FICPA Podcasts

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

Federal Tax Update: Week of IRS Delaying Requirements

https://vimeo.com/858464561?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/8/27/2023-08-28-week-of-irs-delaying-requirements

 

This week we look at:

• Proposed regulations issued for digital asset broker reporting on Form 1099-DA
• IRS delays requirement for high income employees to make employer plan catch-up contribution to designated Roth accounts until plan years beginning after December 31, 2025
• 2024 health care premium tax credit percentages published by the IRS

Federal Tax Update: Renting the Owner’s to Their Business Didn’t Work as Well as Expected

https://vimeo.com/856245715?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/8/20/2023-08-21-renting-the-owners-homes-to-their-business-didnt-work-as-well-as-expected

 

This week we look at:

• Limited relief likely coming for beneficial ownership reporting
• IRS being challenged in an attempt to treat state law limited partners as receiving SE income
• Rent your home to your business for 13 days each year plan mainly failed
• Advance memo states IRS objection to a marketed trust tax avoidance plan
• IRS memo explains credit unions can only claim COVID ERC on 2021 wages

Federal Tax Update: IRS Warning for Certain ESOP Porgrams

https://vimeo.com/854043438?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/8/12/2023-08-14-irs-issues-warning-for-certain-esop-programs

 

This week we look at:

• Deduction for non-qualified deferred compensation not accelerated for the seller when the liability is transferred to the buyer of a business
• Tax professionals and taxpayers warned about issues with certain employee stock ownership plan (ESOP) arrangements
• Reduction of non-recourse debt amount was added to sales proceeds, not a cancellation of debt so no §108 relief was available

Federal Tax Update: IRS Finally Tells Us Their Position on Staking Rewards

https://vimeo.com/851961204

https://www.currentfederaltaxdevelopments.com/podcasts/2023/8/5/2023-08-07-irs-finally-tells-us-their-position-on-staking-rewards

 

This week we look at:

• IRS rules cryptocurrency staking rewards are taxable when taxpayer obtains dominion and control
• Interim guidance issued for home energy audit tax credit under IRC §25C added by IRA 2022
• Proposed regulations issued to add monetized installment sales to listed transactions

Federal Tax Update: The ERC Hearing Before Congress Left for the August Recess

https://vimeo.com/849978426

https://www.currentfederaltaxdevelopments.com/podcasts/2023/7/30/2023-07-31-the-erc-hearing-before-congress-left-for-the-august-recess

 

This week we look at:

• Oversight Committee of House Ways & Means Committee holds a hearing on ERC issues, discusses potential amnesty program
• IRS ending most announced revenue officer visits
• Taxpayer finds out that there may very well be a tax consequence when you borrow against your life insurance policy and then let the policy lapse