Federal Tax Posts Aug1

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Any bookkeeping, business or tax article contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor can it be used to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

Post 1:

The IRS just released guidance that allows a taxpayer to make or revoke bonus depreciation elections that were potentially affected by tax law changes. The Tax Cuts and Jobs Act made several changes to bonus depreciation. The new guidance applies to property acquired after Sept. 27, 2017, and placed in service during its tax year that includes Sept. 28, 2017. Rev. Procedure 2019-33 provides that, if a taxpayer didn’t make an election, but timely filed a federal tax return, the taxpayer can make late elections by filing an amended return or Form 3115 for a limited period of time. A taxpayer can also revoke elections by taking the same steps. Contact us for more information.

Post 2:

The IRS’s Large Business and International division (LB&I) has announced six new compliance campaigns. The compliance campaigns target the S corporation built-in gains tax, post offshore voluntary disclosure compliance, expatriates, high-income nonfilers, erroneous refundable credits of U.S. possession filers, and deferred compensation. In January 2017, the IRS announced a new audit strategy for LB&I known as “campaigns.” With these campaigns, the LB&I has essentially shifted to examinations based on compliance issues that it determines present greater levels of compliance risk. For additional details: https://bit.ly/2ZazDLe

Post 3:

An appeals court rules that a father with a film production business couldn’t deduct his son’s tuition for a filmmaking course. The taxpayer owned 95% of an LLC that made movies. He paid $28,377 in tuition for his son to take introductory filmmaking college courses. He deducted the payments as training expenses. However, the son wasn’t an employee of the LLC at the time and the business wasn’t even formed at the time the father made the first tuition payment. The U.S. Tax Court found the tuition wasn’t a deductible business expense. The 9th Circuit U.S. Court of Appeals agreed and upheld the Tax Court’s decision on taxes and penalties against the taxpayer.

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