Using RIA's Citator 2d
A quick video going over how to use the RIA Citator 2d to check on the status of various authorities uncovered in tax research.
2020-01-27 Real Soon Now
This week we look at:
IRS can use sample of transactions to carry burden for §165(c) kickbacks/bribery issues per CCA
IRS gives IRA custodians relief on RMD notices for 2020--but it means IRA owners may get bad advice about required distributions
Treasury indicates that guidance on excess distributions on termination deduction is “just around the corner.”
Microsoft denied assertion of privilege for most documents prepared by outside accounting firm in transfer pricing case
An audio only version of this week’s broadcast can be streamed/downloaded below:
Articles for this week’s update can be downloaded in PDF form below:
2020-01-20 Relief Week
Current Federal Tax Developments for the week of January 20, 2020: Relief Week
IRS expands rules excluding from income discharge of certain student loan debt
Did the IRS just endorse a SALT workaround? Or maybe not…
Small partnership late filing relief revenue procedure still in effect despite repeal of TEFRA provision
Tax Court found taxpayer’s petition was more likely than not filed timely.
An audio only version of this week’s broadcast can be streamed or downloaded below.
The articles for this week’s update can be downloaded below.
2020-01-13 When Bad Things Happen Penalties and Disqualification
This week we look at:
A look at the interaction of qualified plans and post-70 ½ deductible IRA contributions under the SECURE Act.
A date change in the final version of the SECURE Act related to the kiddie tax.
An ESOP is found to be disqualified from inception due to both issues in its plan document and in operation of the plan.
IRS announces e-file start dates, with business returns now being accepted.
Two cases look at the timing of the required IRS supervisor review of proposed penalties in an exam.
An audio only version of this week’s broadcast can be downloaded below:
Articles for this week’s developments can be downloaded below:
2020-01-06 Beginning a New Decade
This week we look at:
Case from the Archive: Taxpayer Shows How to Win When the IRS Claims Your Business is a Hobby
Taxpayers who have SFR prepared won’t see a §199A deduction in the SFR 2020
Auto mileage rates issued at the last minute
Charitable contributions of virtual currency guidance issued by IRS in FAQ
Taxpayers can’t raise substance over form argument since the taxpayer picked the form
Final Qualified Opportunity Fund regulations issued by the IRS
IRS issues updated guidance on withholding on pensions
The articles on this week’s update can be downloaded in the PDF below:
2019-12-30 The Year's Big Tax Developments
This week we look at the big developments in taxes for 2019 as we come to the end of the year:
§199A final regulations – a pre-tax season package that had to be quickly understood
2019’s year end tax bills – comes in three parts, along with a good portion of the government’s full appropriations package
The IRS’s fascination with tax basis capital, and the profession’s reaction to the same
§199A FAQ – so we’ll have fewer sub-regulatory guidance items, but that doesn’t mean it all gets reviewed like regulations. Or, perhaps, be careful what you wish for…
States looking to extend their tax reach, but in a case with limited application SCOTUS did find there are some limits
Additional items beyond the top five…
2019-12-23 A Tax Bill for the Holidays
Current Federal Tax Developments for the week of December 23, 2019: A Tax Bill for the Holidays
Further Consolidated Appropriations Act, 2020 signed into law on December 20, 2019
SECURE Act
The good: Delay in required beginning date for plan distributions, later plan adoption date, etc.
The bad: Death of the stretch IRA
Extenders apply retroactively - so there are some amended returns that will be needed
Tax-exempt version of the parking lot tax is gone, but the for profit version is still around
An audio only version of this week’s podcast can be streamed or downloaded below.
This week’s update covers the SECURE Act - see the article at:
SECURE Act, Extenders and Repeal of Certain ACA Taxes Enacted as Part of Year End Appropriations Act
2019-12-16 The Sound of Silence
Current Federal Tax Developments for the week of December 16, 2019: The Sound of Silence
IRS does not have the discretion to waive repayment of advance premium credit
Employer who reimburses employee when transit card fails to function has to include amount in wages per CCA
IRS issues more proposed regulations on state tax issues and charitable contributions, but remains silent on passthrough tax issues
IRS grants relief from use of tax basis capital account on partnership K-1s for one year
An audio only version of this week’s broadcast can be streamed or downloaded below:
The articles for this week’s updates can be downloaded as a PDF below:
2019-12-09 Bring in the Forms
Current Federal Tax Developments for the week of December 9, 2019: Bring in the Forms
Final version of 2020 Form W-4 released
Final versions of 2019 Forms 1040, 1040-SR, Schedules 2 and 3 released
Shortly thereafter, final version of Schedule 1 released still containing question about virtual currency
Relief for provision of Forms 1095-B and C
Detailed guidance issued for IRS agents on BBA audit procedures
An audio only version of this week’s broadcast can be streamed or downloaded below.
A PDF with the articles on this week’s topics can be downloaded below:
2019-12-02 Horses and Hobbies
Current Federal Tax Developments for the week of December 2, 2019: Horses and Hobbies
Commissioner rules that insurance payments for pyrrohite damage does not require Forms 1099
Horse business found not to be a hobby, losses allowed
IRS updates per diem rules for TCJA, following similar update for auto mileage rules
Audio only version of this week’s broadcast is available for streaming or download below.
Articles with this week’s updates can be downloaded below.
