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This week we look at:

  • Fix for auto depreciation quirk added by TCJA released by IRS

  • A subtrust qualified as a conduit trust for IRA distribution purposes

  • AICPA asks for relief from potential impact of syndicate rules on small business tax relief

  • Form 1065 instructions add a requirement for certain partnerships to d...

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.

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 bu...

This week we look at:

  • Reported IRS backlog of unanswered letters that arrived during the shutdown

  • IRS publishes information on impact of shutdown on matters before the Tax Court

  • W-2 wages Revenue Procedure made final at same time §199A final regulations come out

  • More thoughts on the §199A final regulations

Copyright 2019, Kaplan, Inc.

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

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

This week's developments:

  • IRS Notice gives guidance to tax-exempt organizations on excess compensation tax

  • Outgoing W&M Chairman publishes discussion paper on TCJA technical corrections

  • §199A final regulations still sitting at OIRA

Copyright 2019, Kaplan, Inc.

ABOUT WSCPA

The Washington Society of Certified Public Accountants is the only organization in the state of Washington dedicated to serving the professional needs of CPAs, educating consumers about CPAs and the services they provide, and encouraging students to study accounting and enter the profession.

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CONTACT

Washington Society of CPAs
902 140th Ave NE
Bellevue, WA 98005-3480

  • (P) 425-644-4800
  • (F) 425-562-8853

The WSCPA's business hours are 7:30 a.m. to 4:30 p.m., Monday through Friday.