TAX in the News

The Tax Institute proudly presents TAX in the News, your source for tax law updates, court cases, and news for tax practitioners.

August 07, 2019
http://www.thetaxinstitute.com/tax-in-the-news/

TAX in the News (TITN) is published several times per month with each issue containing the latest tax news updates, a Question of the Week (QOTW), and articles with in-depth analyses from our experts.

You can find our newsletter posted below, or subscribe to receive it directly to your email.

8/14/2019: PLR explains how EIC ban applies when credit is partially disallowed; Partnerships allowed to make post-filing CPAR corrections under new IRS procedures; QOTW

8/7/2019: IRS sends letters to virtual currency owners; Heavy highway vehicle use tax deadline approaching; QOTW

7/31/2019: IRS memo clarifies post-TCJA casualty loss limitation; Final regs allow truncated SSNs on employee copies of Form W-2; QOTW

7/24/2019: New preventative care expenses for HSA/HDHP purposes; Disaster relief for Texas severe storms and flooding; Religious objections and the other dependents credit; QOTW.

7/17/19: Veterans claim on lump-sum military disability severance; Disaster relief for Missouri severe storms, tornadoes, flooding.

7/3/19: Special edition: Question of the Week for April through June 2019.

6/26/19: New range of ITIN renewals underway; Disaster relief for Ohio severe storms; SCOTUS limits N.C.'s ability to tax trust income; Farmers' and fishers' income averaging calculations must include related QBID; QOTW

6/12/19: Interest rates, disaster relief, donating proceeds from sale of business property to charity

5/29/19: Vehicle depreciation limits; HSA contribution limits; how to report the sale of business property when the cost was expensed under the de minimis safe harbor election

5/22/19: Medicaid waiver payments and eligibility for refundable credits; error on Schedule D worksheet; deducting points paid to refinance a home mortgage

5/15/19: EA enrollment and renewal fees increase; maximum value of employer-provided vehicles first made available in 2019; ACA shared responsibility payment not discharged in bankruptcy; sale of home exclusion eligibility when new spouses each sell a home

5/8/19: IRS guidance explains permissible disclosure of collection activities to spouses who divorce; cash transaction reporting reporting reminder; deducting LLC organization fees on Schedule C

4/24/2019: The NAEA is offering a $25 discount to H&R Block associates; IRS provides safe harbor for partnerships to determine negative capital account reporting obligations; IRS technical advice addresses religious objectors to SSNs for child tax credit purposes; QOTW

4/17/2019: IRS technical advice explains interaction between $10,000 SALT limitation and business use of home deductions; General Motors reaches plug-in electric vehicle limitation, credit phaseout start April 2019; Allowable living standards updated for calculating disposable income for offer in compromises; QOTW

4/10/2019: FBAR deadline April 15, 2019; IRS guidance on state tax refunds with $10,000 SALT limitation; Moving expense Code P clarification; Revised EIN application process; Foreign housing expense ceiling for high-cost areas; Foreign earned income exclusion waiver of time requirements due to adverse conditions; QOTW

4/3/2019: Special edition: Question of the Week for January through March 2019; Disaster relief clarification for Alabama, Iowa, Nebraska.

3/27/2019: IRS webinars available for CE credit; IRS expands relief from 2018 underpayment penalties; Disaster relief for certain parts of Iowa and Nebraska affected by floods; New Schedule K-1 codes for QBID calculation; Seventh Circuit rules clergy housing allowance doesn't violate the First Amendment Establishment Clause; IRS lowers fees to revise online installment agreements; Question of the Week

3/20/2019: Tax Court rules entire Social Security lump-sum payment is included in MAGI for premium tax credit eligibility; District Court rules ACA shared responsibility payment is not eligible for discharge in bankruptcy; IRS provides penalty relief to partnerships that omit partner's negative tax basis on Schedule K-1; Question of the Week

3/13/2019: Supreme Court rules lost wages settlement subject to RRTA withholding; Disaster relief for parts of Alabama because due to tornadoes on Mar. 3; Recipients of sexual harassment settlements are not barred from deducting attorney's fees under TCJA only if the settlement was connected to a business activity; Question of the Week

