Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast October 15, 2018, edition Listen as Lynn Nichols provides commentary on 4 Items pertaining to current developments in U.S. tax law. This week’s topics include: IRS Reproposes Parts of Partnership Audit Regs to Reflect Technical Corrections The IRS has issued proposed regulations implementing the centralized partnership audit regime, withdrawing and reproposing parts of earlier proposed rules to reflect changes made by the Technical Corrections Act of 2018. [REG-136118-15; 8/13/2018]   Partnership Audit Rules Make Clear It’s ‘Go Big or Go Home’ Reproposed regs on the partnership audit rules make clear that the IRS doesn’t have to prove that a partnership item would actually affect someone’s tax liability to be within the scope of the rules. [Tax Notes Today; 8/15/2018; Article by Stephanie Cumings]   Bank Deposits Analysis Showed Couple Had Unreported Income The Tax Court, in a summary opinion sustaining accuracy-related penalties, held that the IRS properly used