FICPA Podcasts

Federal Tax Update: Are You Giving Bad Advice on Electronic Filing

https://vimeo.com/911904537?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/2/10/2024-02-12-are-you-giving-bad-advice-on-electronic-filing

This week we look at:

• No movement on tax bills this week - nor is final action at all likely to take place before March
• E-Filing returns - good or bad idea? Two competing articles published this week
• Taxpayer owes tax on IRA forfeited to government as part of criminal conviction
• IRS discusses when CID voluntary disclosure program should be used instead of ERC voluntary disclosure program
• IRS warns about EFIN scam emails
• Taxpayer found to have submitted a late new refund claim rather than a revision to a timely filed informal claim

Federal Tax Update: More Movement on Proposed Retroactive Tax Bills

https://vimeo.com/909818314?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/2/4/2024-02-05-more-movement-on-proposed-retroactive-tax-bills

This week we look at:

• Bipartisan extender bill is passed by the House, but faces uncertain future in the Senate
• A limited, single-year SALT cap relief bill will be brought to the House floor as part of the compromise to pass the bipartisan bill
• Tax filing season for 2023 return begins this week
• A cautionary tale about phishing being used to obtain client tax information

Federal Tax Update: Bipartisan Retroactive Tax Bill Clears Ways and Means Committee

https://vimeo.com/907062093?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/1/28/2024-01-29-bipartisan-retroactive-tax-bill-clears-ways-and-means-committee

This week we look at the proposed tax bill that advanced out of the Ways & Means Committee on January 19.

Federal Tax Update: Form 8308 Relief

https://vimeo.com/902770920?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/1/14/2024-01-16-form-8308-relief

This week we look at:

• Talks continue on proposed tax bill
• IRS provides guidance on Pension-Linked Emergency Savings Account anti-abuse provisions
• Relief granted for filing information found in Part IV of Form 8308 for 2023 returns
• IRS updates Notice describing how to obtain certain exemptions from the required electronic filing of certain entity information and tax returns

 

Federal Tax Update: IRS Mistake Stands as Taxpayer Benefits

https://vimeo.com/900422582?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/1/7/2024-01-08-irs-mistake-stands-as-taxpayer-benefits

This week we look at:

• New work in progress to try and obtain a bipartisan tax bill
• IRS gives car dealers a brief extension to file time-of-sale reports
• IRS reverses direction on treatment of impact of adding a tax reimbursement clause to an IDGT
• Taxpayer can rely upon date IRS places in Notice of Deficiency as the last day to file a Tax Court petition

Federal Tax Update: FinCEN’s release of the BOI E-Filing site on January 1, 2024

https://vimeo.com/899057129?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/1/1/2024-01-02-fincen-welcomes-2024-by-opening-boi-filing-site

This week we look at FinCEN's release of the BOI E-Filing site on January 1, 2024.

Federal Tax Update: FinCEN BOI Week

https://vimeo.com/895535223?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/12/17/2023-12-18-fincen-boi-week

This week we look at:

• FinCEN adds more information to FAQ page, including information on PDF form
• Bill passes House that would give a limited extension of time for some initial BOI reports to be filed
• IRS releases mileage rates for 2024
• Supreme Court agrees to hear estate tax valuation case to resolve split in the Circuits

Federal Tax Update: First ERC Challenge in Court

https://vimeo.com/893131581?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/12/10/2023-12-11-first-erc-challenge-in-court

This week we look at:

• IRS sends out a batch of 20,000 ERC rejection letters
• Employer files suit claiming IRS ERC guidance violated the Administrative Procedures Act
• SCOTUS hears oral arguments in the Moore case
• Draft K-2/K-3 instructions are published with no major changes to the domestic filing exception for 2023

 

Federal Tax Update: State Law Limited Partners and Self Employment Tax

https://vimeo.com/890861625?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/12/3/2023-12-04-state-law-limited-partners-and-self-employment-tax

This week we look at:

• FinCEN finalizes extension of due date for initial BOI reports for entities created in 2024
• Tax Court rules that a state law limited partner is not automatically covered by IRC §1402(a)(13) self-employment tax exemption
• OPR due diligence alert on FBAR
• Annual business MeF shutdown date announced
• IRS denies request for automatic accounting method change late election relief
• Tax Court finds that if date to file a Tax Court petition falls on a date that the clerk’s office is inaccessible, the taxpayer qualifies for extended filing relief even though electronic option had been available on the due date

Federal Tax Update: FinCEN Becomes Part of ERC Fraud Enforcement

https://vimeo.com/888279996?share=copy

 

https://www.currentfederaltaxdevelopments.com/podcasts/2023/11/25/2023-11-27-fincen-becomes-part-of-erc-fraud-enforcement

This week we look at:

• IRS delays certain parts of expanded Form 1099-K filings added in ARPA to 2024 tax years
• FinCEN enters the ERC fraud enforcement game, publishing 10 red flags for financial institutions to use to identify suspicious transactions that may need to be reported to FinCEN