3/6/2019: FEMA disaster declaration for Lee County, Alabama; Circuit Court rules IRS can charge PTIN fees; Individuals with tax debts may not be able to renew or obtain passports if their debt is "seriously delinquent"; Question of the Week

2/27/2019: Filing deadline for farmers and fishers estimated tax payments; New home office deduction form instructions addresses TCJA deduction changes; Interest rate stays the same for 2Q of 2019; Question of the Week

2/20/2019: Enrolled agent renewal processing delay; Safe harbor for 100% bonus depreciation for passenger autos; New IRS forms for partnership "push-out" election; Question of the Week

2/13/2019: Final QBID regulations clarify above-the-line self-employed deductions; IRS guidance on TCJA changes to Section 179 and ADS; Question of the Week

2/6/2019: Popular tax provisions expired after 2017; Rules for health care checkbox on new Form 1040; Disaster relief for taxpayers affected by November's Alaskan earthquake; Question of the Week

1/30/2019: IRS kicks off 2019 filing season and expects 9 of 10 refunds to be issued within 21 days; Revised partnership return reflects CPAR opt-out procedure; Question of the Week

1/23/2019: ACA penalty and exemption roundup; Safe harbor for certain real estate activity to qualify as QBID; Relief from 2018 underpayment penalty for eligible individuals.

1/16/2019: Stay order issued in ACA individual mandate case, ACA remains in effect during appeals; Draft Form 1040-NR released with changes to nonresident now must file with any amount of gross income, with exceptions; New law amends MSRRA allows military spouses to elect to use the servicemember's residence for 2018.

1/9/2019: IRS announces tax season to begin January 28, 2019; Tax professionals can access Quick Reference Charts (QRCs) for state-IRC conformity post-TCJA, see this edition of TITN for a list of QRCs and how to access them.

1/2/2019: Special edition: Question of the Week for October through December 2018.

12/26/2018: New "unmasked" IRS transcript available for tax professionals; 2019 Form W-4 now available; IRS guidance on new excess business loss and NOL rules.

12/19/2018: Northern District of Texas rules ACA unconstitutional, no changes at this time; Standard mileage rate increases for 2019; How to calculate the QBI deduction taxable income limitation.

12/12/2018: ACA exemption and penalty roundup; Interest rate increased to 6 percent in 1st Quarter 2019; Form 1095 deadline March 4, 2019; Prop regs for new business interest expense limitation--small businesses exempt from limitation.

12/5/2018: Proposed HRA expansion would allow more employers to offer HRAs; Proposed regulations clarify increased lifetime gift tax exclusion.

11/28/2018: Interim guidance on 2019 withholding; Proposed regulations modify 401(k) hardship rules.

11/21/2018: Inflation adjustments special edition.

11/14/2018: Preparer due diligence regulations and head of household filing status; Disaster relief for taxpayers affected by the California wildfires.

11/7/2018: Disaster relief Northern Mariana Islands for Super Typhoon Yutu and for parts of Alabama impacted by Hurricane Michael; QBI series, Part 8: Review and Wrap-Up.

10/24/2018: IRS clarification on ACA provision and the TCJA $0 exemption amount; Disaster relief for Wisconsin severe weather; List extended for drought counties for special extension purposes; QBI series, Part 7.

10/17/2018: Tax reform webinars; Disaster relief for Hurricane Michael; IRS guidance on deductibility of business meals with entertainment; QBI series, Part 6.

10/10/2018: Bonus depreciation opt-out for 2017; New family leave business credit guidance; Disaster relief for Typhoon Mangkhut; Per diem update for 2018-2019; QBI series, Part 5.

10/3/2018: Special edition: Question of the Week for July through September 2018.

9/26/2018: New Form W-4 delayed until 2020; IRS: 2017 Moving expenses paid in 2018 are deductible; QBI, Part 4.

9/19/2018:   Hurricane Florence disaster relief; CMS guidance on hardship exemptions from ACA penalties; Interest rate for fourth quarter 2018; QBI series, Part 3.

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