FICPA Podcasts

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

Federal Tax Update: First ERC Challenge in Court

https://vimeo.com/893131581?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/12/10/2023-12-11-first-erc-challenge-in-court

This week we look at:

• IRS sends out a batch of 20,000 ERC rejection letters
• Employer files suit claiming IRS ERC guidance violated the Administrative Procedures Act
• SCOTUS hears oral arguments in the Moore case
• Draft K-2/K-3 instructions are published with no major changes to the domestic filing exception for 2023

 

Federal Tax Update: State Law Limited Partners and Self Employment Tax

https://vimeo.com/890861625?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/12/3/2023-12-04-state-law-limited-partners-and-self-employment-tax

This week we look at:

• FinCEN finalizes extension of due date for initial BOI reports for entities created in 2024
• Tax Court rules that a state law limited partner is not automatically covered by IRC §1402(a)(13) self-employment tax exemption
• OPR due diligence alert on FBAR
• Annual business MeF shutdown date announced
• IRS denies request for automatic accounting method change late election relief
• Tax Court finds that if date to file a Tax Court petition falls on a date that the clerk’s office is inaccessible, the taxpayer qualifies for extended filing relief even though electronic option had been available on the due date

Federal Tax Update: FinCEN Becomes Part of ERC Fraud Enforcement

https://vimeo.com/888279996?share=copy

 

https://www.currentfederaltaxdevelopments.com/podcasts/2023/11/25/2023-11-27-fincen-becomes-part-of-erc-fraud-enforcement

This week we look at:

• IRS delays certain parts of expanded Form 1099-K filings added in ARPA to 2024 tax years
• FinCEN enters the ERC fraud enforcement game, publishing 10 red flags for financial institutions to use to identify suspicious transactions that may need to be reported to FinCEN

Federal Tax Update: FinCEN FAQ Update for BOI Reporting

Vimeo Link https://vimeo.com/886017968?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/11/18/2023-11-20-fincen-faq-update-for-boi-reporting

This week we look at:

• IRS clarified FAQ on §139A and backpay for wrongfully incarcerated members of the armed services
• FinCEN adds to the FAQ on beneficial ownership information reporting

 

 

 

Federal Tax Update: IRS Completes Inflation Adjusted Number Lists for 2024

https://vimeo.com/883588545?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/11/11/2023-11-13-irs-completes-inflation-adjusted-number-lists-for-2024 

This week we look at:

• Inflation adjusted numbers for 2024 issued by the IRS
• Minor revisions made in final BOI FinCEN Identifier rules
• The IRS issues its second ERC-related GLAM, this time taking aim at OSHA related partial shutdown theories
• If a Notice isn’t binding on the courts, does that mean we can just pretend it doesn’t exist when advising our clients?

Federal Tax Updates: Retirement Plan Numbers Released for 2024

https://vimeo.com/881264055?share=copy

 

https://www.currentfederaltaxdevelopments.com/podcasts/2023/11/4/2023-11-06-retirement-plan-numbers-released-for-2024

 

This week we look at:

• 2024 inflation adjusted retirement numbers released by the IRS
• MeF 1040 shutdown date announced by the IRS
• Trust found liable for transferee tax in failed Son-of-BOSS shelter to offset stock sale gain
• IRC §41 refund claim grace period extended for yet another year
• Tax Court refuses to expand equitable relief for missing 90-day deadline to file petition