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Federal Tax Update Podcast

Updated 6 days ago

Education
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Business News
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Federal Tax Update Podcast Series

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Federal Tax Update Podcast Series

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Such a great resource

By Ssidawg73 - Feb 27 2019
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I’m a sole practitioner and I really appreciate the info that you provide in this podcast. I listen to the podcast every week while I run and it helps keep me both entertained and informed. I definitely recommend for anyone who wants to keep up with the latest tax news.

iTunes Ratings

17 Ratings
Average Ratings
16
0
1
0
0

Such a great resource

By Ssidawg73 - Feb 27 2019
Read more
I’m a sole practitioner and I really appreciate the info that you provide in this podcast. I listen to the podcast every week while I run and it helps keep me both entertained and informed. I definitely recommend for anyone who wants to keep up with the latest tax news.

Listen to:

Cover image of Federal Tax Update Podcast

Federal Tax Update Podcast

Updated 6 days ago

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Federal Tax Update Podcast Series

2018-05-07 Unreasonable Reliance

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Copyright 2018 Kaplan Inc.

May 05 2018

32mins

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2018-04-09 Focus on States

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This week we look at the following developments:

  • Supreme Court will shortly hear oral arguments in Wayfair case
  • A number of states increase pressure on out of state sellers
    • Idaho requires collection at $10,000 of sale from any seller that the Supreme Court doesn’t tell us lacks nexus in Wayfair
    • Georgia adds a $200,000/200 transaction tattletale statute
    • Oklahoma puts a $10,000 tattletale statute in place that also impacts referrers
  • New York passes two TJCA SALT limitation workaround statutes - but do they work?
  • IRS issues guidance on three TCJA topics on Monday, including 43 pages on Section 965 transition tax

Copyright 2018, Kaplan, Inc.

Apr 08 2018

33mins

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2019-04-16 Still to Come on TCJA

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This week we review where we stand on TCJA guidance at the end of the first TCJA tax season.

  • §199A - Mainly Post-Final Regulation Issues
  • §163(j) - Proposed Regulations Out, Awaiting Final Regulations
  • Depreciation - Will the Retail Glitch Get Fixed? And When?
  • SALT - Soon to be released final regulations on state tax credits and then what
  • §461(j) - Limit on business losses - where’s the guidance
  • Other areas

Copyright 2019, Kaplan, Inc.

Apr 16 2019

41mins

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2018-09-24 Is This Reasonable?

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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 Hurricane Florence

Copyright 2018, Kaplan, Inc.

Sep 23 2018

28mins

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2018-04-30 What If No One Tattles?

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This week we look at the following items:

  • Colorado reports disappointing results from tattletale use tax law
  • Oklahoma enacts a second tattletale use tax law
  • IRS grants relief for last minute change in HSA maximum contribution amount for 2018
  • Volunteers who divided amounts in tip jar at end of shift received tips subject to FICA
  • Taxpayer who failed to check and find return was never accepted held liable for late filing penalty

Copyright 2018 Kaplan Inc.

Apr 28 2018

35mins

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2019-10-28 Denied Deduction Not Excessive Fine

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This week we look at the following:

  • 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

Copyright 2019 Kaplan, Inc.

Oct 26 2019

37mins

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2018-09-17 Are 349 Filings Unconstitutional?

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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 professional

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

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

Copyright 2018, Kaplan, Inc.

Sep 15 2018

28mins

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2018-07-02 Postcard Week

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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 Section 1400Z-1
  • A amendment of a return with fraudulent positions does not reduce the fraud penalty
  • Taxpayer discovers IRS had not agreed to waive all penalties when taxpayer agreed to exam changes

Copyright 2018 Kaplan Inc.

Jul 01 2018

31mins

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2018-07-30 A 199A Glimmer of Hope

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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 FBAR willfulness penalty amount
  • Taxpayer stuck with transferee liability after entering into transaction to sell corporation

Copyright 2018, Kaplan, Inc.

Aug 01 2018

31mins

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2018-12-10 SALT Workaround Wisconsin Style

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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

Copyright 2018, Kaplan, Inc.

Dec 11 2018

28mins

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2018-07-18 OK to Use the Back Door

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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 out of state seller start
  • IRS updates security guidance for tax professionals
  • Trusts and Estates will get to deduct trustee fees and other Section 67(e) expenses following TCJA
  • IRS sticks to its position on prepaid real estate taxes when questioned by NJ Attorney General
  • IRS employee indicates the agency accepts that the back door Roth contribution is legal

Copyright 2018, Kaplan, Inc.

Jul 14 2018

37mins

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2019-03-11 §199A Return Issues

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This week we talk about the following:

  • Look at some items causing confusion over §199A on discussion forums as returns are prepared

  • Treasury announces changes in temporary regulations and subregulatory guidance

  • Recipients of sexual harassment and sexual abuse settlements with confidentiality clause allowed to deduct legal fees

  • Gambling loss triggered by impulse control problem side effect of prescribed drug not a casualty loss

  • Proposed regulations issued for FDII and GILTI

  • IRS no longer plans to issue regulations to bar post-retirement lump-sum distributions from defined benefit plans

  • Partnerships required to add tax basis disclosures given until March 15, 2020 to provide information to IRS

Copyright 2019 Kaplan, Inc.

