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Rank #33 in Business News category

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Federal Tax Update Podcast

Updated 2 days ago

Rank #33 in Business News category

Education
News
Business News
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Federal Tax Update Podcast Series

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Federal Tax Update Podcast Series

iTunes Ratings

16 Ratings
Average Ratings
15
0
1
0
0

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

16 Ratings
Average Ratings
15
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.
Cover image of Federal Tax Update Podcast

Federal Tax Update Podcast

Updated 2 days ago

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Federal Tax Update Podcast Series

Rank #1: 2019-01-21 199A Final Regulations and Rental Safe Harbor

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This week we look at:

  • New York State Publishes Its Wayfair Guidance, Demanding Immediate Compliance
  • Trust Case Going to US Supreme Court
  • Sequestration Does Not Apply to Minimum Tax Credit
  • Proposed Safe Harbor for Rental as a Trade or Business Under §199A
  • Final Regulations Are Out - §965 and, the Big One, §199A
  • IRS Grants Limited Waiver of Underpayment Penalties

Copyright 2019 Kaplan Professional Education

Jan 21 2019

33mins

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Rank #2: 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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Rank #3: 2018-06-11 The Problem with Claiming an Adjustment

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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 §965 transition tax payments
  • Memo deals with confusion that arose due to special meaning certain words have in a tax context

Copyright 2018 Kaplan Professional Education

Jun 09 2018

35mins

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Rank #4: 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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Rank #5: 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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Rank #6: 2019-04-29 Q&A 33 - The IRS FAQ Says What?

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This week we look at:

  • Taxpayer finds expense can’t be assigned to business based on best result

  • IRS greatly expands the FAQ on Section 199A, including a major surprise to many on handling S corporation shareholders

  • IRS updates the EPCRS program to add more self-correction options

  • Chief Counsel Email holds that using a PEO does not allow a partner to be treated as the employee of partnership

Copyright 2019, Kaplan, Inc.

Apr 27 2019

39mins

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Rank #7: 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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Rank #8: 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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Rank #9: 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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Rank #10: 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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Rank #11: 2019-05-20 Schedule D Problem

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This week we look at:

  • 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

Copyright 2019, Kaplan, Inc.

May 22 2019

41mins

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Rank #12: 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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Rank #13: 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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Rank #14: 2019-05-06 Fragile: Handle with Care - S Corporations

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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

Copyright 2019, Kaplan, Inc.

May 06 2019

38mins

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Rank #15: 2019-04-22 IRS Gets Busy After Tax Season

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This week we look at the following

  • Draft forms issued to be used to report §199A deduction on 2019 returns

  • Proposed regulations address NRA potential current beneficiaries of ESBTs that are also grantor trusts

  • Memorandum address impact of §318 attribution rules on §1372 and self-employed health insurance deduction

  • Second (and maybe final) set of proposed regulations on opportunity zone issues

  • Ninth Circuit decides IRS regulations did remove the ability to use common law mailbox rule to prove timely filing

Copyright 2019, Kaplan, Inc.

Apr 21 2019

34mins

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Rank #16: 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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Rank #17: 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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Rank #18: 2019-02-11 Tax Records and Luggage

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This week we look at:

  • Situations where an employer can recover HSA funds from employee accounts

  • IRS decides taxpayers can use Rev. Proc. 2018-60 even if currently using an impermissible method of accounting

  • Taxpayer reasonably relied on CPA's advice and escapes penalties

  • Airline passenger discovers he can't sue the TSA for his lost tax paperwork

Copyright 2019 Kaplan, Inc.

Feb 09 2019

34mins

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Rank #19: 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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Rank #20: 2019-06-17: Bring on the New HRAs

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This week we look at:

  • 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

Copyright 2019, Kaplan, Inc.

Jun 16 2019

41mins

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