FICPA Podcasts

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

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