2018-08-20 IRS Stays Quiet, States Keep Going

Current Federal Tax Developments for the week of August 20, 2018:  IRS Stays Quiet, States Keep Going

This week we look at the following items:

• Oregon Supreme Court rules no physical presence required to be subject to corporate income tax
• Idaho sends out notices to retailers that it’s moving forward with affiliate rule for collecting sales tax
• IRS prevails over AICPA on question of issuing credential for unenrolled tax preparers
• AICPA sends comments to the IRS and Treasury on S corporation and Section 461(l) issues following TCJA

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

This week's article are the contained in the following PDF:

2018-08-20 Current Federal Tax Developments

2018-08-13 199A Regulations Some Answers, Some Questions

Current Federal Tax Developments for the week of August 13, 2018:  199A Regulations Some Answers, Some Questions

This week we look at the following items:

• North Carolina announces out of state sellers required to begin collection of sales tax on November 1, 2018
• Legal fees were not from a trade or business and were not expenses of the S corporation
• IRS releases much anticipated proposed regulations on the 199A deductiton including guidance on
  • Aggregation into a single trade or business
  • Definitions of specified service activities
  • Various anti-abuse rules

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

A PDF with articles for this week (including a long analysis of the proposed regulations) can be downloaded via the link before.

2018-08-13 Current Federal Tax Developments

2018-08-06 TCJA Guidance Appears

Current Federal Tax Developments for the week of August 6, 2018:  TCJA Guidance Appears

This week we look at the following items:

• Proposed regulations for 965 are issued, others on state and local tax workarounds submitted to OMB
• Majority of states that impose a sales tax now have published post-Wayfair remote seller collection requirements and start dates
• Proposed regulations on which taxpayers may rely issued on bonus depreciation
• Automatic accounting method change guidance issued for TCJA small business accounting methods
• 529 plan revised guidance to deal with TCJA and other recent changes
• Guidance issued on additional contributions allowed to ABLE accounts by TCJA changes

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

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

2018-08-06 Current Federal Tax Developments

2018-07-30 A 199A Glimmer of Hope

Current Federal Tax Developments for the week of July 30, 2018: A 199A Glimmer of Hope.

This week we look at the following items:

• First 199A regulations are sent to OMB for review
• Minnesota tests whether lower limits than South Dakota will work under Wayfair
• Utah enacts South Dakota limits for remote sellers
• Another US District Court agrees that the IRS’s own regulations limit the FBAR willfulness penalty amount
• Taxpayer stuck with transferee liability after entering into transaction to sell corporation

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

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

2018-07-30 Current Federal Tax Developments

2018-07-23 Taxing Trusts Roadblocks

Current Federal Tax Developments for the week of July 23, 2018: Taxing Trust Roadblocks.

This week we look at the following items:

• Two state supreme courts restrict their states’ ability to tax trusts
• IRS issued PMTA on willfulness for FBAR penalty
• Forfeitures now can be used to fund QMACs and QNECs
• IRS discusses the impact on taxable wages of a payroll tax examination
• Many exempt organizations will no longer have to file Schedule B with Form 990
• Proposed regulations issued on due diligence expansion to head of household status added by TCJA

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

Articles on the developments discussed this week can be found in the PDF available for download below:

2018-07-23 Current Federal Tax Developments

2018-07-16 OK to Use the Back Door

Current Federal Tax Developments for the week of July 16, 2018: OK to Use the Back Door.

• This week we look at the following items:
• More Wayfair fallout
  • North Dakota out of state seller collections required beginning October 1
  • South Carolina to use South Dakota minimums for out of state sellers
  • Wisconsin will use the South Dakota minimums for the October 1 out of state seller start
• IRS updates security guidance for tax professionals
• Trusts and Estates will get to deduct trustee fees and other Section 67(e) expenses following TCJA
• IRS sticks to its position on prepaid real estate taxes when questioned by NJ Attorney General
• IRS employee indicates the agency accepts that the back door Roth contribution is legal

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

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

2018-07-16 Current Federal Tax Developments

2018-07-09 The States Strike Back

Current Federal Tax Developments for the week of July 9, 2018: The States Strike Back.

