FICPA Podcasts

Federal Tax Update: Inflation Adjusted Tax Numbers Are Out

https://vimeo.com/645625681

https://www.currentfederaltaxdevelopments.com/podcasts/2021/11/13/2021-11-15-inflation-adjusted-tax-numbers-released

 

This week we look at:

• TAS will not intervene in amended return delayed processing cases
• Inflation adjusted amounts released for 2022
• Taxpayer denied in request to make late §475(f)(1) election to mark to market as a trader

Federal Tax Update: Tax Provisions in the Infrastructure Investment and Jobs Act

https://vimeo.com/643207092

https://www.currentfederaltaxdevelopments.com/podcasts/2021/11/7/2021-11-08-tax-provisions-in-the-infrastructure-investment-and-jobs-act

 

This week we look at:

• IRS announces retirement plan inflation adjusted numbers for 2022
• Congress passes Infrastructure Investment and Jobs Act, sent to President for signature

Federal Tax Update: Build Back Better Act Draft Tax Provisions

https://vimeo.com/640977247

https://www.currentfederaltaxdevelopments.com/podcasts/2021/10/31/2021-11-01-build-back-better-act-draft-tax-provisions

 

This week we look at

• The Build Back Better Act draft’s tax provisions (some)
• What’s not in the bill
• Individual provisions
• Corporate provisions

Federal Tax Update: S Corporation Basis Reporting on Form 1040

https://vimeo.com/638335951

https://www.currentfederaltaxdevelopments.com/podcasts/2021/10/24/2021-10-25-s-corporation-basis-reporting-on-form-1040

 

This week we look at:

• More talking but no action in DC on pending legislation
• Rehiring retired employees discussed in IRS FAQ
• Appeals panel agrees that claim of right doctrine did not apply to grantor trust stock sale
• IRS issues formal draft of S corporation basis reporting form

Federal Tax Update: Can You Rely on IRS FAQs

https://vimeo.com/634514024

https://www.currentfederaltaxdevelopments.com/podcasts/2021/10/17/2021-10-18-can-taxpayers-rely-on-irs-faqs

 

This week we look at:

• Two weeks later, Congress is still working on the infrastructure and reconciliation bills
• IRS outlines information requirements for §41 refund claims
• Taxpayer is not getting impermissible double benefit for paying alimony with pre-tax funds
• COBRA extension dates clarified by IRS
• IRS publishes documents regarding reliance on FAQs

Federal Tax Update: Hobby Loss Deduction Problem

https://vimeo.com/620804972

https://www.currentfederaltaxdevelopments.com/podcasts/2021/10/3/2021-10-04-hobby-loss-deduction-problem

 

This week we look at:

• Congress is still working on the infrastructure and reconciliation bills
• We get the Tax Court on record for the proper treatment of hobby loss deductions-that is, where they are reported
• IRS to begin charging a fee on October 28 to issue closing letters to estates

Federal Tax Update: Issues With Buy Sell Agreement

https://vimeo.com/615401875

https://www.currentfederaltaxdevelopments.com/podcasts/2021/9/26/2021-09-27-issues-with-buy-sell-arrangement

 

This week we look at:

• Taxpayer has issues with auto expenses, retirement plan contributions and demolition expenses in Tax Court
• Buy-sell agreement that wasn’t followed and was a found as a way to transfer business to brother as a way to escape transfer tax not followed by District Court

Federal Tax Update: Reasonable Cause to Avoid Negligence Penalty

https://vimeo.com/609111841

https://www.currentfederaltaxdevelopments.com/podcasts/2021/9/19/2021-09-20-reasonable-cause-to-avoid-negligence

 

This week we look at:

• Ways and Means Committee finishes markup of proposed new tax bill.
• Language of legal settlement made all of the settlement amount taxable to taxpayer regardless of the fact that payor likely had other reasons to settle
• Taxpayer had reasonable basis to rely upon prior case settlement even though Court found opposite results this time

Federal Tax Update: Is an Amended Return Required

https://vimeo.com/603411560

https://www.currentfederaltaxdevelopments.com/podcasts/2021/9/12/2021-09-13-is-an-amended-return-required

 

This we we look at:

• High low per diem and related guidance for FY 2021/2022 released
• Rules for reporting COVID-19 credit related leave on Forms W-2 for 2021
• Is the client required to amend a return?  And, if so, when?

Federal Tax Update: E-Signature for Some Paper Forms Made Permanent

https://vimeo.com/598454659

https://www.currentfederaltaxdevelopments.com/podcasts/2021/9/6/2021-09-05-e-signature-for-some-paper-forms-made-permanent

 

This weeks we look at:

• IRS makes permanent its limited e-signature program initiated last year
• Unambiguous plain text in the IRC vs. Congressional intent:  how that impacts tax research and professional responsibilities