Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast June 25, 2018, edition   Listen as Lynn Nichols provides commentary on 7 Items pertaining to current developments in U.S. tax law. This week’s topics include: OUR PROGRAM THIS WEEK INCLUDES . . . . . . Foundation's Set-Aside Request Approved The IRS approved a private foundation's request to set aside funds to restore a historic theater, concluding a set-aside is appropriate because the foundation's grant is part of a grant-matching program with the public charity that owns the theater. [LTR 201823010; 3/14/2018, rel. 6/8/2018 Mitigation May Apply to Allow Taxpayers to Carryback NOLs In emailed advice, the IRS concluded that mitigation could apply to allow taxpayers to carry back net operating losses to closed years when examination of an open year led to the disallowance of a carry forward of a different NOL and revealed the taxpayers’ errors in carrying forward the NOLs without making the election to waive the carryback period. [ECC 201823004; 1/19/2018, rel. 6/