FICPA Podcasts

Federal Tax Update: IRS Releases Most 2025 Inflation Adjusted Numbers

https://vimeo.com/1023562580?share=copy#t=0

https://www.currentfederaltaxdevelopments.com/podcasts/2024/10/26/2024-10-28-current-federal-tax-developments

This week we look at:

• IRS releases inflation adjusted numbers for most items aside from retirement plans for 2023
• IRS has more bad news for those who fail to pay over trust fund taxes to pay other expenses
• Another US District Court denies a preliminary injunction to bar enforcement of the BOI reporting rules

Federal Tax Update: Staking Returns for One More Try at Court

https://vimeo.com/1021533441?share=copy#t=0

https://www.currentfederaltaxdevelopments.com/podcasts/2024/10/20/2024-10-21-staking-returns-for-one-more-try-at-court

This week we look at:

• S corporation finds multiple ways to terminate its S status, asks IRS forgiveness which is granted
• IRS rules condoms are medical expenses for tax purposes
• IRS adds items to list of preventive care an HDHP can pay without the insured having met the annual deductible
• PTIN registration opens for 2025
• Staking income challenge returns to court

Federal Tax Update: More BOI Report Issues

https://vimeo.com/1007507701?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/9/9/2024-09-09-more-boi-report-issues

This week we look at:

• Additional BOI clarifications from online discussions regarding a CPA firm’s reporting obligations and confusions about reporting by entities that don’t register with a state for formation but which do file tax returns

Federal Tax Update: BOI Review Time

https://vimeo.com/1005595174?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/9/2/2024-09-03-boi-review-time

This week we look at:

• DOJ has scheduled a December 2 hearing on the proposed rule to reschedule marijuana
• BOI reporting confusions that keep coming up as questions in online discussions - time to review

Federal Tax Update: IRS ERC Notices of Denial-Comments of the Taxpayer Advocate

https://vimeo.com/1002280262?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/8/24/2024-08-26-irs-erc-notices-of-denial-comments-of-the-taxpayer-advocate

This week we look at:

• IRS announces the reopening of the ERC Voluntary Disclosure Program on somewhat less generous terms then the first program provided
• National Taxpayer Adviser discusses issues related to ERC Notices of Disallowance issued by the IRS

Federal Tax Update: Internet Frauds and Section 165

https://vimeo.com/997531886?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/8/11/2024-08-12-internet-frauds-and-section-165

This week we look at

• Online scams and tax deductions - why how that online scammer you found on a dating site manages to take your money can make a big tax difference
• IRS announces next steps in ERC program, will begin sending some checks in September

Federal Tax Update: House Passed Tax Bill Fails to Clear Cloture Vote in the Senate

https://vimeo.com/994852292?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/8/4/2024-08-05-house-passed-tax-bill-fails-to-clear-cloture-vote-in-the-senate

This week we look at:

• Tax bill fails to clear a procedural vote in the Senate, reducing the likelihood we’ll see the bill enacted before this Congress leaves office
• US District Court declines to issue preliminary injunction requiring the IRS to terminate the ERC claim moratorium, but finds much the court liked in the plaintiff’s arguments

Federal Tax Update: More IRS ERC Guidance

https://vimeo.com/991337750?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/7/28/2024-07-29-more-irs-erc-guidance

This week we look at:

• FinCEN adds two more questions to BOI FAQ page
• IRS adds five new warning signs for problematic ERC claims and announces new developments coming in ERC enforcement
• Chief Counsel Memorandum outlines position on tax exempt organizations dealing with §52 provisions for ERC

Federal Tax Update: IRA Finalizes RMD Regulations

https://vimeo.com/988144718?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/7/21/2024-07-22-ira-finalizes-rmd-regulations

This week we look at:

• Taxpayer can’t simply rely on tax software when preparing their return, even if they aren’t being nominated for Secretary of Treasury
• IRS finalizes SECURE Act/SECURE 2.0 Act required minimum distributions regulations
• IRS proposed regulations address the problem of determining the applicable age for those born in 1959

Federal Tax Update: BOI Updates

https://vimeo.com/983707444 

https://www.currentfederaltaxdevelopments.com/podcasts

 

This week we look at:

• FinCEN updates the FAQs for BOI reporting, adding information about entities that cease to exist

• New Jersey Committee on Unauthorized Practice of Law releases letter outlining when CPAs and EAs may prepare and/or file BOI reports for clients without the assistance of an attorney

• Another PLR issued for missed ESBT elections for trusts that qualified to make such elections

An audio only version of this week’s broadcast can be streamed or downloaded below: