Federal Tax Update: Moving Tax Day to July 15

https://vimeo.com/399661688

https://www.currentfederaltaxdevelopments.com/podcasts/2020/3/22/2020-03-23-moving-tax-day-to-july-15 

This week we look at:

• Congress passes payroll tax credit for newly mandated paid sick leave
• Initial April 15 delay guidance only delayed payment date but no actual extension to file
• Late Friday guidance replaces first delay guidance with a real delay in April 15 filing date, though questions still remain

Federal Tax Update: Waiting for Relief

https://vimeo.com/397799977

https://www.currentfederaltaxdevelopments.com/podcasts/2020/3/15/2020-03-16-waiting-for-relief  

This week we look at:

• President declares emergency over COVID-19, directs Treasury to provide relief--and now we are waiting.
• HR 6201 passes the House and moves on to the Senate, containing a few tax provisions mainly related to mandatory sick leave provision rule
• AICPA letter issued to IRS regarding the informal §199A guidance the agency has issued
• HDHPs are allowed to pay for COVID-19 testing and treatment without jeopardizing ability of insured to make HSA contributions.
• Dropping a tax document in the mailbox turns out not to be a good idea, as USPS postmark was after the private postmark date on envelope

Federal Tax Update: Sometimes Too Late is Really Too Late

https://vimeo.com/396285360

https://www.currentfederaltaxdevelopments.com/podcasts/2020/3/8/2020-03-09-sometimes-too-late-is-just-too-late  

This week we look at:

• IRS denies a taxpayer's request to make a late mark to market election under §475(f)
• Loss limits for passive activities, basis and at-risk also limit self-employment loss use
• Revenue Procedure grants relief for filing some information returns for certain foreign trusts

Florida Taxwatch Dominic Calabro & Karen Lake, CPA Discuss Legislative Sales tax Hot Topics

FICPA Director of Learning - Curriculum Development, Mia Thomas, CPA, CGMA discusses with Dominic Calabro, President & CEO of Florida Taxwatch and Karen Lake, CPA with Berkowitz, Pollack Brant Advisors and Accountants Florida taxes. Florida Taxwatch is a 501(c)(2) independent, nonpartisan, nonprofit taxpayer research institutes and government watchdog. Dominic and Karen discuss 2020 legislative topics on remote sales tax, business commercial rent sales tax, communications tax and our Florida sales tax holiday. 

An Interview with Senator Joe Gruters

Director of Governmental Affairs, Justin Thames talks with FICPA Member, Senator Joe Gruters a CPA in Sarasota Representing District 23, about the importance of relationships and showing up as both a practicing CPA and serving our State. Senator Gruters discusses the 2020 legislative session and his journey through politics.

Federal Tax Update: Late Filing Week

https://vimeo.com/394766045

https://www.currentfederaltaxdevelopments.com/podcasts/2020/3/1/2020-03-02-late-filing-week

Current Federal Tax Developments for the week of March 2, 2020: Late Filing

• Taxpayer who voluntarily exited OVDI program ended up with very poor result.
• Illnesses of corporate officers not found to give reasonable cause for late filing of S corporation returns.
• Supreme Court refuses to review Ninth Circuit ruling upholding IRS regulation that only items listed in §7502 can be used to prove timely filing.

The 2020 Florida Legislative Session with State Representative Mike Caruso

FICPA Director of Governmental Affairs - Justin Thames interviews FICPA Member and Florida State Representative - House District 89 - Mike Caruso, a Forensic CPA. Representative Caruso has been a champion for Florida. Being a CPA has helped him and others in the legislature understand the process to bring about change in our State legislative policies. He has been able to investigate perspective bills, understand our tax package and dive into numbers and budgets. Representative Caruso discusses the Commercial Real Estate Sales Tax reduction, teacher pay, telemedicine and environment bills currently in discussion. 

Federal Tax Update: Meals and Entertainment Guidance

https://vimeo.com/393313976

https://www.currentfederaltaxdevelopments.com/podcasts/2020/2/23/2020-02-24-2020-02-24-meals-and-entertainment-guidance 

This week we look at:

• Proposed regulations can be relied upon in the interim, as well as continued reliance on Notice 2018-76
• Separate invoicing rule for food/beverage first released in Notice 2018-76 is also in the proposed regulations
• Definition of entertainment stays similar to older definition, but does not include business meals
• Adopts Notice 2018-76 rules for business meals
• Detailed guidance on meals related exceptions to 50% disallowance found at §274(e)

Federal Tax Update: The Week of Fortnite and Schedule 1

https://vimeo.com/391811474

https://www.currentfederaltaxdevelopments.com/podcasts/2020/2/16/2020-02-17-the-week-of-fortnite-and-schedule-1  

Current Federal Tax Developments for the week of February 17, 2020: The Week of Fortnite and Schedule 1

• IRS urges tax professionals to make use of multi-factor authentication
• V-bucks and Roblox removed from list of convertible virtual currencies on FAQ
• Challenge to validity of regulations on disclosing basis in appraisal found wanting by the Tax Court

Federal Tax Update: Western Wisconsin Week

https://vimeo.com/388726525

https://www.currentfederaltaxdevelopments.com/podcasts/2020/2/1/2020-02-03-western-wisconsin-week  

This week we look at:

• Special agent in charge of Los Angeles CID talks about their potential use of the virtual currency question on Schedule 1, Form 1040.
• Taxpayer wins on claim LLC was not a sham, but finds the result is actually worse when court rules amounts paid to law firm were start-up expenses under §195 TAM rules that taxpayer did not have an intangible related to synergistic benefits that could be written off.
• Taxpayer could not use claim of right provision under §1341(a) to claim a deduction related to gain recognized in prior year when trustee of grantor sold stock that trustee was barred from selling by the trust agreement.
• IRS and taxpayer agree that a regulation on the books since 2001 mandates a result different from what the court had arrived at when agreeing with IRS position on §7502(a) and late filed returns asserted originally in the case.