FICPA Podcasts

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

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