FICPA Podcasts

Federal Tax Update: Opening Offer in Negotiations for 2023 Tax Package

https://vimeo.com/835260362

https://www.currentfederaltaxdevelopments.com/podcasts/2023/6/11/2023-06-12-opening-offer-in-negotiations-for-2023-tax-package

 

This week we look at:

• 3 proposed tax bills introduced by Chair of House Ways & Means Committee
• Wellness indemnification payment is taxable income to employee and subject to payroll taxes
• IRS grants request to make election to skip claiming bonus depreciation when partnership discovers claiming bonus is bad news at the state level for certain partners

Federal Tax Update: Hobby Losses Expenses Effectively Nondeductible

https://vimeo.com/833146017

https://www.currentfederaltaxdevelopments.com/podcasts/2023/6/4/2023-06-05-hobby-losses-expenses-effectively-nondeductible

 

This week we look at:

• Fourth Circuit does not agree with view expressed by Seventh Circuit in Menard, Inc. that C corporation reasonable compensation only depends on a reasonable return to investors
• Eleventh Circuit holds that “hobby loss” expenses under §183 are miscellaneous itemized deductions
• Elderly attorney had reasonable cause for failure to file payroll tax returns and timely pay payroll tax liabilities

Federal Tax Update: Failure to File Claim Via Certified

https://vimeo.com/831321900

https://www.currentfederaltaxdevelopments.com/podcasts/2023/5/29/2023-05-30-failure-to-file-claim-via-certified-mail-was-a-bad-idea

 

This week we look at:

• Tax Court finds they have no authority to review the IRS notice for certification of seriously delinquent tax debt to State Department
• IRS publishes warning signs for employers to use to identify ERC scams
• Fourth Circuit finds that Section 7502 fully supplants common law mailbox rule for filing documents

Federal Tax Update: Supreme Court and IRS Giving Notice of Summons

https://vimeo.com/828851658

https://www.currentfederaltaxdevelopments.com/podcasts/2023/5/21/2023-05-22-supreme-court-and-irs-giving-notice-of-summons

 

This week we look at:

• Supreme Court rules in favor of IRS on issue of when notice must be sent when the IRS issues a third-party summons
• IRS agent gets distracted by small issues, fails to investigate potentially much larger one and it costs the IRS at Tax Court
• IRS announces 2024 HSA and excepted benefit HRA inflation adjusted amounts

Federal Tax Update: The PEO and Your ERC Refund

https://vimeo.com/826711142

https://www.currentfederaltaxdevelopments.com/podcasts/2023/5/14/2023-05-15-the-peo-and-your-erc-refund

 

This week we look at:

• IRS email discusses issues that arise with payroll tax refunds when a PEO is involved who itself has unpaid tax liabilities
• Letter ruling provides that Forms 1099-C must be filed by a credit union due to writing off certain debts as part of a legal settlement
• IRS plans to add more detail to partnership K-1 liability disclosures on 2023 returns

Federal Tax Update: Time Zone and Timely Electronic Fillings

https://vimeo.com/824592546

https://www.currentfederaltaxdevelopments.com/podcasts/2023/5/7/2023-05-08-time-zones-and-timely-electronic-filings

 

This week we look at:

• IRS issues CCA making clear how strict the §125 substantiation rules are
• Taxpayer’s lack of documentation forces him to accept preparer’s gross gambling winnings and limits his gambling loss deduction
• Tax Courts finds that last second rule for filing a Tax Court petition is not the same as for returns filed via eFile

Federal Tax Update: Court Unimpressed by Claimed CRAT Magic

https://vimeo.com/822560005

https://www.currentfederaltaxdevelopments.com/podcasts/2023/5/1/2023-04-30-court-unimpressed-by-claimed-crat-magic

 

This week we look at:

• More CRAT problems - but this one the IRS had warned against using
• Change of protocol underlying cryptocurrency from proof of work to proof of stake is not a taxable event
• Fact some countries now treat Bitcoin as legal tender does not change its status as property, not foreign currency
• Taxpayer finds they had to wait a year to claim a deduction for cashier’s check purchased to settle legal dispute

Federal Tax Update: Catching Up After Tax Season

https://vimeo.com/820327561

https://www.currentfederaltaxdevelopments.com/podcasts/2023/4/23/2023-04-23-catching-up-after-tax-season

 

This week we look at:

• Another taxpayer fails to establish either spouse as a real estate professional
• SPIFF was not a separate trade or business
• IRS releases revised Form 3115
• IRS letter to Senator on PEOs and ERC
• FinCEN publishes FAQ on Corporate Transparency Act reporting

Federal Tax Update: EV Battery Released

https://vimeo.com/814073399

https://www.currentfederaltaxdevelopments.com/podcasts/2023/4/2/2023-04-03-ev-battery-rules-released

 

This week we look at:

• IRS announces non-acquiescence in Tax Court case on taxpayer asserting substance over form
• IRS highlights bad tax advice on social media
• IRS rules that assets held in intentionally defective grantor trust do not obtain date of death basis
• IRS releases proposed battery regulations for new EV credits

Federal Tax Update: ERC Scams Lead the Dirty Dozen

https://vimeo.com/811844305

https://www.currentfederaltaxdevelopments.com/podcasts/2023/3/26/2023-03-26-erc-scams-lead-the-dirty-dozen

 

This week we look at:

• IRS begins 2023’s Dirty Dozen Tax Scams with problematical ERC refund claims
• IRS announces position on evaluating when a non-fungible token is a collectible
• C corporation not allowed to take home office expenses for owner-employee’s home
• IRS email reminder that BBA opt-outs must be made on original returns