2019-01-14 Syndicate Danger

Current Federal Tax Developments for the week of January 14, 2019: Syndicate Danger

• IRS reopens IVES and user-fees based programs

• Advisers need to be sure to check syndicate rules to assure entity not subject to §163(j) rules

• Treat of realtors revised in second draft version of portion of Publication 535

• Filing season to start January 28, refunds are going to be issued

• Address to file gift tax returns has changed, estate tax return address to change in July

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Articles on this week’s updates can be downloaded below:

2019-01-14 Current Federal Tax Developments

2019-01-07 All Quiet on the Tax Front

Current Federal Tax Developments for the week of January 7, 2019: All Quiet on the Tax Front

• IRS Notice gives guidance to tax-exempt organizations on excess compensation tax

• Outgoing W&M Chairman publishes discussion paper on TCJA technical corrections

• §199A final regulations still sitting at OIRA

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

2019-01-07 Current Federal Tax Developments

2018-12-31 Lump of Coal for Real Estate Agents?

This week we look at:

• Loan Adviser Found Not Liable to Repay in FINRA Treated as Ordinary Income from Debt Forgiveness

• IRS Raises Values Dramatically on Vehicles Eligible for Cents-Per-Mile and Fleet-Average Valuation Rules

• Safe Harbor Issued on Charitable Contribution Credits Related to a Trade or Business

• Revenue Procedure Issued to Deal with ADS Issues for Electing Farm and Real Property Businesses

• IRS Publication Indicates Real Estate Agents/Brokers and Insurance Agents/Brokers are in a Specified Service Trade or Business

• Proposed Regulations on Treating Sale of Partnership Interest as Effectively Connected to US Trade or Business

• IRS Announces Plan to Issue Regulations on Two Special Enforcement Matters Under CPAR, as Well as CPAR Final Regulations

• Annual Disclosure Revenue Procedure Updated by IRS

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Articles on this week’s developments can be downloaded below:

2018-12-31 Current Federal Tax Developments

2018-12-24 Feeling Blue (Book) Over the Holidays

Current Federal Tax Developments for the week of December 24, 2018: Feeling Blue (Book) Over the Holidays

This week we look at:

• Just prior to the one year anniversary of TCJA, we finally get a Joint Committee staff Blue Book.on the law

• Tax credits for purchases of Teslas are being phased-out during 2019

• MFP payments found in IRS memorandum to be taxable income and part of self-employment income

• Auto mileage rates for 2019 issued by the IRS

• A management company that managed a marijuana dispensary was subject to the deduction disallowance rules of §280E

• A limited amount of additional information released by the IRS on excess loss and NOL rules under TCJA

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Articles describing this week’s developments can be downloaded in the PDF below

2018-12-24 Current Federal Tax Developments

2018-12-17 All We Want for Christmas Are Our 199A Final Regulations

This week we look at:

• IRS releases more proposed regulations

• Lack of documentation dooms deduction for taxpayers

• §199A final regulations sent to OIRA for review

• Guidance issued on valuing employer provided parking for parking lot tax

• Relief given for some tax-exempt organizations first filing Form 990-T to pay parking lot tax

• Taxpayers who were out of the country for much of the period of nonpayment still found to be responsible persons

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Articles on this week’s developments discussed on the program can be downloaded below:

2018-12-17 Current Federal Tax Developments

2018-12-10 SALT Workaround, Wisconsin Style

This week we look at the following items:

• Wisconsin passes its version of an optional passthrough tax to get around SALT limits, but with a twist

• Guidance released on Section 81(i) stock elections

• Taxpayer finds you still need some documentation to claim cellular phone expenses

• IRS fails to persuade Court that a taxpayer had changed its accounting method

• A brief revisit to the Section 451(b) automatic change revenue procedure

• Taxpayer warned about filing Tax Court petition primarily to delay collection

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Articles for this week’s developments can be downloaded below:

2018-12-10 Current Federal Tax Developments

2018-12-03 Interest Regulations Are Out

Current Federal Tax Developments for the week of December 3, 2018: Interest Regulations are Out

This week we look at the following items:

• IRS releases the 163(j) interest deduction limitation proposed regulations

• Special real property election for infrastructure maintenance company Revenue Procedure released

• IRS memorandum describes what the IRS can question when an employer excludes meals from employee’s wages under §119

• Foreign tax credit proposed regulations issued

• Automatic accounting method change procedures issued for §451(b) revenue conformity

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2018-11-26 Slow March of the 163(j) Proposed Regulations

Current Federal Tax Developments for the week of November 26, 2018: Slow March of the 163(j) Proposed Regulations

• This week we look at the following items:

• Proposed anti-clawback regulations issued

• Final §263A negative amount regulations issued

• §163(j) proposed regulations leave OIRA (finally), last step before publication

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2018-11-19 Chained CPI Makes Its Full Debut

This week we look at the following items:

• IRS publishes 2019 inflation adjusted figures

• IRS notes increase in breaches of systems of tax return preparers in 2018

• Filing and deposit date relief announced for victims of California wildfires

• IRS email discusses application of due diligence preparer penalties

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2018-11-12 Due Diligence

This week we look at the following items:

• §163(j) proposed regulations due this week

• IRS releases final TCJA due diligence regulations

• Country singer found not to operate night club for a profit

• Foreign earned income denied when taxpayer did not show his abode was outside the United States

An audio only version of this week’s broadcast can be downloaded and streamed below.

