2018-01-29 Government Gets Talkative

Current Federal Tax Developments for the week of January 22, 2018 - Government Gets Talkative 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:

• IRS to recompute 2018 inflation adjustment items
• Priority of guidance discussed by IRS and Treasury
• JCT counsel discussses impact of TCJA provisions on meals and entertainment and working condition fringe benefits
• New Form 1024-A to be used by §501(c)(4) organizations seeking determination letter
• Leaving return under doormat for ex-spouse to sign and mail not reasonable cause for late filing

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

Articles related to this week's program can be downloaded below:

2018-01-29 Current Federal Tax Developments

2018-01-22 IRS in Shutdown Mode

Current Federal Tax Developments for the week of January 22, 2018 - IRS in Shutdown Mode  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 items:

• IRS publishes plan for dealing with government shutdown during tax season
• 2017 Roth conversions can be recharacterized through October 15
• Tenth Circuit limits trust’s deduction for property donation to basis in property
• IRS begins sharing information with State Department for those with seriously delinquent tax debts

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

2018-01-22 Current Federal Tax Developments

2018-01-15 A Sequel 26 Years Later

Current Federal Tax Developments for the week of January 15, 2018 - A Sequel 26 Years Later 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 items:

• Supreme Court to take on South Dakota’s challenge to the 1992 Quill decision on nexus for sales taxes
• FASB will allow private companies and not-for-profits to apply SEC Staff Accounting Bulletin 118 to deal with TCJA deferred taxes
• Joint Committee on Taxation publishes its annual list of expired and expiring tax provisions, now updated for TCJA’s individual items
• IRS finds a fuel reward programs where it agrees that a taxpayer can take accrued but unredeemed amounts as a current deduction
• IRS publishes early percentage withholding tables for wages under TCJA

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

Articles on the topics discussed this week can be downloaded in the PDF below:

2018-01-15 Current Federal Tax Developments

2018-01-08 The Calm After the Storm

Current Federal Tax Developments for the week of January 8, 2018 - The Calm After the Storm  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 items:

• IRS to accept efiled returns beginning January 29
• Employer retirement account being paid to surviving spouse cannot be transferred to beneficiary of surviving spouse at spouse’s death
• Rollover of after-tax funds from 401(k) into traditional IRA creates basis
• Innocent spouse relief granted despite fact that husband should have known about the income
• Additional 6 year statute on unreported income from specified foreign assets does not apply until those assets were subject to information reporting

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

The 2 hour webinar referenced in the session can be signed up for below.  Check with your state society of CPAs to see if they are participating in this session and have a discount code and/or a sign-up option on their website:

Understanding the Effect of the New Tax Law (Live Webinar - Not a Rebroadcast)

2018-01-02 The Year of TCJA and CPAR

Current Federal Tax Developments for the week of January 2, 2018 - The Year of TCJA and CPAR.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we discuss the following items:

• SEC issues bulletin on handling deferred taxes related to TCJA
• IRS requires use of Secure Access accounts to access e-Services
• IRS issues news release on deducting prepaid real estate taxes
• Safe harbor created for residential casualty losses just as personal casualty losses generally go away
• In other not long to be useful guidance, the IRS holds that a group of films licensed together can qualify as Section 199 property
• No deduction is allowed for tuition discount until student meets attendance requirement
• IRS announces will continue to use same format W-4s for TCJA withholding
• CPAR opt-out final regulations are issued
• IRS extends date for providing Forms 1095-B and C for 2017

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

A PDF with articles on this week's developments can be downloaded from here:

2018-01-02 Current Federal Tax Developments

2017-12-26 The Year in Review

Current Federal Tax Developments for the week of December 26, 2017 - The Year in Review.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we review the biggest items we looked at this year

• Tax Court rules on use of “reasonable compensation” guaranteed payments
• Automatic late portability election made available by the IRS
• Surgeon’s case is useful for two separate issues
• CPAR regime proposed rules issued
• Congress ends the year with major legislation

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

A copy of this week's slides can be downloaded below:

2017-12-26 Current Federal Tax Developments

2017-12-18 Tax Cut and Jobs Act Conference Bill - Business Provisions (Part 2)

Current Federal Tax Developments is brought to you by your state society of CPAs and the Loscalzo Insitute, a Kaplan Company.

The second part of our analysis of the Tax Cuts and Jobs Act, looking at what Congress labeled the business provisions. We'll look at the corporate tax rate reduction, the new bonus depreciation at 100%, expanded 179, the limits on deducting interest expense and more.

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

Below are the slides from this portion of the presentation

2017-12-18 Tax Cuts and Jobs Act Business Provisions

The Conference Bill and Report.

Tax Cuts and Jobs Act Conference Bill and Report

2017-12-18 Tax Cut and Jobs Act Conferernce Bill - Individual Tax (Part 1)

Current Federal Tax Developments are brought to you by your state society of CPAs and Kaplan, Inc.

This is the first of two presentations on the conference bill that appears likely to be passed into law in the coming week. This program looks at the individual items in the bill. The next broadcast looks at the business items.

A copy of the slides for this week to be used as a reference can be downloaded below:

2017-12-18 Conference Bill - Individual Items

The full conference bill and report can be downloaded below.

Tax Cuts and Jobs Act Conference Bill and Report

2017-12-11 - Let the Conference Begin

Current Federal Tax Developments for the week of December 11, 2017 - Let the Conference Begin.  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:

• Conference committees appointed and Joint Committee on Taxation issues report on differences

• IRS memo clarifies the tax treatment of a disgorgement payment following U.S. Supreme Court decision

• Qualified plan required amendment (RA) list published for 2017

• No loss allowed on sale to former spouse

• IRS found not to have conducted a second examination of the taxpayers’s books and records

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

The articles describing this week's update can be downloaded as a PDF from the link below:

2017-12-11 Current Federal Tax Developments

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