FICPA Podcasts

Federal Tax Update - Aug. 27, 2018

https://player.vimeo.com/video/286686228
https://www.currentfederaltaxdevelopments.com/podcasts/2018/8/25/2018-08-27-state-tax-credits-take-a-hit
Taxpayers creating multiple entities to try and avoid double taxation of C corporation income find their plan fails IRS issues SALT workaround regulations and affect both new and pre-existing state tax credit programs Modifications made to automatic accounting method revenue procedure to deal with S corporation revocations under special TCJA rule Guidance provided on applying the rules to compute UBTI separately for each trade or business 2018-08-27 State Tax Credits Take a Hit from Kaplan Accounting CE on

Federal Tax Update - Aug. 20, 2018

https://player.vimeo.com/video/285648489
https://www.currentfederaltaxdevelopments.com/podcasts/2018/8/18/2018-08-20-irs-stays-quiet-states-keep-going
Oregon Supreme Court rules no physical presence required to be subject to corporate income tax Idaho sends out notices to retailers that it’s moving forward with affiliate rule for collecting sales tax IRS prevails over AICPA on question of issuing credential for unenrolled tax preparers AICPA sends comments to the IRS and Treasury on S corporation and Section 461(l) issues following TCJA 2018-08-20 IRS Stays Quiet, States keep Going from Kaplan Accounting CE on Vimeo .   Click to listen to the audio

Federal Tax Update - Aug. 13, 2018

https://player.vimeo.com/video/284553577
https://www.currentfederaltaxdevelopments.com/podcasts/2018/8/11/2018-08-13-199a-regulations-some-answers-some-questions

• Aggregation into a single trade or business
• Definitions of specified service activities
• Various anti-abuse rules

Federal Tax Update - Aug. 6, 2018

https://player.vimeo.com/video/283240602
https://www.currentfederaltaxdevelopments.com/podcasts/2018/8/4/2018-08-06-tcja-guidance-appears
Proposed regulations for 965 are issued, others on state and local tax workarounds submitted to OMB Majority of states that impose a sales tax now have published post-Wayfair remote seller collection requirements and start dates Proposed regulations on which taxpayers may rely issued on bonus depreciation Automatic accounting method change guidance issued for TCJA small business accounting methods 529 plan revised guidance to deal with TCJA and other recent changes Guidance issued on additional

Federal Tax Update - Jul. 30, 2018

https://player.vimeo.com/video/282115994
https://www.currentfederaltaxdevelopments.com/podcasts/2018/7/28/2018-07-30-a-199a-glimmer-of-hope
First 199A regulations are sent to OMB for review Minnesota tests whether lower limits than South Dakota will work under Wayfair Utah enacts South Dakota limits for remote sellers Another US District Court agrees that the IRS’s own regulations limit the FBAR willfulness penalty amount Taxpayer stuck with transferee liability after entering into transaction to sell corporation 2018-07-30 A 199A Glimmer of Hope from Loscalzo Institute on Vimeo .   Click to listen to the audio . Alternatively, you may

Federal Tax Update - Jul. 23, 2018

https://player.vimeo.com/video/281065702
https://www.currentfederaltaxdevelopments.com/podcasts/2018/7/21/2018-07-23-taxing-trusts-roadblocks
Two state supreme courts restrict their states’ ability to tax trusts IRS issued PMTA on willfulness for FBAR penalty Forfeitures now can be used to fund QMACs and QNECs IRS discusses the impact on taxable wages of a payroll tax examination Many exempt organizations will no longer have to file Schedule B with Form 990 Proposed regulations issued on due diligence expansion to head of household status added by TCJA 2018-07-23 Taxing Trusts Roadblocks from Loscalzo Institute on Vimeo .   Click to listen

Federal Tax Update - Jul. 9, 2018

https://player.vimeo.com/video/278832158
https://www.currentfederaltaxdevelopments.com/podcasts/2018/7/7/2018-07-09-the-states-strike-back

• Louisiana looks to adopt its law to fit within Justice Kennedy’s outline of acceptable protections for interstate commerce
• Alabama, though not a member of SSUTA, will begin requiring collection on October 1
• Wisconsin, an SSUTA member but without a de minimis limit, will also want collections on October 1
• New Jersey adopts a law that duplicates South Dakota and adds marketplace provisions

Federal Tax Update - Jul. 2, 2018

https://player.vimeo.com/video/277796505
https://www.currentfederaltaxdevelopments.com/podcasts/2018/6/30/2018-07-02-postcard-week
IRS releases a new “postcard” dratt for Form 1040 along with 6 schedules CPA who advised on ESOP and prepared 5500s was still found to be an independent appraiser on third time to court IRS publishes the list of qualified opportunity zones under TCJA’s Section 1400Z-1 A amendment of a return with fraudulent positions does not reduce the fraud penalty Taxpayer discovers IRS had not agreed to waive all penalties when taxpayer agreed to exam changes 2018-07-02 Postcard Week from Loscalzo

Federal Tax Update - May. 14 , 2018

https://player.vimeo.com/video/269381991

This Week's Topics

• Taxpayer had to include son’s savings account in determination of solvency
• 2019 HRA amounts announced by the IRS
• IRS changes Section 382 recognized built-in gain/loss safe harbors due to changes made by TCJA
• Revenue procedure issued to deal with requests to change accounting methods due to ASC 606 adoption for financial statements
• General automatic method change revenue procedure annual update published by IRS
• Taxpayer found to have no asset to sell and, due to that, income was ordinary and not capital in nature

Federal Tax Update - May. 7, 2018

https://player.vimeo.com/video/268178329

This Week's Topics

• Oklahoma governor vetoes an expansion of tattletale law
• Small businesses warned about tax ID theft targeted at them
• Organization denied exempt status, was ruled to be the organizer’s consulting business
• IRS delays TCJA third party life insurance policy sale reporting rules/li>
• Taxpayer did not reasonably rely on advice in taking a tax position, penalties applied