FICPA Podcasts

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

Federal Tax Update: Boyle Decision Applies to Electronic Filing

https://vimeo.com/879224264?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/10/29/2023-10-30-boyle-decision-applies-to-electronic-filing

This week we look at

• Taxpayers can’t rely on paid preparer as reasonable cause for late filing, even when using electronic filing
• IRS could assert negligence penalty (and obtain supervisory approval) after failing to obtain approval for substantial underpayment penalty
• IRS makes “temporary” electronic signature program permanent by moving it into the Internal Revenue Manual

Federal Tax Update: An Offer the Actor Should Have Refused

https://vimeo.com/876717974?share=copy 

https://www.currentfederaltaxdevelopments.com/podcasts/2023/10/21/2023-10-23-an-offer-the-actor-should-have-refused

This week we look at

• PTIN renewals are now open for 2024
• IRS announces program to allow for withdraw of ERC claims
• Actor’s estate loses in attempt to claim he had validly rolled over a non-traditional investment held in his IRA

Federal Tax Update: EV Credit Transfer to Dealer Guidance Issued

https://vimeo.com/872317299?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/10/8/2023-10-09-ev-credit-transfer-to-dealer-guidance-issued

 

This week we look at

• Sloppy records cost CPA the vast majority of his business deductions
• IRS issues warning about art deduction tax promotions aimed at high-income taxpayers
• IRS gives details on transfers of electrical vehicle credits to dealers beginning in 2024

Federal Tax Update: Limited Delay in Some CTA BOI Initial Report Filing Dates

https://vimeo.com/869903918?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/9/30/2023-09-30-limited-delay-in-some-cta-boi-initial-report-filing-dates

 

This week we look at:

• IRS reduces PTIN fees substantially
• Wash sale rules do not apply to losses on disposition of money market funds
• IRS highlights new capabilities added to TaxPro accounts
• Employers can set up leave-based donation programs for 2023 Hawaii wildfire relief
• FinCEN grants 60 additional days for entities created in 2024 to file initial reports

Federal Tax Update: FinCEN Issues Guide for Small Business CTA BOI Reporting

https://vimeo.com/867545216?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/9/23/2023-09-25-fincen-issues-guide-for-small-business-cta-boi-reporting

 

This week we look at:

• FinCEN provides guide to small businesses for beneficial ownership reporting under the Corporate Transparency Act
• Taxpayer cannot rely on the mailbox rule to prove timely mailing/filing of tax return, as §7502 is the sole way of proving timely postmark and get presumption of delivery
• Impact of receipt of a CP2100/2100A notice on backup withholding

Federal Tax Update: Halt in ERC Claim Processing for New Claims

https://vimeo.com/865165599?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/9/16/2023-09-18-halt-in-erc-claim-processing-for-new-claims

 

This week we look at:

• Just having a CPA prepare a taxpayer’s return does mean the taxpayer will get reasonable cause relief for assessments
• IRS announces halt to processing of new ERC claims until after 2023, will slow processing of claims currently in progress

Federal Tax Update: Better Late Than Never Section 174 Guidance Arrives

https://vimeo.com/862962799?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/9/10/2023-09-11-better-late-than-never-section-174-guidance-arrives

 

This week we look at:

• IRS make last minute change to K-2/K-3 FAQ for 2022 returns
• Preliminary guidance for §174 changes made in TCJA that took effect in 2022 issued by the IRS

Federal Tax Update: Electronic Filing of Information Return Mandate Issues

https://vimeo.com/860494726?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/9/2/2023-09-05-electronic-filing-of-information-return-mandate-issues

 

This week we look at:

• HHS sends letter to DEA recommending that marijuana be reclassified as a Schedule III drug
• General guidance issued determining tax status of 2023 state payments - and IRS asks for comments prior to giving additional guidance
• IRS clarifies limits of 2007 CCA on ESBTs and NOLs

News release on electronic filing of Form 8300