FICPA Podcasts

Federal Tax Update: Non-Willful FBAR Penalty is on a Per-form Basis

https://vimeo.com/804697529

https://www.currentfederaltaxdevelopments.com/podcasts/2023/3/4/2023-03-06-non-willful-fbar-penalty-is-on-a-per-form-basis

 

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

Federal Tax Update: State Payment Relief for Taxpayers

https://vimeo.com/798033001

https://www.currentfederaltaxdevelopments.com/podcasts/2023/2/11/2023-02-13-state-payment-relief-for-taxpayers

 

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

Federal Tax Update: Reconsidering EV SUVs

https://vimeo.com/796107149

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)

Federal Tax Update: Welcome to IRIS

https://vimeo.com/793943750

https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/29/2023-01-30-welcome-to-iris

 

This week we look at:

• IRS begins accepting 2022 income tax returns
• IRS opens up IRIS portal for electronic filing of information returns
• Corporation forced to get private letter ruling on S election due to failure to obtain all required consents

Federal Tax Update: IRS Says Phones Are Improving

https://vimeo.com/791711678

https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/22/2023-01-23-irs-says-phones-are-improving

 

This week we look at:

• IRS provides an extended due date for some in Alabama and Georgia impacted by storms
• IRS announces 10 minute response time on Practitioner Priority Line
• Taxpayer’s §401(k) distribution not excluded from income based on diabetes diagnosis
• IRS releases auto depreciation limits under §280F for 2023

Federal Tax Update: The IRS Memos on Cryptocurrency

https://vimeo.com/789445264

https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/15/2023-01-16-the-irs-memos-on-cryptocurrency

 

This week we look at:

• IRS begins accepting returns on January 23
• California taxpayers get due dates delayed until May 15
• Amended return research credit additional information requirements added to draft Form 6765 instructions
• Employer provided housing not excluded from income under §119
• No loss allowed on not quite worthless not really stablecoin
• Appraisals required for donation of cryptocurrency

Federal Tax Update: Secure 2.0 Act of 2022 Quick Summary

https://vimeo.com/785760441

https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/2/secure-20-act-of-2022-a-quick-summary

 

Congress passed the SECURE 2.0 Act of 2022 that was signed into law on December 29, 2022.  This program gives a brief overview of the provisions of this Act that will help tax professionals advise their clients about the impacts and opportunities found in this law.

Federal Tax Update: Vehicle Credit Guidance End of Year Extravaganza

https://vimeo.com/785743476

https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/2/2023-01-03-vehicle-credit-guidance-end-of-year-extravaganza

 

This week we look at:

• IRS to issue regulations for definitions for new clean vehicle credit
• List published on IRS website to assist in determining if a vehicle could qualify for new clean vehicle credit
• Incremental cost safe harbors for §45W commercial clean vehicle credit issued by IRS
• 2023 mileage rates release
• Final 2022 Schedule K-2 and K-3 Form 1065 instructions released

Federal Tax Update: IRS Looks at Plan That Claims to Defer Recognition of Legal Fee Income

https://vimeo.com/782356237

https://www.currentfederaltaxdevelopments.com/podcasts/2022/12/18/2022-12-19-irs-looks-at-plan-that-claims-to-defer-recognition-of-legal-fee-income

 

This week we look at:

• IRS memorandum looks at marketed program to defer recognition of legal fees
• Automatic change of accounting method procedure released by the IRS
• IRS publishes news release on upcoming FICA/SE tax 2020 deferral payment due date

Federal Tax Update: Try Two on K-2 and K-3 Instructions

https://vimeo.com/780188865

https://www.currentfederaltaxdevelopments.com/podcasts/2022/12/11/2022-12-12-try-two-on-k-2-and-k-3-instructions

 

This week we look at:

• IRS releases second draft of instructions for preparing 2022 Schedules K-2 and K-3 for partnerships and S corporations
• IRS begins issuing proposed regulations to deal with court losses on method used to add listed transactions not following the Administrative Procedures Act