Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast September, 26 2019, Episode 48 Listen as Lynn Nichols provides commentary on 6 Items pertaining to current developments in U.S. tax law. IRS Explains Deductibility of Contribution to Retirement Plan In a legal memorandum, the IRS advised that for an employer’s contribution to the trust of a qualified retirement plan to be deductible in the tax year it is made, the contribution must be a payment or cash, a cash equivalent, or property. [ILM 201935011, 8/15/2019] [Don E. Williams Co. v Commissioner, 429 U.S. 569 (1977)   Vacation Rentals Can’t Be Used to Deduct Losses, Court Holds A real estate professional and his spouse couldn’t lump in three vacation rentals with other rental properties in trying to claim non-passive losses. [Tax Notes Today, 9/4/2019. Article  by Stephanie Cumings] Resort Properties Not Part of Rental Activity for Passive Losses A U.S. district court held that a couple that included a real estate professional wasn’t entitled to group their reso