FICPA Podcasts

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

Federal Tax Update: IRS Extrnds RMD Refief by One Year

https://vimeo.com/845765541?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/7/16/2023-07-17-irs-extends-rmd-relief-by-one-year

 

This week we look at:

• IRS extends SECURE Act inherited IRA RMD relief for one additional year, adds special rollover rule for those born in 1951 due to SECURE 2.0 Act changes
• IRS grants relief to victims of Vermont flooding.
• Failure to attach simple election leads to requesting (and paying for) 11 separate private letter rulings

Federal Tax Update: Research Credit Blues

https://vimeo.com/843721129

https://www.currentfederaltaxdevelopments.com/podcasts/2023/7/9/2023-07-10-research-credit-blues

 

This week we look at:

• S corporation loses on research credit claim and gets hit with penalties - risks of a credit study
• Exempt organization status denied for an organization formed to raise funds for one person’s medical bills
• Discussion of tax research hierarchy in this short week

Federal Tax Update: Supreme Court Protective Claims and 965 Transition Tax

https://vimeo.com/841939508

https://www.currentfederaltaxdevelopments.com/podcasts/2023/7/3/2023-07-03-supreme-court-protective-claims-and-965-transition-tax

 

This week we look at

• Supreme Court takes on §965 transition tax case for upcoming term:  what do we do to protect our clients?
• The IRS releases draft versions of key 2023 partnership income tax returns
• Firefighter’s sexual harassment complaint settlement was not excludable from income

Federal Tax Update: Sherlock Holmes and Tax Research

https://vimeo.com/837414420

https://www.currentfederaltaxdevelopments.com/podcasts/2023/6/25/2023-06-26-sherlock-holmes-and-tax-research

 

This week we look at:

• IRS ends COVID-19 relief for high deductible health plans effective for plan years ending after 12/31/24
• Taxpayer fails in attempt to get IRS permission to make a late §475(f) mark to market election
• Taxpayer who filed Tax Court petition 11 seconds too late due to technology challenges has petition dismissed

Sherlock Holmes on tax research

Federal Tax Update: What Could Be the Harm of Filing an ERC Claim

https://vimeo.com/837414420

https://www.currentfederaltaxdevelopments.com/podcasts/2023/6/18/2023-06-19-what-could-be-the-harm-of-filing-an-erc-claim

 

This week we look at

• OIRA is no longer going to review IRS regulations before issuance
• IRS updates list of automatic accounting method changes
• Proposed regulations issued on transfers of certain energy credits and DirectPay for certain credits
• What can go wrong with an employee retention credit refund claim?

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