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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

Monday May 08, 2023
Federal Tax Update: Time Zone and Timely Electronic Fillings
Monday May 08, 2023
Monday May 08, 2023
This week we look at:
- IRS issues CCA making clear how strict the §125 substantiation rules are
- Taxpayer’s lack of documentation forces him to accept preparer’s gross gambling winnings and limits his gambling loss deduction
- Tax Courts finds that last second rule for filing a Tax Court petition is not the same as for returns filed via eFile

Monday May 01, 2023
Federal Tax Update: Court Unimpressed by Claimed CRAT Magic
Monday May 01, 2023
Monday May 01, 2023
This week we look at:
- More CRAT problems - but this one the IRS had warned against using
- Change of protocol underlying cryptocurrency from proof of work to proof of stake is not a taxable event
- Fact some countries now treat Bitcoin as legal tender does not change its status as property, not foreign currency
- Taxpayer finds they had to wait a year to claim a deduction for cashier’s check purchased to settle legal dispute

Monday Apr 24, 2023
Federal Tax Update: Catching Up After Tax Season
Monday Apr 24, 2023
Monday Apr 24, 2023
This week we look at:
- Another taxpayer fails to establish either spouse as a real estate professional
- SPIFF was not a separate trade or business
- IRS releases revised Form 3115
- IRS letter to Senator on PEOs and ERC
- FinCEN publishes FAQ on Corporate Transparency Act reporting

Monday Apr 03, 2023
Federal Tax Update: EV Battery Released
Monday Apr 03, 2023
Monday Apr 03, 2023
https://www.currentfederaltaxdevelopments.com/podcasts/2023/4/2/2023-04-03-ev-battery-rules-released
This week we look at:
- IRS announces non-acquiescence in Tax Court case on taxpayer asserting substance over form
- IRS highlights bad tax advice on social media
- IRS rules that assets held in intentionally defective grantor trust do not obtain date of death basis
- IRS releases proposed battery regulations for new EV credits

Monday Mar 27, 2023
Federal Tax Update: ERC Scams Lead the Dirty Dozen
Monday Mar 27, 2023
Monday Mar 27, 2023
This week we look at:
- IRS begins 2023’s Dirty Dozen Tax Scams with problematical ERC refund claims
- IRS announces position on evaluating when a non-fungible token is a collectible
- C corporation not allowed to take home office expenses for owner-employee’s home
- IRS email reminder that BBA opt-outs must be made on original returns

Monday Mar 20, 2023
Federal Tax Update: Taxes and Medical Expenses
Monday Mar 20, 2023
Monday Mar 20, 2023
This week we look at:
- Trust that was meant to be a CRAT found not to be one and attempted fix was too late and not undertaken correctly
- PLR looked at whether item for consumption by infant to reduce risk of developing a condition was all or partially a medical expense
- IRS produces FAQ on whether different types of health expenses qualify as medical expenses

Monday Mar 13, 2023
Federal Tax Update: Seaview Trading Reversed in Ninth Circuit
Monday Mar 13, 2023
Monday Mar 13, 2023
This week we look at:
- IRS and OPR issue separate warnings on ERC claims
- Ninth Circuit reverses Seaview Holdings LLC decision after en banc hearing, partnership return not forwarded to Ogden was never filed
- IRS gives financial institutions RMD notice relief
- S corporation accidentally ended its status by revising its LLC operating agreement

Monday Mar 06, 2023
Federal Tax Update: Non-Willful FBAR Penalty is on a Per-form Basis
Monday Mar 06, 2023
Monday Mar 06, 2023
This week we look at:
- Deposit and use by sheriff of jail meal money not found to be a mere misunderstanding
- Amounts taxpayer expected to repay with future earnings found not to be loans, taxable upon receipt
- SCOTUS rules non-willful FBAR failure is a per-form not per-account penalty
- CPA fails to provide substantiation for deductions for practice

Monday Feb 13, 2023
Federal Tax Update: State Payment Relief for Taxpayers
Monday Feb 13, 2023
Monday Feb 13, 2023
This week we look at:
- IRS relents to pressure, releases guidance on state payment programs’ taxability (generally it’s good news)
- IRS begins offering direct deposit for Form 1040-X electronic filers - but it will still take a long time to process
- No substantive §174 guidance likely before initial tax deadlines (March & April)
- Form 4868 didn’t qualify as informal claim for refund

Monday Feb 06, 2023
Federal Tax Update: Reconsidering EV SUVs
Monday Feb 06, 2023
Monday Feb 06, 2023
https://www.currentfederaltaxdevelopments.com/podcasts/2023/2/5/2023-02-06-reconsidering-ev-suvs
This week we look at:
- IRS revises classification of clean vehicles for purposes of determining vehicles subject to $80,000 MSRP limit
- Proposed revenue procedure published to establish new voluntary tip reporting procedure
- Taxpayer’s log of every mile of vehicle use had issues that prevented Tax Court from accepting it for meeting burden under IRC §274(d)