FICPA Podcasts

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

Federal Tax Update: More Movement on Proposed Retroactive Tax Bills

https://vimeo.com/909818314?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/2/4/2024-02-05-more-movement-on-proposed-retroactive-tax-bills

This week we look at:

• Bipartisan extender bill is passed by the House, but faces uncertain future in the Senate
• A limited, single-year SALT cap relief bill will be brought to the House floor as part of the compromise to pass the bipartisan bill
• Tax filing season for 2023 return begins this week
• A cautionary tale about phishing being used to obtain client tax information

Federal Tax Update: Bipartisan Retroactive Tax Bill Clears Ways and Means Committee

https://vimeo.com/907062093?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/1/28/2024-01-29-bipartisan-retroactive-tax-bill-clears-ways-and-means-committee

This week we look at the proposed tax bill that advanced out of the Ways & Means Committee on January 19.

Federal Tax Update: Form 8308 Relief

https://vimeo.com/902770920?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/1/14/2024-01-16-form-8308-relief

This week we look at:

• Talks continue on proposed tax bill
• IRS provides guidance on Pension-Linked Emergency Savings Account anti-abuse provisions
• Relief granted for filing information found in Part IV of Form 8308 for 2023 returns
• IRS updates Notice describing how to obtain certain exemptions from the required electronic filing of certain entity information and tax returns

 

Federal Tax Update: IRS Mistake Stands as Taxpayer Benefits

https://vimeo.com/900422582?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/1/7/2024-01-08-irs-mistake-stands-as-taxpayer-benefits

This week we look at:

• New work in progress to try and obtain a bipartisan tax bill
• IRS gives car dealers a brief extension to file time-of-sale reports
• IRS reverses direction on treatment of impact of adding a tax reimbursement clause to an IDGT
• Taxpayer can rely upon date IRS places in Notice of Deficiency as the last day to file a Tax Court petition

Federal Tax Update: FinCEN’s release of the BOI E-Filing site on January 1, 2024

https://vimeo.com/899057129?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2024/1/1/2024-01-02-fincen-welcomes-2024-by-opening-boi-filing-site

This week we look at FinCEN's release of the BOI E-Filing site on January 1, 2024.

Federal Tax Update: FinCEN BOI Week

https://vimeo.com/895535223?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/12/17/2023-12-18-fincen-boi-week

This week we look at:

• FinCEN adds more information to FAQ page, including information on PDF form
• Bill passes House that would give a limited extension of time for some initial BOI reports to be filed
• IRS releases mileage rates for 2024
• Supreme Court agrees to hear estate tax valuation case to resolve split in the Circuits