FICPA Podcasts

Federal Tax Update: No Minimum Attention Required for Supervisor Approval of Penalties per Tax Court

https://vimeo.com/940427506?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/4/28/2024-04-29-no-minimum-attention-required-for-supervisor-approval-of-penalties-per-tax-court

This week we look at:

• Final regulations issued on credit transfer provisions of the Inflation Reduction Act
• Tax Court rules the law does mandate a minimum level of attention by a supervisor when approving a proposed penalty
• IRS announces the end of the Direct File pilot and will announce the next steps shortly

Federal Tax Update: IRS Extends Limited RMD Relief But Warns They Expect This to Be the Last Time

https://vimeo.com/937007922?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/4/20/2024-04-22-irs-extends-limited-rmd-relief-but-warns-they-expect-this-to-be-the-last-time

This week we look at:

• IRS again waives penalties for certain RMD distributions for inherited IRAs and retirement plans, but indicates this should be the last time
• FinCEN adds more Q&As to BOI FAQ for the first time since January

Federal Tax Update: Tax Court Reverses Position on Validity of Conservation Easement Regulation

https://vimeo.com/929341969?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/3/31/2024-04-01-tax-court-reverses-position-on-validity-of-conservation-easement-regulation 

This week we look at

• Tax Court reverses position on validity of a regulation it had upheld four years ago
• US Supreme Court hears oral arguments in case involving estate tax value of a corporation that received life insurance to redeem the majority shareholder’s estate
• IRS Criminal Investigation Divisions announces update on COVID relief related investigations and convictions

Federal Tax Update: ERC Voluntary Disclosure Program Is Over - What Next

https://vimeo.com/926912400?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/3/24/2024-03-25-erc-voluntary-disclosure-program-is-over-what-next

This week we look at:

• As ERC voluntary compliance program ended, IRS release discusses agency’s plans going forward
• Senate Finance Chair Wyden indicates there be a cloture vote in the Senate on House passed tax bill
• IRS issues proposed regulations to make SPA CRAT arrangements listed transactions
• IRS asks Supreme Court to overturn Culp decision

Federal Tax Update: Last Call to Enter ERC Voluntary Disclosure Program

https://vimeo.com/924422473?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/3/17/2024-03-18-last-call-to-enter-erc-voluntary-disclosure-program

This week we look at:

• FinCEN gives formal notice of appeal of CTA BOI case
• Deadline rapidly approaching for entering first ERC voluntary disclosure program
• Arizona lawmakers write the IRS about tax status of 2023 state rebates
• Court of Appeals finds it is barred from hearing appeal of Tax Court dismissal of small case

Federal Tax Update: FinCEN Announces Enforcement Reaction to Alabama Case

https://vimeo.com/921816386?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/3/10/2024-03-11-fincen-announces-enforcement-reaction-to-alabama-case

This week we look at:

• FinCEN announces position on handling BOI enforcement following National Small Business United v. Yellen
• IRS issues warning about companies peddling “doctor’s notes”
• Tax Court warns taxpayer about litigating an issue the taxpayer had previously litigated and lost on for a prior year

Federal Tax Update: Court Questions Constitutionality of the CTA

https://vimeo.com/918946036?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/3/3/2024-03-04-court-questions-constitutionality-of-the-cta

This week we look at:

• CTA found to violate Constitution by US District Court
• Tax Court issues ruling on impact of SECURE 2.0 Act statute change on returns filed before December 29, 2022 effective date of the Act
• IRS warns about need to reconcile premium tax credit on Forms 1040 after seeing an increase in the number of returns being filed without the required reconciliation

Federal Tax Update: More BOI Information from Insurer

https://vimeo.com/916512887?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/2/25/2024-02-26-more-boi-information-from-insurer

 

This week we look at:

• More BOI resources from CAMICO made available by NJCPA
• District Court refuses to stay FBAR proceeding to await Tax Court result partially due to the age of the taxpayer
• IRS announces program to go after corporate jet personal usage
• The state of Arizona sues the IRS over tax status of state tax rebate.

 

Federal Tax Update: Insurers Update BOI Guidance

https://vimeo.com/914227666?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/2/18/2024-02-19-insurers-update-boi-guidance

This week we look at:

• Insurers updating their advice on BOI engagements
• SALT cap 2023 increase bill fails on a procedural vote in the House
• Jury finds taxpayer did not willfully fail to file FBAR reports
• IRS takes position third party payors liable for ERC refund repayment in addition to common law employers
• IRS sending out CP271 “soft letters” to those with open ERC refund claims
• S corporation has a failure of 9 trusts receiving shares from decedent
• Taxpayer unsuccessfully argues she only should pay taxes on social security actually received

 

Federal Tax Update: Are You Giving Bad Advice on Electronic Filing

https://vimeo.com/911904537?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/2/10/2024-02-12-are-you-giving-bad-advice-on-electronic-filing

This week we look at:

• No movement on tax bills this week - nor is final action at all likely to take place before March
• E-Filing returns - good or bad idea? Two competing articles published this week
• Taxpayer owes tax on IRA forfeited to government as part of criminal conviction
• IRS discusses when CID voluntary disclosure program should be used instead of ERC voluntary disclosure program
• IRS warns about EFIN scam emails
• Taxpayer found to have submitted a late new refund claim rather than a revision to a timely filed informal claim