FICPA Podcasts

Federal Tax Update: Supreme Court Makes It Easier to Challenge Regulations

https://vimeo.com/980129130?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/7/7/2024-07-08-supreme-court-makes-it-easier-to-challenge-regulations

This week we look at

• End of term US Supreme Court cases that will likely impact challenges to Treasury regulations, overturning the concept of Chevron deference and extending the statute to challenge regulations under the Administrative Procedures Act

Federal Tax Update: IRS to Eventually Automate FTA Relief

https://vimeo.com/972556461?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/6/30/2024-07-01-irs-to-eventually-automate-fta-relief

This week we look at:

• Ninth Circuit rules that statute of limitations for the IRS to sue for recovery of erroneous refund begins when the check clears the Federal Reserve and is approved for payment by the US Treasury
• IRS National Taxpayer Advocate announces the IRS will automate FTA abatement of penalties beginning in 2026
• Attorneys report some ERC claimants now interesting in filing suit to accelerate their claim processing

Federal Tax Update: Supreme Court Upholds the 965 Transition Tax

https://vimeo.com/966201086?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/6/23/2024-06-24-supreme-court-upholds-the-965-transition-tax

This week we look at:

• The Supreme Court rules, in a more divided than it may appear opinion, that the §965 transition tax is Constitutional, sustaining the result from the Ninth Circuit in the Moore case.
• IRS gives interim guidance for special distribution relief in the SECURE Act 2.0 for certain distributions.
• IRS indicates it will now be (slowly) processing ERC claims, vast majority show issues

Federal Tax Update: Do Not Believe Your Chatbot on Tax Matters

https://vimeo.com/959844883?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/6/16/2024-06-17-do-not-believe-your-chatbot-on-tax-matters

This week we look at:

• IRS provides last minute relief for payment of second quarter corporate estimated tax payments related to corporate alternative minimum tax
• En-banc rehearing request denied in case of Farhy v. Commissioner by DC Circuit
• CPA pleads guilty to tax charges related to syndicated conservation easement program
• Taxpayer Advocate warns of relying on generative AI for answering tax questions for consumer tax software - and there are just as big of issues for tax professionals

Federal Tax Update: Estate Tax Problems for Buy Sells Funded by Life Insurance

https://vimeo.com/955638540?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/6/9/2024-06-10-estate-tax-problems-for-buy-sells-funded-by-life-insurance

This week we look at:

• US Supreme Court rules that a requirement to redeem the decedent’s shares cannot be considered to reduce the value of the entity, but life insurance proceeds received by the entity to fund the buyout will increase the value
• Taxpayer denied relief for late rollover when funds were accidentally transferred from employer plan to Roth IRA
• IRS rules certain payments related to East Palestine, Ohio derailment are §139 disaster payments
• What options exist for an employer with a pending ERC claim?

Federal Tax Update: LLC as an S Corporation Issues

https://vimeo.com/952942911?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/6/2/2024-06-03-llc-as-an-s-corporation-issue

This week we look at:

• IRS announces that Direct File will continue into 2025 and be expanded while maintaining other program
• A taxpayer finds its not so simple as just file a Form 2553 if you want to have an LLC taxed as an S corporation, but did realize the error fast enough to get a PLR to restore S status

Federal Tax Update: Misleading Silences Are Sometimes Fine in Tax

https://vimeo.com/950819978?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/5/27/2024-05-27-misleading-silences-are-sometimes-fine-in-tax

This week we look at:

• Yet another PLR requested for missed QSST election after S shares moved to trust following death of a shareholder
• Tax preparer’s conviction for willfully filing false returns upheld on appeal despite his argument he had doing what he did for years
• Letters to taxpayer from IRS Appeals did not extend the time to file suit for a claim for refund
• A partnership had properly elected to use BBA audit provisions early, rendering IRS FPAA invalid

Federal Tax Update: 2024-05-20 ERC Battles Continue

https://vimeo.com/947543909?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/5/17/2024-05-20-erc-battles-continue

This week we look at:

• DOJ issues proposed rule that would remove cannabis businesses from loss of most business deductions under IRC §280E
• Filing date relief issued for those impacted by Ohio tornadoes from March
• IRS National Fraud Counsel speaks on ERC exams in ABA Tax Section webinar
• Tax adviser files suit to attempt to force the IRS to start processing ERC claims
• Tax Court imposes penalty for raising frivolous claims against taxpayer who argued wages are not income (among other things)

Federal Tax Update: Changes to CAFs and Process for Tax Pros to Obtain Transcripts

https://vimeo.com/945334377?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/5/12/2024-05-13-changes-to-cafs-and-process-for-tax-pros-to-obtain-transcripts

This week we look at:

• IRS gives update on final results for ERC voluntary compliance program and discusses the future
• The taxpayer’s contract did not make payment contingent on the success of research
• DOJ announces CPA firm barred from promoting CRAT/single premium annuity shelter
• IRS provides information on CAF “under review status” and changes to requesting transcripts

Federal Tax Update: IRS Can Assess Penalties for Failure to File Form 5471 per DC Circuit

https://vimeo.com/943025614?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts 

This week we look at:

• IRS releases Fact Sheet on disaster provisions for retirement accounts added by SECURE 2.0 Act
• DC Circuit reverses Tax Court ruling that IRS does not have assessment authority for failure to file a report under IRC §6038(b) (Form 5471)
• Electric vehicle final regulations issued
• Department of Justice begins process to move marijuana from Schedule I to Schedule III which would cause §280E to no longer limit deductions for cannabis businesses
• Lack of any written records on time President/COO spent on activities or even estimate time spent on qualified research activities doomed attempt to claim a credit under IRC §41(a)