Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast August 13, 2018, edition Listen as Lynn Nichols provides commentary on 8 Items pertaining to current developments in U.S. tax law. This week’s topics include: IRS Likely to Trounce 199A Trust Planning Strategy Wealth planning advisers eager to help their clients take advantage of the new passthrough deduction by setting up multiple non-grantor trusts to claim multiple deductions may soon have to undo all that effort. [Tax Notes Today; 7/23/2018; Article by Jonathan Curry]   Group Fails to Meet Operational Test; Exempt Status Revoked The IRS revoked the tax-exempt status of a group that promoted tourism and improved the conditions of the tourism business environment of a particular area, finding that the group wasn't operated exclusively for charitable purposes. [LTR 201829015; 1/16/2018; rel. 7/20/2018]     IRS May Rely On, but Not Adopt, Grouping Rules in 199A Regs The IRS may look to the passive activity loss grouping and material participation rules when dr