The business meal expense deduction after the TCJA By Claire Y. Nash, CPA, Ph.D., and James Parker, J.D., M.L.T. The IRS has issued guidance on whether business meal expense deductions continue to be deductible, which can be relied on as substantial authority until proposed regulations are issued. Here's an explanation of the conflicting interpretations of … Continue reading AICPA Tax Insider.2020.01.23: Dealing with info return penalties; the business meal deduction after TCJA and more
The IRS continues to implement the Tax Cuts and Jobs Act (TCJA). This major tax legislation affects individuals, businesses, and tax exempt government entities. To help give tax professionals a better understanding of how the IRS is implementing the law, the IRS is providing internal training materials categorized by audiences - small businesses, large businesses and international and tax-exempt … Continue reading IRS Posts Tax Cuts and Jobs Act (TCJA) Training Materials for Professionals
The IRS has issued final regs providing guidance applicable to transfers of appreciated property by U.S. persons to partnerships with foreign partners related to the transferor. Under the final regs, when a U.S. person transfers appreciated property to a partnership with a foreign partner related to the transferor, the regs override the general Code Sec. … Continue reading TD 9891 (Jan. 17, 2020): Final Regs on Transfers of Appreciated Assets to Foreign Partners
2020 tax filing season preview By Paul Bonner CPA firms venture into the new decade of serving taxpayers having mastered many Tax Cuts and Jobs Act changes, but with many areas still awaiting guidance. This update also includes the Journal of Accountancy's helpful annual quick guide, a tax season reference with dollar thresholds, tax tables, … Continue reading AICPA Tax Advisor (2020.01.20): Writing to Win Tax Appeals; Proposed Donor Reporting Regs; 2020 Tax Filing Season Preview; and more
Acting National Taxpayer Advocate Bridget Roberts has released her 2019 Annual Report to Congress. Key challenges highlighted in the report include implementation of the Taxpayer First Act, inadequate taxpayer service and limited funding of the agency. Roberts also released the third edition of the National Taxpayer Advocate's "Purple Book," which presents 58 legislative recommendations designed to strengthen taxpayer … Continue reading National Taxpayer Advocate delivers Annual Report to Congress: focuses on Taxpayer First Act implementation, taxpayer service, and IRS funding
The IRS provided six of its annual revenue procedures in IRB 2020-1 (Jan. 2, 2020). They are the following: Rev. Proc. 2020-1 - Letter rulings, information letters, and determination lettersRev. Proc. 2020-2 - Technical adviceRev. Proc. 2020-3 - Areas in which rulings will not be issued (domestic area)Rev. Proc. 2020-4 - Determination letters and letter … Continue reading IRB 2020-1: 2020 IRS Annual Revenue Procedures
In United States v. Ram K. Agrawal, 2020-1 USTC ¶50,105, the Eastern District of Wisconsin held that an individual was subject to a penalty and statutory additions because he failed to file a FBAR. Further, the government’s motion for summary judgment was granted. The taxpayer self-prepared his tax returns for two tax years at issue … Continue reading United States v. Ram K. Agrawal, 2020-1 USTC ¶50,105.