Tax News & Views Monday Mashup

February 24, 2020

Proposed Regulations Issued to Deal With Changes in Meals and Entertainment – Ed Zollars, Current Federal Tax Developments

Taxpayers everywhere: Can I still deduct my business meals after tax reform?

IRS: Generally yes, but not exactly like before.

While the TCJA eliminated the deduction for entertainment expenses, Congress did not amend the provisions relating to the deductibility of business meals. Thus, taxpayers generally may continue to deduct 50 percent of the food and beverage expenses associated with operating their trade or business, including meals consumed by employees on work travel.

Where the 2020 Presidential Candidates Stand on Tax Policy – Tax Policy Center

Stay up to date on each Presidential candidate’s tax policy stances with this interactive tool that allows users to browse by issue, tax type, and candidate.


Expanding The EITC To Include Family Caregivers – Elaine Maag, TaxVox.

The ESP proposal would grant the maximum credit to family caregivers – even if their earnings were too low to qualify them for the full benefit.

Fidelity Case Tests Big Philanthropy Question on Tax Break – Jacklyn Willie & Aysha Bagchi, Bloomberg Tax

Donor advised funds have become increasingly popular post-tax reform with the number of tax returns claiming itemized deduction much lower than before. They allow donors a current deduction with the potential to delay disbursement over several years. But control after the initial donation into the fund can apparently be an area of confusion.

The case gets at a broader misunderstanding of how donor-advised funds work, law professors said. The thinking is that an individual can make a donation and retain some control over the asset, but the tax deduction is based on having fully given it up.

Surprise! – IRS Guidance is Lacking – Paul Neiffer, AG Web Farm Journal. It appears that Form 8995-A Schedule D dealing with farm losses and cooperative payments have conflicting calculations by the various software vendors.

IRS increases visits to high-income taxpayers who haven’t filed tax returns – IRS News.

Don’t be confused: visits are not a scam.

Revenue officers may stop by unannounced, but the IRS wants you to know they will: 

  • Provide two forms of ID
  • Help you understand the situation
  • Will not make threats or demand unusual forms of payment
  • Generally have sent numerous contact attempts by mail before coming

More discussion on the increased compliance efforts here.

How the IRS Audits Cryptocurrency Tax Returns – Filing Expert Shares Expert Shares Example, Insights on AML Focus – Graham Smith, “By reporting crypto gains in light of the new question, many crypto holders will inadvertently reveal that they first acquired their digital assets years back, which calls their previous years’ returns into suspicion and makes an IRS investigation more likely.”



“Be yourself, everyone else is already taken.” – Oscar Wilde

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