March 9, 2020
FICPA Director of Learning - Curriculum Development, Mia Thomas, CPA, CGMA discusses with Dominic Calabro, President & CEO of Florida Taxwatch and Karen Lake, CPA with Berkowitz, Pollack Brant Advisors and Accountants Florida taxes. Florida Taxwatch is a 501(c)(2) independent, nonpartisan, nonprofit taxpayer research institutes and government watchdog. Dominic and Karen discuss 2020 legislative topics on remote sales tax, business commercial rent sales tax, communications tax and our Florida sales tax holiday.
March 6, 2020
Director of Governmental Affairs, Justin Thames talks with FICPA Member, Senator Joe Gruters a CPA in Sarasota Representing District 23, about the importance of relationships and showing up as both a practicing CPA and serving our State. Senator Gruters discusses the 2020 legislative session and his journey through politics.
March 2, 2020
FICPA Director of Governmental Affairs - Justin Thames interviews FICPA Member and Florida State Representative - House District 89 - Mike Caruso, a Forensic CPA. Representative Caruso has been a champion for Florida. Being a CPA has helped him and others in the legislature understand the process to bring about change in our State legislative policies. He has been able to investigate perspective bills, understand our tax package and dive into numbers and budgets. Representative Caruso discusses the Commercial Real Estate Sales Tax reduction, teacher pay, telemedicine and environment bills currently in discussion.
February 3, 2020
This week we look at:
- Special agent in charge of Los Angeles CID talks about their potential use of the virtual currency question on Schedule 1, Form 1040.
- Taxpayer wins on claim LLC was not a sham, but finds the result is actually worse when court rules amounts paid to law firm were start-up expenses under §195 TAM rules that taxpayer did not have an intangible related to synergistic benefits that could be written off.
- Taxpayer could not use claim of right provision under §1341(a) to claim a deduction related to gain recognized in prior year when trustee of grantor sold stock that trustee was barred from selling by the trust agreement.
- IRS and taxpayer agree that a regulation on the books since 2001 mandates a result different from what the court had arrived at when agreeing with IRS position on §7502(a) and late filed returns asserted originally in the case.
January 27, 2020
This week we look at:
- IRS can use sample of transactions to carry burden for §165(c) kickbacks/bribery issues per CCA
- IRS gives IRA custodians relief on RMD notices for 2020--but it means IRA owners may get bad advice about required distributions
- Treasury indicates that guidance on excess distributions on termination deduction is “just around the corner.”
- Microsoft denied assertion of privilege for most documents prepared by outside accounting firm in transfer pricing case