FICPA Podcasts

Federal Tax Update: Schedule D Problem

https://vimeo.com/337037074

https://www.currentfederaltaxdevelopments.com/podcasts/2019/5/18/2019-05-20-schedule-d-problem

This week we look at

• Review Wolters Kluwer IRS response and other issues

• IRS releases a new worksheet for computing tax when there are 25% or 28% gains

• Tax Court finds IRS did not have authority to find Medicare difficulty payments nontaxable in Notice 2014-7

• CA10 agrees with Tax Court that S corporation cannot accrue wages on participants

• Taxpayer materially participated in activity under facts and circumstances test

Federal Tax Update: May 13, 2019

https://vimeo.com/335633734

https://www.currentfederaltaxdevelopments.com/podcasts/2019/5/11/2019-05-13-malware-cybersecurity-and-tax-practice

This week we look at:

• Wolters Kluwer CCH systems suddenly taken offline due to malware issue

• GAO criticizes security of e-file providers and software developers

• IRS updates maximum vehicle values for cents-per-mile and FAVR

• IRS clarifies redemptions treated as dividends taxation when paid during post-termination transition period

• Deduction for Connecticut estate taxes must be reduced by portion allocable to state’s gift taxes added back paid in 3 prior years

• My boss ordered me to do it doesn’t work for trust fund penalty even when the boss is an agent of a federal

Federal Tax Update: Fragile: Handle with Care - S Corporations

https://player.vimeo.com/video/334209666

https://www.currentfederaltaxdevelopments.com/podcasts/2019/5/4/2019-05-06-fragile-handle-with-care-s-corporations

Current Federal Tax Developments for the week of May 6, 2019: Fragile: Handle with Care - S Corporations

• Taxpayer’s marriage forces repayment of advance PTC, unfairness is not a defense

• State tax refundable credit in excess of taxes is taxable income to taxpayer

• IRS expands determination letter to cover a limited number of existing plans

• LLC operating agreement adoption terminates S election

 

Federal Tax Update: Q&A 33 - The IRS FAQ Says What?

https://vimeo.com/332850949

https://www.currentfederaltaxdevelopments.com/podcasts/2019/4/27/2019-04-29-qampa-33-the-irs-faq-says-what

Current Federal Tax Developments for the week of April 29, 2019: Q&A 33 - The IRS FAQ Says What?

• Taxpayer finds expense can’t be assigned to business based on best result

• IRS greatly expands the FAQ on Section 199A, including a major surprise to many on handling S corporation shareholders

• IRS updates the EPCRS program to add more self-correction options

• Chief Counsel Email holds that using a PEO does not allow a partner to be treated as the employee of partnership

Federal Tax Update - Apr. 22, 2019

https://player.vimeo.com/video/331563967
https://www.currentfederaltaxdevelopments.com/podcasts/2019/4/20/2019-04-22-irs-gets-busy-after-tax-season
Draft forms issued to be used to report §199A deduction on 2019 returns Proposed regulations address NRA potential current beneficiaries of ESBTs that are also grantor trusts Memorandum address impact of §318 attribution rules on §1372 and self-employed health insurance deduction Second (and maybe final) set of proposed regulations on opportunity zone issues Ninth Circuit decides IRS regulations did remove the ability to use common law mailbox rule to prove timely filing   Click to listen to the audio .

Federal Tax Update - Apr. 16, 2019

https://player.vimeo.com/video/330824587
https://www.currentfederaltaxdevelopments.com/podcasts/2019/4/16/2019-04-16-still-to-come-on-tcja
§199A - Mainly Post-Final Regulation Issues §163(j) - Proposed Regulations Out, Awaiting Final Regulations Depreciation - Will the Retail Glitch Get Fixed? And When? SALT - Soon to be released final regulations on state tax credits and then what §461(j) - Limit on business losses - where’s the guidance Other areas   Click to listen to the audio . Alternatively, you may download the file to your computer by right clicking your mouse, choosing "Save Target As", then selecting a location on your

Federal Tax Update - Apr. 8, 2019

https://player.vimeo.com/video/328828982
https://www.currentfederaltaxdevelopments.com/podcasts/2019/4/6/2019-04-08-salt-and-the-home-office
IRS sends proposed regulations on §199A for cooperatives to OIRA for review PMTA outlines intereaction of home office and SALT cap Trade or business definition for instructions in Form 461 issue identified by IRS Second Circuit reverses Tax Court decision that found a tax “black hole”   Click to listen to the audio . Alternatively, you may download the file to your computer by right clicking your mouse, choosing "Save Target As", then selecting a location on your computer to save the file.

Federal Tax Update - Apr. 1, 2019

https://player.vimeo.com/video/327455561
https://www.currentfederaltaxdevelopments.com/podcasts/2019/3/30/2019-04-01-tax-benefit-rules-and-refunds
Electric vehicle credits for GM vehicles to begin one year phase out IRS gives formal guidance on treatment of state income tax refunds following the TCJA $10,000 cap SALT workaround regulations and related notice sent to OIRA IRS changes requirements to obtain EIN, requires responsible person to have SSN or ITIN Final regulations published on reportable transaction law modifications from 2010   Click to listen to the audio . Alternatively, you may download the file to your computer by right clicking your

Federal Tax Update - Mar. 25, 2019

https://player.vimeo.com/video/326056731
https://www.currentfederaltaxdevelopments.com/podcasts/2019/3/23/2019-03-25-more-underpayment-relief
QBI and disallowed passive losses Minister’s housing allowance ruled to be acceptable under the U.S. Constitution Pilot had no profit motive for business related to vintage World War II aircraft IRS suspends two Revenue Rulings related to active trade or business issues under §355 Relief from underpayment of estimated tax penalty expanded by IRS   Click to listen to the audio . Alternatively, you may download the file to your computer by right clicking your mouse, choosing "Save Target As", then

Federal Tax Update - Mar. 18, 2019

https://player.vimeo.com/video/324626985
https://www.currentfederaltaxdevelopments.com/podcasts/2019/3/16/2019-03-18-technicalities-and-glitches
Software glitches in the first years under TCJA Lump sum social security benefits are part of MAGI for the premium tax credit Safe harbor statements have to be signed and then attached to electronically filed returns as a PDF Taxpayer’s mistake in listing old address on tax return proves costly Tax Court rejects no harm, no foul view with regard to penalties for filing an S corporation return late   Click to listen to the audio . Alternatively, you may download the file to your computer by right