Current Federal Tax Developments for the week of February 13, 2017 - Tax Law Can Be Unfair. Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE.
This week we look at the following developments
IRS not bound by fact it allowed refund claims in prior years that treated portion of pension as tax free
The Tax Court did not treat an interest in a defined benefit pension plan as an asset--this time under these facts
The Tax Court gives what it admits is an unfair decision related to claiming an exemption for a child
Husband could not file a joint return unilaterally for couple, even if wife had strange ideas regarding why she should file a separate return
IRS grants an extra month to the automatic extension period for calendar year C corporations
Preparer found not to have exercised proper due diligence in confirming taxpayer’s business income