2018-11-05 Parking Lot Tax

Current Federal Tax Developments for the week of November 5, 2018: Parking Lot Tax

This week we look at the following items:

• Inflation-adjusted retirement plan numbers for 2019 released

• IRS publishes draft Form 990-T and instructions with details on the parking lot tax

• Students lose at DC Circuit in attempt to claim travel deductions

• A Blue Book on TCJA may be coming soon

• A taxpayer is denied relief from liability for tax due on a joint return the court finds she didn’t file

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

2018-10-29 More Guidance to Come

This week we look at the following items:

• Court finds IRA and plan balance received in divorce not protected in bankruptcy

• Interest limitation proposed regulations (except for passthroughs) heads to OMB

• Connecticut crumbling foundation relief clarified to also create NOLs that can be carried back in 2018

• PTIN renewal opened up by the IRS

• OMB announces plans for guidance on TCJA loss limitation rules--but not planned to be out until June 2019

• Taxpayer denied innocent spouse relief.

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2018-10-22 Seizing the Opportunity

Current Federal Tax Developments for the week of October 22, 2018: Seizing the Opportunity

This week we look at the following items:

• A pastor had taxable income from pastoral donations

• IRS grants filing and payment relief related to Hurricane Michael

• A taxpayer could not apply payment where the IRS had levied the account

• Initial Qualified Opportunity Zone proposed regulations issued

Citations for this week’s topics and a copy of the proposed regulations can be downloaded below:

2018-10-22 Current Federal Tax Developments

2018-10-08 Business Meals Deduction is Alive and Well

This week we look at the following items:

• IRS issues SIFL rates for second half of 2018

• Information letter discusses more issues with the SALT workaround regulations

• Business meals will remain 50% deductible despite TCJA law changes

• ECPRS program updated by the IRS Market discount not subject to TCJA revenue conformity rule

• §457 plan not required to offer hurricane relief distributions

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2018-10-08 Current Federal Tax Developments

2018-10-01 Employee Benefits Week

Current Federal Tax Developments for the week of October 1, 2018: Employee Benefits Week

This week we look at the following items:

• Wall Street Journal reports IRS will issue guidance allowing 50% deduction for business meals

• IRS issues guidance on credit for paying employees on FMLA leave

• Moving expenses incurred in 2017 but reimbursed in 2018 ruled to be excludable from the employee’s income

• Special per diem rules, including high/low amounts, updated by the IRS

• IRS agent found to qualify as an innocent spouse when given what turned out to be a misleading response by soon to be ex-spouse

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2018-10-01 Current Federal Tax Developments

2018-09-24 Is This Reasonable?

This week we look at the following items:

• Tax Court allows taxpayer to try and prove reasonable reliance on indirect legal advice

• Updated safe harbor explanations for plan distributions issued by IRS

• IRS delays major revision to Form W-4 to 2020

• Relief announced for victims of Hurricane Florence

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2018-09-24 Current Federal Tax Developments

2018-09-17 Are 349 Filings Unconstitutional?

Current Federal Tax Developments for the week of September 17, 2018: Are 349 Filings Unconstitutional?

This week we look at the following items:

• South Dakota enacts remote seller law to implement Wayfair decision beginning November 30

• Colorado tests the limits of Justice Kennedy’s holdings in Wayfair

• Even though records were imperfect, Tax Court finds taxpayer was a real estate professional

• Opportunity Zone regulations at OMB, expected out around end of the month

• IRS rules math error procedures can be used even after refunds are issued

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2018-09-17 Current Federal Tax Developments

2018-09-10 SALT Clarification - Well, Not Really

Current Federal Tax Developments for the week of September 10, 2018: SALT Clarification - Well, Not Really

This week we look at the following items:

• South Dakota to hold a special session so the state can begin to take advantage of their victory in the Wayfair case
• Taxpayer who withdrew IRA funds based on a notice of intent to levy cannot escape 10% additional tax
• IRS clarifies the application of the proposed SALT regulations leading to a bevy of questions
• IRS memorandum concludes seismic fees for offshore drilling must be amortized and cannot be treated as intangible drilling costs
• President issues an Executive Order for DOL and Treasury to consider certain changes to retirement plans
• Tax Court disagrees with the IRS’s view on how §1291(c) gains interact with six year statute

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A PDF with the articles from this week's broadcast can be downloaded below.

2018-09-10 Current Federal Tax Developments

2018-09-04 Do You Comply with the Safeguards Rule

Current Federal Tax Developments for the week of September 4, 2018: Do You Comply with the Safeguards Rule?

This week we look at the following items:

• IRS warns tax professionals about FTC’s Safeguards Rule for confidential data
• Clarification of how change in exemption amounts will apply to items tied to exemption amounts
• Lessee is not able to claim conservation deduction for facade easement
• Letter ruling approves program where employer makes plan contribution for employees who pay on their student loans
• Taxpayer allowed extra time for late rollover where she had relied on spouse for tax and financial matters when couple separated while rollover was pending

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2018-09-04 Current Federal Tax Developments

2018-08-27 State Tax Credits Take a Hit

Current Federal Tax Developments for the week of August 20, 2018: State Tax Credit Structures Take a Hit

This week we look at the following items:

• Taxpayers creating multiple entities to try and avoid double taxation of C corporation income find their plan fails
• IRS issues SALT workaround regulations and affect both new and pre-existing state tax credit programs
• Modifications made to automatic accounting method revenue procedure to deal with S corporation revocations under special TCJA rule
• Guidance provided on applying the rules to compute UBTI separately for each trade or business

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2018-08-27 Current Federal Tax Developments