This week we look at the following items:

• States take various actions regarding forcing out of state sellers to collect tax
  • Louisiana looks to adopt its law to fit within Justice Kennedy’s outline of acceptable protections for interstate commerce
  • Alabama, though not a member of SSUTA, will begin requiring collection on October 1
  • Wisconsin, an SSUTA member but without a de minimis limit, will also want collections on October 1
  • New Jersey a dopts a law that duplicates South Dakota and adds marketplace provisions
• IRS LB&I Division announces five new compliance campaigns
• IRS agent wonders if a preparer penalty could be assessed directly against an equity holder who did not otherwise violate Section 6694

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

A PDF with the articles for this week developments can be downloaded below:

2018-07-07 Current Federal Tax Developments

2018-07-02 Postcard Week

Current Federal Tax Developments for the week of July 2, 2018: Postcard Week.

This week we look at the following items:

• IRS releases a new “postcard” dratt for Form 1040 along with 6 schedules
• CPA who advised on ESOP and prepared 5500s was still found to be an independent appraiser on third time to court
• IRS publishes the list of qualified opportunity zones under TCJA’s Section 1400Z-1
• A amendment of a return with fraudulent positions does not reduce the fraud penalty
• Taxpayer discovers IRS had not agreed to waive all penalties when taxpayer agreed to exam changes

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

Articles on this week's topics can be read in the PDF you can download below:

2018-07-02 Current Federal Tax Devlopments

2018-06-25 So Long Quill

Current Federal Tax Developments for the week of June 25 2018: So Long Quill. Current Federal Tax Developments is brought to you by the state CPA societies and Kaplan Professional Education.

This week we concentrate on the Supreme Court’s decision in South Dakota v. Wayfair.

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

A PDF with the update articles for this week can be downloaded below:

2018-06-25 Current Federal Tax Developments

2018-06-18 Don't Rely on the IRS

Current Federal Tax Developments for the week of June 18, 2018: Don’t Rely on the IRS. 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 indicates that TCJA UBIT provisions may be delayed, but no specific commitment
• Physician’s attempt to claim that social security disability is not taxable fails
• Taxpayer found to be solely in the business of selling controlled substances
• Shareholder barred from unilaterally changing S corporation’s election not to claim FICA credit
• Taxpayer who relied on two IRS employees for last date to file Tax Court petition finds herself without access to the court

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

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

2018-06-18 Current Federal Tax Developments

2018-06-11 The Problem with Claiming an Adjustment

Current Federal Tax Developments for the week of June 11, 2018: The Problem with Claiming an Adjustment. 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:

• Updated timeline for some TCJA guidance
• Court accepted father’s testimony for where son lived during tax year
• Dad denied deduction for payments related to revenue collected for son who lacked a general contractor’s license
• The IRS grants some relief for §965 transition tax payments
• Memo deals with confusion that arose due to special meaning certain words have in a tax context

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

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

2018-06-11 Current Federal Tax Developments

2018-06-04 When an Employee Isn't an Employee

Current Federal Tax Developments for the week of June 4, 2018: When an Employee Isn’t an Employee. 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:

• Fact sheet on how the IRS contacts taxpayers--and how it doesn’t
• Ruling issued on how funds sent to state under abandoned property laws is treated for withholding and reporting purposes
• Taxpayer was found to be a statutory employee, deductions allowed above the line
• IRS issues proposed regulations that would increase number of taxpayers that must electronically file all information returns

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

Articles on this week's developments can be downloaded as a PDF from the link below.

