interest on unpaid tax
• IRS email discusses potential impact on due date disaster relief and date for assessment of tax

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

A PDF with articles related to this week's developments can be downloaded below.

2017-10-16 Current Federal Tax Developments

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