Federal Tax Update: Watching Paint Dry Doesn’t Count

https://vimeo.com/355762879

https://www.currentfederaltaxdevelopments.com/podcasts/2019/8/24/2019-08-24-watching-paint-dry-doesnt-count

 

This week we look at:

• Taxpayer found both to have chosen the accrual method and to be required to use it as well
• §451 proposed regulations exit OIRA review
• Taxpayers records found to overstate hours by 150 hours, not qualified as a real estate professional
• IRS issues formal memo changing position on ability to claim foreign tax credit on certain French taxes