Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast October 08, 2018, edition Listen as Lynn Nichols provides commentary on 9 Items pertaining to current developments in U.S. tax law. This week’s topics include: Measly Offer in Compromise Doesn’t Prevent Approval of Levy on Home The Eighth Circuit affirmed a district court decision that upheld an IRS levy on an individual’s home to satisfy her half million-dollar tax liability, finding that the individual was incorrect in her belief that reg. section 301.6334-1(d)(1) provided that the court couldn’t approve the levy until the IRS responded to her $1,000 offer in compromise. [ Brabant-Scribner, Debora; CA 8; No. 17-2825; 8/17/2018]   Non-Grantor Trusts Still Useful in TCJA Planning Although Treasury effectively shut down tax avoidance strategies that used multiple trusts to take advantage of the new passthrough deduction, setting up at least one non-grantor trust is likely allowed and could still have numerous benefits. [Tax Notes Today; 8/21/2018; Article by Eric