FICPA Podcasts

Federal Tax Update: House Passed Tax Bill Fails to Clear Cloture Vote in the Senate

https://vimeo.com/994852292?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/8/4/2024-08-05-house-passed-tax-bill-fails-to-clear-cloture-vote-in-the-senate

This week we look at:

• Tax bill fails to clear a procedural vote in the Senate, reducing the likelihood we’ll see the bill enacted before this Congress leaves office
• US District Court declines to issue preliminary injunction requiring the IRS to terminate the ERC claim moratorium, but finds much the court liked in the plaintiff’s arguments

Federal Tax Update: More IRS ERC Guidance

https://vimeo.com/991337750?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/7/28/2024-07-29-more-irs-erc-guidance

This week we look at:

• FinCEN adds two more questions to BOI FAQ page
• IRS adds five new warning signs for problematic ERC claims and announces new developments coming in ERC enforcement
• Chief Counsel Memorandum outlines position on tax exempt organizations dealing with §52 provisions for ERC

Federal Tax Update: IRA Finalizes RMD Regulations

https://vimeo.com/988144718?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/7/21/2024-07-22-ira-finalizes-rmd-regulations

This week we look at:

• Taxpayer can’t simply rely on tax software when preparing their return, even if they aren’t being nominated for Secretary of Treasury
• IRS finalizes SECURE Act/SECURE 2.0 Act required minimum distributions regulations
• IRS proposed regulations address the problem of determining the applicable age for those born in 1959

Federal Tax Update: BOI Updates

https://vimeo.com/983707444 

https://www.currentfederaltaxdevelopments.com/podcasts

 

This week we look at:

• FinCEN updates the FAQs for BOI reporting, adding information about entities that cease to exist

• New Jersey Committee on Unauthorized Practice of Law releases letter outlining when CPAs and EAs may prepare and/or file BOI reports for clients without the assistance of an attorney

• Another PLR issued for missed ESBT elections for trusts that qualified to make such elections

An audio only version of this week’s broadcast can be streamed or downloaded below:

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