Mar 09 2019

40mins

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2018-05-29 SALT Battles Begin

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This week we look at the following items:

  • FBAR penalty limited to lower amount in old regulation
  • Taxpayer had not started a business yet, so no current deduction allowed for expenses incurred
  • IRS to issue regulations on SALT/charity workarounds, raises substance over form issue
  • DC Circuit agrees with Ninth Circuit that partnerships with disregarded entity partners are subject to TEFRA (and presumably subject to CPAR) audits

Copyright 2018 Kaplan Inc.

May 28 2018

32mins

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2018-07-23 Taxing Trusts Roadblocks

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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 exempt organizations will no longer have to file Schedule B with Form 990
  • Proposed regulations issued on due diligence expansion to head of household status added by TCJA

Copyright 2018 Kaplan Professional Education

Jul 21 2018

35mins

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2019-01-14 Syndicate Danger

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This week we look at:

  • 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

Copyright 2019, Kaplan, Inc.

Jan 12 2019

31mins

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2019-09-03 No Horse, No Business

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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

Copyright 2019 Kaplan, Inc.

Aug 31 2019

36mins

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2019-09-30 Rentals and the Safe Harbor

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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.

Copyright 2019 Kaplan, Inc.

Sep 28 2019

34mins

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2019-02-04 What's in a Word?

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This week we look at:

  • IRS delays end of faxing transcripts after Chair and ranking minority member of Senate Finance Committee send a joint letter requesting a delay

  • Taxpayers could not avoid NOL carryforward election they claimed they were unaware of

  • IRS publishes corrected version of §199A regulations, changes one word some see as potentially important

  • Article discusses risks to marijuana businesses from electing small business inventory relief added by TCJA

Copyright 2019, Kaplan, Inc.

Feb 02 2019

34mins

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2019-10-21 It's All in the Forms (and Instructions)

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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

Copyright 2019, Kaplan, Inc.

Oct 20 2019

29mins

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2019-04-08 SALT and the Home Office

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Current Federal Tax Developments for the week of April 8, 2019: SALT and the Home Office

  • IRS sends proposed regulations on §199A for cooperatives to OIRA for review

  • PMTA outlines intereaction of home office and SALT cap

  • Trade or business definition for instructions in Form 461 issue identified by IRS

  • Second Circuit reverses Tax Court decision that found a tax “black hole”

Copyright 2019 Kaplan, Inc.

Apr 06 2019

31mins

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2019-12-09 Bring on the Forms

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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

Copyright 2019, Kaplan, Inc.

Dec 08 2019

41mins

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2019-12-02 Horses and Hobbies

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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

Copyright 2019, Kaplan, Inc.

Nov 30 2019

33mins

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2019-11-25 Back to the FAQ

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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

Copyright 2019 Kaplan, Inc.

Nov 23 2019

36mins

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2019-11-18 Upcoming Events

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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

Copyright 2019, Kaplan, Inc.

Nov 16 2019

32mins

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2019-11-11 Indexing Week

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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

Copyright 2019 Kaplan, Inc.

Nov 10 2019

31mins

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2019-11-04 Both a Home and an Investment

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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

Copyright 2019 Kaplan, Inc.

Nov 03 2019

29mins

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2019-10-28 Denied Deduction Not Excessive Fine

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This week we look at the following:

  • 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

Copyright 2019 Kaplan, Inc.

Oct 26 2019

37mins

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2019-10-21 It's All in the Forms (and Instructions)

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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

Copyright 2019, Kaplan, Inc.

Oct 20 2019

29mins

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2019-10-14 Virtual Currency and Taxes

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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

Copyright 2019 Kaplan, Inc.

Oct 14 2019

31mins

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2019-10-07 Get Ready for the 2019 Passthrough Forms

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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

Copyright 2019 Kaplan, Inc.

Oct 05 2019

32mins

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2019-09-30 Rentals and the Safe Harbor

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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.

Copyright 2019 Kaplan, Inc.

Sep 28 2019

34mins

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2019-09-23 Zombie Power of Attorney

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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

Copyright 2019, Kaplan, Inc.

Sep 21 2019

37mins

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2019-09-16 Section 451 Week

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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

Copyright 2019 Kaplan, Inc.

Sep 14 2019

41mins

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2019-09-08 But I Promise, Really!

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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

Copyright 2019 Kaplan, Inc.

Sep 07 2019

38mins

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2019-09-03 No Horse, No Business

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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

Copyright 2019 Kaplan, Inc.

Aug 31 2019

36mins

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2019-08-26 Watching Paint Dry Doesn't Count

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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

Copyright 2019 Kaplan, Inc.

Aug 24 2019

38mins

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2019-08-19 George M Would Be Proud

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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

Copyright 2019 Kaplan, Inc.

Aug 17 2019

35mins

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2019-08-12 Toto Needs Sales Tax Money

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This week we look at:

  • 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

Copyright 2019, Kaplan, Inc.

Aug 10 2019

31mins

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2019-08-05 About That Bitcoin

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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

Copyright 2019, Kaplan, Inc.

Aug 02 2019

38mins

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2019-07-29 1982 Tax Form Nostalgia Week

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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

Copyright 2019 Kaplan, Inc.

Jul 26 2019

37mins

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