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The FICPA podcast is to inform and educate our members & the CPA community with today’s hottest issues. Our mission is to serve our members, enhance their competency & professionalism, support professional standards, promote the value of our members & advocate on behalf of the CPA Profession.
Episodes
5 days ago
5 days ago
https://vimeo.com/988144718?share=copy
This week we look at:
- Taxpayer can’t simply rely on tax software when preparing their return, even if they aren’t being nominated for Secretary of Treasury
- IRS finalizes SECURE Act/SECURE 2.0 Act required minimum distributions regulations
- IRS proposed regulations address the problem of determining the applicable age for those born in 1959
Monday Jul 15, 2024
Federal Tax Update: BOI Updates
Monday Jul 15, 2024
Monday Jul 15, 2024
https://www.currentfederaltaxdevelopments.com/podcasts
This week we look at:
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FinCEN updates the FAQs for BOI reporting, adding information about entities that cease to exist
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New Jersey Committee on Unauthorized Practice of Law releases letter outlining when CPAs and EAs may prepare and/or file BOI reports for clients without the assistance of an attorney
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Another PLR issued for missed ESBT elections for trusts that qualified to make such elections
An audio only version of this week’s broadcast can be streamed or downloaded below:
Monday Jul 08, 2024
Federal Tax Update: Supreme Court Makes It Easier to Challenge Regulations
Monday Jul 08, 2024
Monday Jul 08, 2024
https://vimeo.com/980129130?share=copy
This week we look at
- End of term US Supreme Court cases that will likely impact challenges to Treasury regulations, overturning the concept of Chevron deference and extending the statute to challenge regulations under the Administrative Procedures Act
Monday Jul 01, 2024
Federal Tax Update: IRS to Eventually Automate FTA Relief
Monday Jul 01, 2024
Monday Jul 01, 2024
https://vimeo.com/972556461?share=copy
This week we look at:
- Ninth Circuit rules that statute of limitations for the IRS to sue for recovery of erroneous refund begins when the check clears the Federal Reserve and is approved for payment by the US Treasury
- IRS National Taxpayer Advocate announces the IRS will automate FTA abatement of penalties beginning in 2026
- Attorneys report some ERC claimants now interesting in filing suit to accelerate their claim processing
Monday Jun 24, 2024
Federal Tax Update: Supreme Court Upholds the 965 Transition Tax
Monday Jun 24, 2024
Monday Jun 24, 2024
https://vimeo.com/966201086?share=copy
This week we look at:
- The Supreme Court rules, in a more divided than it may appear opinion, that the §965 transition tax is Constitutional, sustaining the result from the Ninth Circuit in the Moore case.
- IRS gives interim guidance for special distribution relief in the SECURE Act 2.0 for certain distributions.
- IRS indicates it will now be (slowly) processing ERC claims, vast majority show issues
Monday Jun 17, 2024
Federal Tax Update: Do Not Believe Your Chatbot on Tax Matters
Monday Jun 17, 2024
Monday Jun 17, 2024
https://vimeo.com/959844883?share=copy
This week we look at:
- IRS provides last minute relief for payment of second quarter corporate estimated tax payments related to corporate alternative minimum tax
- En-banc rehearing request denied in case of Farhy v. Commissioner by DC Circuit
- CPA pleads guilty to tax charges related to syndicated conservation easement program
- Taxpayer Advocate warns of relying on generative AI for answering tax questions for consumer tax software - and there are just as big of issues for tax professionals
Monday Jun 10, 2024
Monday Jun 10, 2024
https://vimeo.com/955638540?share=copy
This week we look at:
- US Supreme Court rules that a requirement to redeem the decedent’s shares cannot be considered to reduce the value of the entity, but life insurance proceeds received by the entity to fund the buyout will increase the value
- Taxpayer denied relief for late rollover when funds were accidentally transferred from employer plan to Roth IRA
- IRS rules certain payments related to East Palestine, Ohio derailment are §139 disaster payments
- What options exist for an employer with a pending ERC claim?
Monday Jun 03, 2024
Federal Tax Update: LLC as an S Corporation Issues
Monday Jun 03, 2024
Monday Jun 03, 2024
https://vimeo.com/952942911?share=copy
This week we look at:
- IRS announces that Direct File will continue into 2025 and be expanded while maintaining other program
- A taxpayer finds its not so simple as just file a Form 2553 if you want to have an LLC taxed as an S corporation, but did realize the error fast enough to get a PLR to restore S status
Tuesday May 28, 2024
Federal Tax Update: Misleading Silences Are Sometimes Fine in Tax
Tuesday May 28, 2024
Tuesday May 28, 2024
https://vimeo.com/950819978?share=copy
This week we look at:
- Yet another PLR requested for missed QSST election after S shares moved to trust following death of a shareholder
- Tax preparer’s conviction for willfully filing false returns upheld on appeal despite his argument he had doing what he did for years
- Letters to taxpayer from IRS Appeals did not extend the time to file suit for a claim for refund
- A partnership had properly elected to use BBA audit provisions early, rendering IRS FPAA invalid
Monday May 20, 2024
Federal Tax Update: 2024-05-20 ERC Battles Continue
Monday May 20, 2024
Monday May 20, 2024
https://vimeo.com/947543909?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/5/17/2024-05-20-erc-battles-continue
This week we look at:
- DOJ issues proposed rule that would remove cannabis businesses from loss of most business deductions under IRC §280E
- Filing date relief issued for those impacted by Ohio tornadoes from March
- IRS National Fraud Counsel speaks on ERC exams in ABA Tax Section webinar
- Tax adviser files suit to attempt to force the IRS to start processing ERC claims
- Tax Court imposes penalty for raising frivolous claims against taxpayer who argued wages are not income (among other things)