15 regs, court cases, revenue procedures and other tax-related news practitioners should take note of.
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De Jong, a partner in the Rockville, Md., firm Stein Sperling Bennett De Jong Driscoll PC, regularly updates the list, which often includes scores of new developments; here are 15 from his current list, which covers July 1, 2016 to June 30, 2017.
1. Proposed regs on centralized audit released
2. Losses from closed years in NOL situation
3. Comic strip loan was non-business bad debt
4. Payments were alimony despite no termination at death.
5. Deducting ‘alternative medicine’ costs
6. Transfer to FLP through POA was void
7. Reasonable cause for late filing of estate tax return
8. Double deduction for same seed
9. Home care workers could not be reclassified
10. Taxpayers relieved from accuracy-related penalty
Separately, in Whitsett v. Commissioner, TC Memo 2017-100, the Tax Court declined to impose an accuracy-related penalty of $108,000 on a physician who turned over all information on a stock sale to her preparer who failed to report the transaction accurately, the court noting that “although petitioner is a highly educated person and a skilled physician, she had no knowledge of federal income taxation.”