Federal Tax Update: When Bad Things Happen Penalties & Disqualifications

https://vimeo.com/384381807

https://www.currentfederaltaxdevelopments.com/podcasts/2020/1/12/2020-10-13-when-bad-things-happen-penalties-and-disqualification  

 

This week we look at:

• A look at the interaction of qualified plans and post-70 ½ deductible IRA contributions under the SECURE Act.
• A date change in the final version of the SECURE Act related to the kiddie tax.
• An ESOP is found to be disqualified from inception due to both issues in its plan document and in operation of the plan.
• IRS announces e-file start dates, with business returns now being accepted.
• Two cases look at the timing of the required IRS supervisor review of proposed penalties in an exam.