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Tax Podcast: Sometimes too late is really too late

  • March 9, 2020

This week's topics include IRS denies a taxpayer's request to make a late mark to market election under §475(f), loss limits for passive activities, basis and at-risk also limit self-employment loss use, and revenue procedure grants relief for filing some information returns for certain foreign trusts. Continue Reading

Tax Podcast: Late Filing Week

  • March 2, 2020

This week's topic's include poor results for a taxpayer who voluntarily exited OVDI program, illness of corporate officers not a reasonable cause for late filing of S corporation returns, and Supreme Court refuses to review Ninth Circuit ruling upholding IRS regulation that only items listed in §7502 can be used to prove timely filing. Continue Reading

Tax Podcast: Meals and Entertainment Guidance

  • February 24, 2020

This week's topics include proposed regulations and continued reliance on Notice 2018-76, separate invoicing rule for food/beverage also in the proposed regulations, definition of entertainment stays similar to older definition, but does not include business meals, and more. Continue Reading

Tax Podcast: The Week of Fortnite and Schedule 1

  • February 18, 2020

This week's topics include IRS urges tax professionals to make use of multi-factor authentication, IRS removes Fortnite V-bucks and Roblox from definition of virtual currencies on IRS website, and challenge to validity of regulations on disclosing basis in appraisal found wanting by the Tax Court. Continue Reading

Tax Podcast: Real Soon Now

  • January 27, 2020

This week we look at the need to carry burden on each individual transaction if disallowing kickbacks and illegal payments under §165(C), financial institutions granted relief for issuing erroneous notices of RMDs due to Secure Act changes, and more. Continue Reading