FICPA Podcasts

Federal Tax Update: The Week of Fortnite and Schedule 1

https://vimeo.com/391811474

https://www.currentfederaltaxdevelopments.com/podcasts/2020/2/16/2020-02-17-the-week-of-fortnite-and-schedule-1  

 

Current Federal Tax Developments for the week of February 17, 2020: The Week of Fortnite and Schedule 1

• IRS urges tax professionals to make use of multi-factor authentication
• V-bucks and Roblox removed from list of convertible virtual currencies on FAQ
• Challenge to validity of regulations on disclosing basis in appraisal found wanting by the Tax Court

 

Federal Tax Update: Western Wisconsin Week

https://vimeo.com/388726525

https://www.currentfederaltaxdevelopments.com/podcasts/2020/2/1/2020-02-03-western-wisconsin-week  

 

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.

Federal Tax Update: Real Soon Now

https://vimeo.com/387154894

https://www.currentfederaltaxdevelopments.com/podcasts/2020/1/25/2020-01-27-real-soon-now

 

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

Federal Tax Update: Relief Week

https://vimeo.com/385818129

https://www.currentfederaltaxdevelopments.com/podcasts/2020/1/19/2020-01-20-relief-week

 

This week we look at:

• IRS expands rules excluding from income discharge of certain student loan debt
• Did the IRS just endorse a SALT workaround? Or maybe not…
• Small partnership late filing relief revenue procedure still in effect despite repeal of TEFRA provision
• Tax Court found taxpayer’s petition was more likely than not filed timely.

Federal Tax Update: When Bad Things Happen Penalties & Disqualifications

https://vimeo.com/384381807

https://www.currentfederaltaxdevelopments.com/podcasts/2020/1/12/2020-10-13-when-bad-things-happen-penalties-and-disqualification  

 

This week we look at:

• A look at the interaction of qualified plans and post-70 ½ deductible IRA contributions under the SECURE Act.
• A date change in the final version of the SECURE Act related to the kiddie tax.
• An ESOP is found to be disqualified from inception due to both issues in its plan document and in operation of the plan.
• IRS announces e-file start dates, with business returns now being accepted.
• Two cases look at the timing of the required IRS supervisor review of proposed penalties in an exam.

Federal Tax Update: Beginning a New Decade

https://vimeo.com/382801429

https://www.currentfederaltaxdevelopments.com/podcasts/2020/1/4/2020-01-06-beginning-a-new-decade

 

This week we look at:

• Case from the Archive: Taxpayer Shows How to Win When the IRS Claims Your Business is a Hobby
• Taxpayers who have SFR prepared won’t see a §199A deduction in the SFR
• 2020 auto mileage rates issued at the last minute
• Charitable contributions of virtual currency guidance issued by IRS in FAQ
• Taxpayers can’t raise substance over form argument since the taxpayer picked the form
• Final Qualified Opportunity Fund regulations issued by the IRS
• IRS issues updated guidance on withholding on pensions

Federal Tax Update: The Year's Big Tax Developments

https://vimeo.com/381935278

https://www.currentfederaltaxdevelopments.com/podcasts/2019/12/29/2019-12-30-the-years-big-tax-developments 

 

This week we look at the big developments in taxes for 2019 as we come to the end of the year:

• 199A final regulations – a pre-tax season package that had to be quickly understood
• 2019’s year end tax bills – comes in three parts, along with a good portion of the government’s full appropriations package
• The IRS’s fascination with tax basis capital, and the profession’s reaction to the same
• 199A FAQ – so we’ll have fewer sub-regulatory guidance items, but that doesn’t mean it all gets reviewed like regulations. Or, perhaps, be careful what you wish for…
• States looking to extend their tax reach, but in a case with limited application SCOTUS did find there are some limits
• Additional items beyond the top five…

Federal Tax Update: A Tax Bill for the Holidays

https://vimeo.com/381030981

https://www.currentfederaltaxdevelopments.com/blog/2019/12/22/secure-act-extenders-and-repeal-of-certain-aca-taxes-enacted-as-part-of-year-end-appropriations-act  

 

This week we look at:

 Further Consolidated Appropriations Act, 2020 signed into law on December 20, 2019

• SECURE Act
  • The good: Delay in required beginning date for plan distributions, later plan adoption date, etc.
  • The bad: Death of the stretch IRA
• Extenders apply retroactively - so there are some amended returns that will be needed
• Tax-exempt version of the parking lot tax is gone, but the for profit version is still around

Efficiencies and technology Ideas to Working Smarter

FICPA CEO, Deborah Curry discusses with Chuck Bauer, Sales Coach and Ray Monteleone, CPA - Founder of Paladin Global Partners how interruptions are the enemy of productivity. Chuck and Ray share efficiencies and technologies pointers. 

Federal Tax Update: The Sound of Silence

https://vimeo.com/379496947

https://www.currentfederaltaxdevelopments.com/podcasts/2019/12/14/2019-12-16-the-sound-of-silence

 

This week we look at:

• IRS does not have the discretion to waive repayment of advance premium credit
• Employer who reimburses employee when transit card fails to function has to include amount in wages per CCA
• IRS issues more proposed regulations on state tax issues and charitable contributions, but remains silent on passthrough tax issues
• IRS grants relief from use of tax basis capital account on partnership K-1s for one year