Federal Tax Update Podcast

Federal Tax Update Podcast Series
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 Stat...
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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 s...
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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 carri...
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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 ...
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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 su...
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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 e...
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This week we look at the following items: Tax Court allows a 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 Hurrican...
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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 the taxpayer was a real estate professi...
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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 th...
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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 acc...
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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 cred...
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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 ...
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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...
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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 exem...
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This week's update includes discussions of the following topics: 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 ou...
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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 beg...
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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 ...
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Copyright 2018 Kaplan Professional Education
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Copyright 2018 Kaplan Professional Education
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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...
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