FICPA Podcasts

Federal Tax Update: Court Unimpressed by Claimed CRAT Magic

https://vimeo.com/822560005

https://www.currentfederaltaxdevelopments.com/podcasts/2023/5/1/2023-04-30-court-unimpressed-by-claimed-crat-magic

 

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

Federal Tax Update: Catching Up After Tax Season

https://vimeo.com/820327561

https://www.currentfederaltaxdevelopments.com/podcasts/2023/4/23/2023-04-23-catching-up-after-tax-season

 

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

Federal Tax Update: EV Battery Released

https://vimeo.com/814073399

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

Federal Tax Update: ERC Scams Lead the Dirty Dozen

https://vimeo.com/811844305

https://www.currentfederaltaxdevelopments.com/podcasts/2023/3/26/2023-03-26-erc-scams-lead-the-dirty-dozen

 

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

Federal Tax Update: Taxes and Medical Expenses

https://vimeo.com/809579912

https://www.currentfederaltaxdevelopments.com/podcasts/2023/3/19/2023-03-20-taxes-and-medical-expenses

 

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

Federal Tax Update: Seaview Trading Reversed in Ninth Circuit

https://vimeo.com/807325053

https://www.currentfederaltaxdevelopments.com/podcasts/2023/3/12/2023-03-13-seaview-trading-reversed-in-ninth-circuitmp4

 

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

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