2018-03-26 Grain Glitch Fix

Current Federal Tax Developments for the week of March 26, 2018 - Grain Glitch Fix.  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:

• Congress passed bill to fix the grain glitch and passed partnership audit rule changes
• IRS warns of increasing attacks against tax professionals
• Series 8453 business forms must be signed manually
• Supreme Court rules on tax obstruction statute

An audio only version of the broadcast can be streamed or downloaded below:

Articles discussing each of the developments can be downloaded below:

2018-03-26 Current Federal Tax Developments

2018-03-19 Love and the Tax Attorney

Current Federal Tax Developments for the week of March 19, 2018 - Love and the Tax Attorney. 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:

• OVDP program to end on September 28, 2018
• Entire cost of having international firm prepare returns for employees sent overseas treated as wages
• Conundrum only a tax attorney could love - dealing with a sale case where the regulations don’t give guidance
• Guidance given on reporting and paying Section 965 transition tax
• Mansion was never actually a rental, so loss was a capital loss rather than a 1231 loss

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

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

2018-03-19 Current Federal Tax Developments

2018-03-12 A Tale of Two Landlords

Current Federal Tax Developments for the week of March 12, 2018 - A Tale of Two Landlords.  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:

• Revised inflation adjusted numbers released for TCJA changes
• Male sterilization/contraception no-cost benefit not allowed in HDHP policies regardless of state law
• Roth IRA found not to actually own a foreign sales corporation
• Taxpayers’ reconstructed records and recollections not enough to prove real estate professional status
• Architect able to convince court he was a real estate professional with a single four-plex

An audio only version of the broadcast can be downloaded or streamed below:

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

2018-03-12 Current Federal Tax Developments

2018-03-05 A Bit of Disagreement

Current Federal Tax Developments for the week of March 3, 2018 - A Bit of Disagreement.  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:

• Storage battery for solar  system can qualify for credit - but with key conditions
• Two courts disagree on whether a gravel sale is or is not exempt from tax based on two treaties
• IRS issues promised guidance to attempt to block S corporation carried interest structure
• Revised online Form W-4 calculator and Form W-4 issued to deal with TCJA changes

An audio version of the broadcast can be downloaded or streamed below:

A PDF with articles on the topics discussed this week can be downloaded below:

2018-03-05 Current Federal Tax Developments

2018-02-26 How Not to Divide an IRA

Current Federal Tax Developments for the week of February 26, 2018 - How Not to Divide an IRA. 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 begins to process some returns with retroactively restored provisions for 2017
• IRS reminds taxpayers that a “home equity” debt can still be acquisition debt and deductible on 2018 return
• AICPA sends Treasury a letter outlining areas of §199A guidance that are needed
• Taxpayer ends up failing to do a tax-free division of IRA funds in a divorce
• The IRS fails in its attempt to have a gain on the sale of land taxed as ordinary income

An audio only version of the broadcast can be stream or downloaded below:

Articles related to this week's broadcast can be read in the PDF available for download below:

2018-02-26 Current Federal Tax Developments

2018-02-19 Treasury at the Bar

Current Federal Tax Developments for the week of February 19, 2018 - Treasury at the Bar. 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:

• A method that went unchallenged in two prior audits did not fare well at all in third IRS exam
• Treasury officials speak on timing of TCJA guidance, Section 199A reasonable compensation and fiduciary income tax issues at ABA Tax Section meeting
• Treasury Secretary Mnuchin testifies that IRS will issue guidance to shut down S corporation carried interest structure inspired by TCJA
• Odd result is nevertheless the proper result appellate court informs taxpayer
• IRS to release W4 online calculator this week

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

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

2018-02-18 Current Federal Tax Developments

2018-02-12 Changing the Rules During Tax Season

Current Federal Tax Developments for the week of February 12, 2018 - Change the Rules During Tax Season. 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:

• The Bipartisan Budget Act of 2018 includes extenders and other items
• IRS updates priority guidance for TCJA items, adding 18 TCJA projects
• Special relief granted to those with pyrrhotite damage, allowing losses to be claimed on 2017 returns
• Qualified plan and IRA 2018 inflation adjusted figures will not have to change due to TCJA
• A journal entry did not create a shareholder debt, leading to a denial of multi-million dollar loss
• Engineer is potentially liable for penalties if positions on cost segregation study are not justified

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

A PDF containing articles on the items discussed can be downloaded via the link below:

2018-02-12 Changing the Rules During Tax Season

2018-02-05 Questions and Some Answers on TCJA

Current Federal Tax Developments for the week of February 5, 2018 - Questions and Some Answers on TCJA 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:

• The AICPA sends a letter to Treasury regarding areas needing immediate guidance on TCJA - and the list is long
• IRS issues interim Form W-4 guidance until they can update the forms for TCJA
• A new proposed regulation added to the Centralized Partnership Audit Regime (CPAR) guidance
• IRS updates its maybe again annual disclosure Revenue Procedure, but doesn’t really change anything

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

A PDF with articles on each of the update topics can be downloaded below:

• 2016-02-05 Current Federal Tax Developments

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