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.

Federal Tax Update: Beginning a New Decade

https://vimeo.com/382801429

https://www.currentfederaltaxdevelopments.com/podcasts/2020/1/4/2020-01-06-beginning-a-new-decade

This week we look at:

• Case from the Archive: Taxpayer Shows How to Win When the IRS Claims Your Business is a Hobby
• Taxpayers who have SFR prepared won’t see a §199A deduction in the SFR
• 2020 auto mileage rates issued at the last minute
• Charitable contributions of virtual currency guidance issued by IRS in FAQ
• Taxpayers can’t raise substance over form argument since the taxpayer picked the form
• Final Qualified Opportunity Fund regulations issued by the IRS
• IRS issues updated guidance on withholding on pensions

Federal Tax Update: The Year’s Big Tax Developments

https://vimeo.com/381935278

https://www.currentfederaltaxdevelopments.com/podcasts/2019/12/29/2019-12-30-the-years-big-tax-developments 

This week we look at the big developments in taxes for 2019 as we come to the end of the year:

• 199A final regulations – a pre-tax season package that had to be quickly understood
• 2019’s year end tax bills – comes in three parts, along with a good portion of the government’s full appropriations package
• The IRS’s fascination with tax basis capital, and the profession’s reaction to the same
• 199A FAQ – so we’ll have fewer sub-regulatory guidance items, but that doesn’t mean it all gets reviewed like regulations. Or, perhaps, be careful what you wish for…
• States looking to extend their tax reach, but in a case with limited application SCOTUS did find there are some limits
• Additional items beyond the top five…

Federal Tax Update: A Tax Bill for the Holidays

https://vimeo.com/381030981

https://www.currentfederaltaxdevelopments.com/blog/2019/12/22/secure-act-extenders-and-repeal-of-certain-aca-taxes-enacted-as-part-of-year-end-appropriations-act  

This week we look at:

 Further Consolidated Appropriations Act, 2020 signed into law on December 20, 2019

• SECURE Act
  • The good: Delay in required beginning date for plan distributions, later plan adoption date, etc.
  • The bad: Death of the stretch IRA
• Extenders apply retroactively - so there are some amended returns that will be needed
• Tax-exempt version of the parking lot tax is gone, but the for profit version is still around

Efficiencies and technology Ideas to Working Smarter

FICPA CEO, Deborah Curry discusses with Chuck Bauer, Sales Coach and Ray Monteleone, CPA - Founder of Paladin Global Partners how interruptions are the enemy of productivity. Chuck and Ray share efficiencies and technologies pointers. 

Federal Tax Update: The Sound of Silence

https://vimeo.com/379496947

https://www.currentfederaltaxdevelopments.com/podcasts/2019/12/14/2019-12-16-the-sound-of-silence

This week we look at:

• IRS does not have the discretion to waive repayment of advance premium credit
• Employer who reimburses employee when transit card fails to function has to include amount in wages per CCA
• IRS issues more proposed regulations on state tax issues and charitable contributions, but remains silent on passthrough tax issues
• IRS grants relief from use of tax basis capital account on partnership K-1s for one year

Federal Tax Update: Bring on the Forms

https://vimeo.com/378023996

https://www.currentfederaltaxdevelopments.com/podcasts/2019/12/8/2019-12-09-bring-in-the-forms  

This week we talk about:

• Final version of 2020 Form W-4 released
• Final versions of 2019 Forms 1040, 1040-SR, Schedules 2 and 3 released
• Shortly thereafter, final version of Schedule 1 released still containing question about virtual currency
• Relief for provision of Forms 1095-B and C
• Detailed guidance issued for IRS agents on BBA audit procedures

Federal Tax Update: Horses and Hobbies

https://vimeo.com/376414178

https://www.currentfederaltaxdevelopments.com/podcasts/2019/11/29/2019-12-02-horses-and-hobbies 

This week we discuss the following issues:

• Commissioner rules that insurance payments for pyrrohite damage does not require Forms 1099
• Horse business found not to be a hobby, losses allowed
• IRS updates per diem rules for TCJA, following similar update for auto mileage rules

Federal Tax Update: Back to the FAQ

https://vimeo.com/375141738

https://www.currentfederaltaxdevelopments.com/podcasts/2019/11/23/2019-11-25-back-to-the-faq  

Current Federal Tax Developments for the week of November 25, 2019: Back to the FAQ

• IRS discusses information security responsibilities and risks for tax professionals
• Rental section added to IRS’s §199A FAQ page on website
• Final regulations issued on anti-clawback estate/gift tax provisions
• Only one penalty applied to taxpayer that was both the owner and beneficiary of a foreign trust

Federal Tax Update: Upcoming Features

https://vimeo.com/373633502

https://www.currentfederaltaxdevelopments.com/podcasts/2019/11/16/2019-11-18-upcoming-events

This week we look at

• Significant TCJA guidance to be issued by end of January 2020
• PLR allows advisory fees to be paid out of an annuity without trigger taxable income to owner
• IRS announces enforcement program for syndicated conservation easement programs
• IRS updates auto mileage rulings for changes made by TCJA
• IRS found to have attempted to assess tax on Son of BOSS after all statutes had expired