2019-11-25 Back to the FAQ
Current Federal Tax Developments for the week of November 25, 2019: Back to the FAQ
IRS discusses information security responsibilities and risks for tax professionals
Rental section added to IRS’s §199A FAQ page on website
Final regulations issued on anti-clawback estate/gift tax provisions
Only one penalty applied to taxpayer that was both the owner and beneficiary of a foreign trust
An audio version of this week’s broadcast can be downloaded below:
Articles for this week’s update can be downloaded below:
2019-11-18 Upcoming Events
Current Federal Tax Developments for the week of November 18, 2019: Upcoming Features
Significant TCJA guidance to be issued by end of January 2020
PLR allows advisory fees to be paid out of an annuity without trigger taxable income to owner
IRS announces enforcement program for syndicated conservation easement programs
IRS updates auto mileage rulings for changes made by TCJA IRS found to have attempted to assess tax on Son of BOSS after all statutes had expired
An audio only broadcast can be streamed or downloaded below:
Articles for this week’s updates can be downloaded below:
2019-11-11 Indexing Week
Current Federal Tax Developments for the week of November 11, 2019: Indexing Week
Federal Circuit shoots down previously successful taxpayer argument that limited maximum FBAR penalty
IRS publishes the 2020 inflation adjusted numbers
Proposed regulations issued to revise the life expectancy tables for required minimum distributions
Retirement plan numbers for 2020 issued by IRS
An audio only version of this week’s broadcast can be downloaded below.
This week’s updates can be downloaded in the following PDF:
2019-11-04 Both a Home and An Investment
Current Federal Tax Developments for the week of November 4, 2019 Both a Home and an Investment
Wisconsin fails in attempt to look to sublease to tax software sales based on computers sold to be used in the state
IRS agrees that taxpayer qualifies for both §121 and §1031 for the sale of a former home destroyed by fire
Draft Form 1065 and K-1 instructions released by the IRS
An audio only version of the broadcast can be downloaded below:
Articles for this week’s update can be downloaded in the PDF below.
2018-10-28 Denied Deduction Not Excessive Fine
Current Federal Tax Developments for the week of October 28, 2019: Denied Deduction Not an Excessive Fine
California rules on tax issues for directors that have meeting in California
Chief Counsel’s office gives guidance on use of secured email exchanges
§280E found not to represent an excessive fine even if the Tax Court doesn’t completely agree on why
Interim guidance issued to Appeals employees on BBA partnership regime
Whistleblower cannot force IRS to reopen an audit that he claimed was woefully inadequate
An audio only version of the broadcast can be streamed or downloaded below:
This week’s articles can be downloaded as a PDF from the link below:
2019-10-21 It's All in the Forms (and Instructions)
Current Federal Tax Developments for the week of October 21, 2019: The Details are in Forms (and Instructions)
Agents directed to grant relief in certain WOTC situations
Form 1120-S instructions disclose 3 new statements to be required on K-1s for 2019
Social security inflation adjusted 2019 numbers officially released
Second draft of Form 1065 Schedule K-1 asks for additional information about disregarded entity partners
TAS’s request for a delay while taxpayers facing loss of passport seek assistance denied by IRS
An audio only version of this week’s broadcast can be streamed or downloaded below;
The articles for this week’s updates can be downloaded below:
2019-10-14 Virtual Currency and Taxes
Current Federal Tax Developments for the week of October 7, 2019: Virtual Currency and Taxes
IRS expands IP PIN program to 10 more states
Question on virtual currency transactions will be on Schedule 1, Form 1040 and 1040SR, along with release of more draft instructions
Hard forks of virtual currencies are taxable events per IRS and the rule appears to apply retroactively
Additional set of FAQs added for taxation of virtual currencies to IRS website
Articles on this week’s update are available in the following PDF.
2019-10-07 Get Ready for the 2019 Passthrough Forms
Current Federal Tax Developments for the week of October 7, 2019
Pennsylvania cites Wayfair in providing for sales only based income tax nexus
Taxes on investment real estate under IRC §164 - no $10,000 limit?
Drafts of 2019 Forms 1065, 1120-S and related K-1s released by IRS
Proposed regulations for ALEs using individual coverage HRAs released
An audio only version of this week’s broadcast can be downloaded or streamed below:
A PDF containing articles on this week’s update can be downloaded below:
2019-10-07 Current Federal Tax Developments
2019-09-30 Rentals and the Safe Harbor
Current Federal Tax Developments for the week of September 30, 2019:
Rentals and the Safe Harbor IRS releases final version of §199A rental safe harbor
Special per diem rates that take effect on October 1, 2019 released
Tax Court does not accept imprisonment and lack of access to what might be deductible expense documentation as reasonable cause for late filing.
An audio only version of the broadcast can be streamed or downloaded below:
Article for this week’s update can be downloaded below.
2019-09-23 Zombie Power of Attorney
Current Federal Tax Developments for the week of September 23, 2019: Zombie Power of Attorney
IRS releases final and new proposed regulations on §168(k) bonus depreciation
Settlement offer to be sent to 200 taxpayers under exam for microcaptive structures
Government shutdown causes IRS to lose ability to extend statute taxpayer had already agreed to extend
Power of attorney not used by son nevertheless left him authorized to act for father, barring claim for extended statute
CPA ordered to turn over tax returns of client based on two factor test
An audio only version of the broadcast can be streamed or downloaded below:
The articles for this week’s updates can be downloaded below: