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Weekly Federal Tax Updates Podcasts

Federal Tax Update Podcast Series
  1. This week we look at the following items:

    • A method that went unchallenged in two prior audits did not fare well at all in third IRS exam
    • Treasury officials speak on timing of TCJA guidance, Section 199A reasonable compensation and fiduciary income tax issues at ABA Tax Section meeting
    • Treasury Secretary Mnuchin testifies that IRS will issue guidance to shut down S corporation carried interest structure inspired by TCJA
    • Odd result is nevertheless the proper result appellate court informs taxpayer
    • IRS to release W4 online calculator this week

    Copyright 2018, Kaplan, Inc.

  2. This week we look at the following items:

    • The Bipartisan Budget Act of 2016 includes extenders and other items
    • IRS updates priority guidance for TCJA items, adding 18 TCJA projects
    • Special relief granted to those with pyrrhotite damage, allowing losses to be claimed on 2017 returns
    • Qualified plan and IRA 2018 inflation adjusted figures will not have to change due to TCJA
    • A journal entry did not create a shareholder debt, leading to a denial of multi-million dollar loss
    • Engineer is potentially liable for penalties if positions on cost segregation study are not justified

    Copyright 2017 Kaplan Inc.

  3. This week we look at the following items:

    • The AICPA sends a letter to Treasury regarding areas needing immediate guidance on TCJA - and the list is long
    • IRS issues interim Form W-4 guidance until they can update the forms for TCJA
    • A new proposed regulation added to the Centralized Partnership Audit Regime (CPAR) guidance
    • IRS updates its maybe again annual disclosure Revenue Procedure, but doesn’t really change anything

    Copyright 2018, Kaplan, Inc.

  4. This week we look at the following items:

    • IRS to recompute 2018 inflation adjustment items
    • Priority of guidance discussed by IRS and Treasury
    • JCT counsel discussses impact of TCJA provisions on meals and entertainment and working condition fringe benefits
    • New Form 1024-A to be used by §501(c)(4) organizations seeking determination letter
    • Leaving return under doormat for ex-spouse to sign and mail not reasonable cause for late filing

    Copyright 2018, Kaplan Professional Education, Inc.

  5. This week we look at the following items:

    • IRS publishes plan for dealing with government shutdown during tax season
    • 2017 Roth conversions can be recharacterized through October 15
    • Tenth Circuit limits trust’s deduction for property donation to basis in property
    • IRS begins sharing information with State Department for those with seriously delinquent tax debts

    Copyright 2018, Kaplan, Inc.

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