Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast Feb. 5, 2018, edition   Listen as Lynn Nichols provides commentary on 10 Items pertaining to current developments in U.S. tax law. This week’s topics include:   How the Tax Law puts pressure on Deemed Asset Acquisition rules. A combination of a 100% bonus depreciation with a 338(h)(10) election could result in the entire purchase price of a business being written off in the year of acquisition.   The Interest Expense Limitation is presenting challenges for partnerships. The TCJA limits the Interest Expense deduction; but there is one limitation at the partnership level and a second limitation at the individual partner level, and that can become troublesome.   When is a meal entertainment? Company picnics and holiday parties will still be deductible, but what is deductible in the way of entertainment expenses?   Revenue Procedure 2018-11, an annual update, on when proper preparation of a return will avoid accuracy-related penalties.   In an email from the Chief