FICPA Podcasts

Federal Tax Update - Apr. 2, 2018

https://player.vimeo.com/video/262653152

This Week's Topics

• OVDP program to end on September 28, 2018
• Entire cost of having international firm prepare returns for employees sent overseas treated as wages
• Conundrum only a tax attorney could love - dealing with a sale case where the regulations don’t give guidance
• Guidance given on reporting and paying Section 965 transition tax
• Mansion was never actually a rental, so loss was a capital loss rather than a 1231 loss

Federal Tax Update - Dec. 11, 2017

https://player.vimeo.com/video/246600742

This Week's Topics

• Conference committees appointed and Joint Committee on Taxation issues report on differences
• IRS memo clarifies the tax treatment of a disgorgement payment following U.S. Supreme Court decision
• Qualified plan required amendment (RA) list published for 2017
• No loss allowed on sale to former spouse
• IRS found not to have conducted a second examination of the taxpayers’s books and records

Federal Tax Update - Dec. 4, 2017

https://www.youtube.com/embed/s-2gpp3b3Bc

This Week's Topics

• Senate passes their version of HR1, setting up moving to a conference committee
• IRS gets access to information from bitcoin exchange
• The Tax Court uses English law to determine if a payment was alimony for federal tax purposes
• A safe harbor casualty loss rule is adopted for damage to concrete foundations caused by pyrrohite
• A taxpayer is denied a deduction for legal fees to recover overpaid alimony
• More relief for partnerships due to change in filing dates for 2016 returns
• The Tax Court updates its views on how to evaulate Stamps.com postmarks under timely filing rules

Federal Tax Update - Nov. 27, 2017

https://player.vimeo.com/video/244456961

This Week's Topics

• HR1 moves to the Senate floor this week
• Taxpayer does not have COD income when relieved of requirement to pay back overpayments on pension
• Qualified plan relief provisions extended to victims of California wildfires
• Court does not accept attempt to use FLP discount to create income tax loss from liquidation of S corporation formed to hold FLP interest
• No basis to shareholders in debt to S corporation other S corporation shareholders controlled
• IRS issues FAQ on QSEHRAs

Federal Tax Update - Nov. 20, 2017

https://player.vimeo.com/video/243463860

This Week's Topics

• Update on the tax reform bill

Federal Tax Update - Nov. 13, 2017

https://player.vimeo.com/video/242386558

This Week's Topics

• JCT Description of the Senate version of the Tax Reform and Jobs Act
• First Amendment - House Version Tax Reform and Jobs Act
• Second Amendment - House Version Tax Reform and Jobs Act

Federal Tax Update - Nov. 6, 2017

https://player.vimeo.com/video/241441751

This Week's Topics

• Provisions in the Tax Cuts and Jobs Act

Federal Tax Update - Oct. 30, 2017

https://player.vimeo.com/video/240300175

This Week's Topics

• House adopts Senate budget resolution beginning tax reform process
• A taxpayer’s amount of claimed theft loss found excessive by Tax Court
• An expert’s testimony did not substitute for records of cost of goods sold
• IRS summons to state agency found to be proper
• IRS memo discusses indirect loan issues for church 403(b) plan

Federal Tax Update - Oct. 23, 2017

https://player.vimeo.com/video/239257011

This Week's Topics

• IRS releases inflation adjusted tax factors for 2018
• LB&I Division issues guidance on unit of property and major component issues for the mining industry
• IRS announced retirement plan numbers for 2018
• IRS announces nonacquiesence in S corporation/real estate professional decision
• Anti-Kerr regulations officially withdrawn by the IRS
• 2017 Returns without health care information will not be accepted for efiling
• A court decision that appears to arrive at approximately the right place, but for all the wrong reasons

Federal Tax Update - Oct. 16, 2017

https://player.vimeo.com/video/238200331

This Week's Topics

• Filing date relief issued by IRS for victims of Northern California wildfires
• Challenge to minister’s housing allowance exclusion returns to court
• Tax Court will assert strict subordination requirement for mortgages on conservation easements outside First Circuit
• Signature no longer required for §754 election
• Retroactive loss of tax-exempt status going back a decade proves very costly in terms of interest on unpaid tax
• IRS email discusses potential impact on due date disaster relief and date for assessment of tax