Keeping CPAs Up to Date on Tax Matters
A site devoted to articles on current developments in federal taxes geared toward CPAs in tax practice.
Current Federal Tax Developments for the week of September 16, 2019:
§451 Week Students learns real life lesson on taxation of prizes, and we get a tax history lesson
Proposed regulations issued for advance payments under TCJA §451(c)
Proposed regulations issued for §451(b) revenue conformity added by TCJA
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Current Federal Tax Developments for the week of September 9, 2019: But I Promise, Really!
IRS release instructions to 2019 §199A simple deduction form with additional informal guidance
Memorandum discusses what does and does not qualify as having made a payment to a retirement plan
Relief granted to file the second copy of the Form 3115 late for an automatic method change, but at a cost
Activities failed to count as rentals, could not be combined into rental activity by real estate professional
A flawed S election uncovered during due diligence for sale of the corporation
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Current Federal Tax Developments for the week of September 3, 2019: No Horse, No Business
Tax Court finds that taxpayer did not have a trade or business of raising/showing horses since she didn’t have a horse
Tax Court rejects IRS’s “step in the shoes” theory for gifted partnership interest with interest from debt-financed distribution received by donor
IRS accepts court’s revision of IRA beneficiary, surviving spouse allowed to treat IRA as her own
Coffeehouse was not a §501(c)(3) charitable organization
Notice of deficiency sent to addresses used on returns found to be sent to last known address
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Current Federal Tax Developments for the week of August 26, 2019: Watching Paint Dry Doesn’t Count
Taxpayer found both to have chosen the accrual method and to be required to use it as well
§451 proposed regulations exit OIRA review
Taxpayers records found to overstate hours by 150 hours, not qualified as a real estate professional
IRS issues formal memo changing position on ability to claim foreign tax credit on certain French taxes
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Current Federal Tax Developments for the week of August 19, 2019: George M Would Be Proud...
Taxpayer “wins” on a Cohan style case, but things don’t really go well
Qualified plan distribution is part of taxable income for the taxpayer even if the taxpayer doesn’t cash the check
An estate cannot avail itself of the economic disability tolling of the statute of limitations (and it wouldn’t have mattered anyway).
IRS to send out estimated tax penalty refund checks to 400,000 taxpayers
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2019-08-19 Current Federal Tax Developments
Current Federal Tax Developments for the week of August 12, 2019: Dorothy and Toto Need Money
Kansas releases out of state seller rules that have no de minimis levels
Memorandum holds that partial denial of earned income tax credit can lead to loss of all credit for following two years
Tennessee court finds that Boyle rule still applies, taxpayer cannot rely on preparer to efile extension
New online tax withholding estimator released by IRS, second revised Form W-4 follows shortly after
Revised third-party contact rules released prior to Taxpayer First Rule change that takes effect August 15, 2019
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Current Federal Tax Developments for the week of August 5, 2019: About that Bitcoin...
IRS sends out 10,000 letters on cryptocurrency, including some demanding a response
Relief granted on three bonus depreciation elections for year that includes September 28, 2017
Draft Schedule K-1 for Form 1120S revised to change §199A information reporting
Letter ruling holds a partial deduction allowed for DNA tests requested by an individual
Organization not operated exclusively for charitable purpose, §501(c)(3) status revoked retroactively
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Current Federal Tax Developments for the week of July 29, 2019: 1982 Tax Form Nostalgia
IRS releases final regulations on §501(c)(4) notice
Taxpayers who paid certain French taxes may have refund opportunities
Six new compliance initiatives announced by IRS
Minor relief granted to file superseding returns to some CPAR covered partnerships
IRS releases a new draft version of Form 1099-NEC for the first time in 38 years
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Current Federal Tax Developments for the week of July 22, 2019: The Short-Lived 1040 Postcard
Taxpayer who failed to file a signed Form 8332 with his return was denied the dependency exemption even though he eventually got a signed form
IRS updates list of allowed preventive care for high deductible health plans
IRS debuts new Form 1040-SR and revises Form 1040 to get rid of the postcard on draft 2019 forms the agency released
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Current Federal Tax Developments for the week of July 15, 2019: Typos are Hard to Catch
Taxes-Security-Together Checklist for tax professionals issued by the IRS
Tax Court found that taxpayer was victim of a bookkeeping error and had sent IRA rollover contribution to custodian, late rollover allowed