2018-06-04 Current Federal Tax Developments

2018-05-29 SALT Battles Begin

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:

2018-05-29 Current Federal Tax Developments

2018-05-21 Time Doesn't Solve All Tax Problems

Current Federal Tax Developments for the week of May 21, 2018: Time Doesn’t Solve All Tax Problems.  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:

• Update on TCJA guidance from the ABA Tax Section Meeting
• Tax due on tuition waiver received as part of severance package when used by daughter 22 years later
• Connecticut becomes the next state to adopt SALT workarounds
• IRS updates revenue procedure for use of information on status of charity
• Taxpayer reliance on advice from one adviser could not be in good faith and received no advice from other

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

The articles on the developments discussed in this week's podcast can be downloaded below:

2018-05-21 Time Doesn't Solve All Problems

2017-05-14 Change is in the Air

Current Federal Tax Developments for the week of May 14, 2018: Change in the Air. 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:

• Taxpayer had to include son’s savings account in determination of solvency
• 2019 HRA amounts announced by the IRS
• IRS changes Section 382 recognized built-in gain/loss safe harbors due to changes made by TCJA
• Revenue procedure issued to deal with requests to change accounting methods due to ASC 606 adoption for financial statements
• General automatic method change revenue procedure annual update published by IRS
• Taxpayer found to have no asset to sell and, due to that, income was ordinary and not capital in nature

An audio only version of the broadcast can be streamed/downloaded below.

The articles for this week's updates can be found in the PDF you can download below:

2018-05-14 Current Federal Tax Developments

2018-05-07 Unreasonable Reliance

Current Federal Tax Developments for the week of May 7, 2018 Unreasonable Reliance.  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:

• Oklahoma governor vetoes an expansion of tattletale law
• Small businesses warned about tax ID theft targeted at them
• Organization denied exempt status, was ruled to be the organizer’s consulting business
• IRS delays TCJA third party life insurance policy sale reporting rules
• Taxpayer did not reasonably rely on advice in taking a tax position, penalties applied

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

Articles for this week's developments are contained in the PDF that can be downloaded below:

2018-05-07 Current Federal Tax Developments

2018-04-30 What If Nobody Tattles?

Current Federal Tax Developments for the week of April 30, 2018 - What If No One Tattles?.  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:

• Colorado reports disappointing results from tattletale use tax law
• Oklahoma enacts a second tattletale use tax law
• IRS grants relief for last minute change in HSA maximum contribution amount for 2018
• Volunteers who divided amounts in tip jar at end of shift received tips subject to FICA
• Taxpayer who failed to check and find return was never accepted held liable for late filing penalty

An audio version of this broadcast can be downloaded below.

A PDf with articles on this week's updates can be downloaded below.

2018-04-30 Current Federal Tax Developments

2018-04-23 Groundhog Day, the Tax Pros Version

Current Federal Tax Developments for the week of April 23, 2018 - Groundhog Day, the Tax Pros Version. 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 computer system failure ends up adding one extra day to tax season
• The Supreme Court heard oral arguments in the Wayfair case
• IRS gives details on blended rates to be used by fiscal year C corporations
• IRS issues the rates for valuing employer owned aircraft trips for the first half of 2018
• The IRS clarifies how the repeal of the special alimony trust provision in TCJA will work
• The AICPA asks the IRS to reconsider its position on refunds of overpayments for those with remaining 965 transition tax installments

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

Articles related to this week's broadcast can be found the PDF you can download below.

2018-04-23 Current Federal Tax Developments

2018-04-09 Focus on States

Current Federal Tax Developments for the week of April 9, 2018 - Focus on States. 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:

• Supreme Court will shortly hear oral arguments in Wayfair case
• A number of states increase pressure on out of state sellers
  • Idaho requires collection at $10,000 of sale from any seller that the Supreme Court doesn’t tell us lacks nexus in Wayfair
  • Georgia adds a $200,000/200 transaction tattletale statute
  • Oklahoma puts a $10,000 tattletale statute in place that also impacts referrers
• New York passes two TJCA SALT limitation workaround statutes - but do they work?
• IRS issues guidance on three TCJA topics on Monday, including 43 pages on Section 965 transition tax

An audio version of this podcast can be streamed or downloaded below

2018-04-02 Tending Goal and Mining Currency

Current Federal Tax Developments for the week of April 2, 2018 - Tending Goal and Mining Currency. 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:

• Accountant by day, goaltender by night in Chicago
• IRS publishes statistics on exams, collections, phone wait times and more
• IRS reminds and warns taxpayers about virtual currency issues
• IRS recommends taxpayers have a payroll checkup

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

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

2018-04-02 Current Federal Tax Developments