IRS discovers 31 years after the fact that a typo fix never was picked up in the Code of Federal Regulations
Frequently asked questions page issued to explain TCJA change to §704(d) partner basis limits on charitable deductions and foreign taxes
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Update for the week of July 8, 2019. This week we look at:
The Taxpayer First Act of 2019, signed into law on July 1, 2019
The Supreme Court decides one trust due process case is enough for a single term
IRS proposed a change in MEP to allow a solution to the one bad apple problem
IRS goes back to issuing guidance via website FAQs, this time for QOFs
Employers will be able to truncate SSNs on W-2s given to employees--but not right away
IRS finalizes regulations barring partnerships from using disregarded entities to put partners on the payroll
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Current Federal Tax Developments for the week of July 1, 2019:
IRS issues notice to advisers regarding what to do in the event of a data breach
IRS official confirms a §199A trade or business can include both commercial and residential rental
Taxpayer found Tax Court didn't believe his vehicle logs
Transaction found to be substantially similar to a listed transaction
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Current Federal Tax Developments for the week of June 24, 2019: SCOTUS Just Says No
Proposed regulations issued on qualified agricultural cooperatives
US Supreme Court rules mere residence of beneficiary not enough to all state to tax entire income of trust
Taxpayer had a proper claim of right situation when she paid ½ of wages paid back by ex-spouse
IRS finalizes non-resident alien ESBT regulations
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Current Federal Tax Developments for the week of June 17, 2019: Bring on the New HRAs
IRS to stop faxing transcripts, only mail them to taxpayer’s address of record
Final regulations issued for state tax credit donations and new way to report credit as tax paid
IRS finalizes regulations creating two new HRAs
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Current Federal Tax Developments for the week of June 10, 2019: Being Yourself as a Business
S corporation status lost when SMLLC shareholder adds a new interest holder
Tax Court does not accept author’s attempt to treat a portion of her income as not self-employment income
IRS releases employer tables and worksheets for TCJA-aware draft Form W-4
TIGTA finds that LB&I imposes accuracy-related penalties at lower rate than does SE/SE
Envelope used to file Tax Court petition lacked postmark, taxpayer could not explain delivery much later than would be expected for timely mailed document
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Current Federal Tax Developments for the week of May 28, 2019: Sweating the Details (or Lose Out)
Evangelizing did not give rise to charitable deduction for most expenses
DC Circuit agrees with Tax Court that failure to disclose basis of asset doomed $33 million contribution
Taxpayers lose nearly $1 million of basis due to lack of old documents
IRS tries one more time to develop a W-4 for the TCJA era
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Current Federal Tax Developments for the week of May 28, 2019: Another New Tax Bill?
Virtual currency guidance promised by IRS Commissioner
HSA numbers for 2020 released by IRS
Auto depreciation limits for 2019 released by IRS
House passes retirement reform bill, would drastically cut back on the use of stretch IRAs
Assistant US Attorney warns preparers about criminal exposure when they don’t raise enough issues about loans
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Current Federal Tax Developments for the week of May 20, 2019: Schedule D Problem
Review Wolters Kluwer IRS response and other issues
IRS releases a new worksheet for computing tax when there are 25% or 28% gains
Tax Court finds IRS did not have authority to find Medicare difficulty payments nontaxable in Notice 2014-7
CA10 agrees with Tax Court that S corporation cannot accrue wages on participants
Taxpayer materially participated in activity under facts and circumstances test
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Current Federal Tax Developments for the week of May 13, 2019: Malware, Cybersecurity and Tax Practice
Wolters Kluwer CCH systems suddenly taken offline due to malware issue
GAO criticizes security of e-file providers and software developers
IRS updates maximum vehicle values for cents-per-mile and FAVR
IRS clarifies redemptions treated as dividends taxation when paid during post-termination transition period
Deduction for Connecticut estate taxes must be reduced by portion allocable to state’s gift taxes added back paid in 3 prior years
My boss ordered me to do it doesn’t work for trust fund penalty even when the boss is an agent of a federal
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Current Federal Tax Developments for the week of May 6, 2019: Fragile: Handle with Care - S Corporations
Taxpayer’s marriage forces repayment of advance PTC, unfairness is not a defense
State tax refundable credit in excess of taxes is taxable income to taxpayer
IRS expands determination letter to cover a limited number of existing plans
LLC operating agreement adoption terminates S election
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