FICPA Podcasts: Recent Episodes
FICPA Podcasts
The FICPA podcast is to inform and educate our members & the CPA community with today’s hottest issues. Our mission is to serve our members, enhance their competency & professionalism, support professional standards, promote the value of our members & advocate on behalf of the CPA Profession.
https://vimeo.com/1216845407?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/8/9/2026-08-10-irs-guidance-on-qualifed-overtime-for-2026-2028
This week we look at:
- Transitioning Foreign Tax Allocations and Implementing the Ten Percent Credit Disallowance Under Section 960(d)(4)
- Trustee-to-Trustee Transfers of Inherited IRAs Through an Estate: Technical Analysis of PLR 202631001
- Federal Courts Lack APA Jurisdiction Over Foreign Gift Penalty Disputes: The Adequate Alternative Remedy Barrier
- Sourcing Executive Termination Payments: Analyzing the Bifurcated Sourcing of Severance and RSUs in the Appeal of Otting
- The Permanent Section 45S Paid Family and Medical Leave Credit: Analyzing the Statutory Wage Method Mechanics and the New Premium Method Under Notice 2026-28
- The Tax Court Open Door: Why the BBA Partnership Petition Deadline Is Not Jurisdictional
- Commingled Funds, Unsubstantiated Deductions, and the Binding Form of Transactions: A Technical Tax Analysis of Reed v. Commissioner
- The Safe Harbor That Wasn’t: Deconstructing the Anti-Abuse Rule in SIH Partners LLLP v. Commissioner
- The Evolution of Qualified Overtime Compensation Deductions: Analyzing IRS Fact Sheet FS-2026-13 and Its Practical Implications
The FICPA's "The Practitioner's Edge" delivers practical insights for CPAs and professionals in small firms. Each episode explores strategies, trends and real-world solutions to help you run a stronger practice, serve clients better and stay ahead in a changing profession.
This month, we're joined by Eric Cohen, CEO and founder of Merchant Advocate, to explore how payment processing reviews can become a powerful value-added service for accounting firms. Cohen explains why credit card processing fees are often one of a business's largest—and least understood—expenses, revealing how hidden rate increases and complex fee structures can quietly erode profitability. He shares practical strategies for helping clients uncover savings without changing providers, while positioning your firm as a trusted advisor that proactively protects clients' bottom lines. From navigating evolving payment regulations to monitoring ongoing fee increases, Cohen demonstrates how this often-overlooked service can strengthen client relationships and create lasting value.
"If you do the right thing, your business will grow naturally."
Eric Cohen | LinkedIn: https://www.linkedin.com/in/eric-cohen-merchantadvocate/
https://vimeo.com/1215009645?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/8/2/2026-08-03-on-again-off-again-on-again-plr
This week we look at:
- IRS Reinstates Tax Deferral on Variable Annuity Term Certain Options: Reconsideration and Reversal in PLR 202630002
- Understanding the ERC Pleading Standard: Federal Claims Court Deferral in I Health and Life Insurance Services
- Predecessor Losses, the Lonely Parent Rule, and the Limits of Economic Reality: Analysis of HBM Holdings Co. v. Commissioner
- Double Books and Disguised Payees: Corporate Personal Expenses and the Civil Fraud Penalty in Prezioso v. Commissioner
https://vimeo.com/1213098151?share=copy&fl=sv&fe=ci https://www.currentfederaltaxdevelopments.com/podcasts/2026/7/26/2026-07-27-aicpa-new-interpretation-on-indepdendence-and-tax-engagements This week we look at:
- Valuation of Remainder Interest Gifts Upon Trust Termination: State Law and Net Gift Adjustments in Lewis v. Commissioner
- Revenue Procedure 2026-26: Technical Overview of 2027 Indexing Adjustments for Premium Tax Credits and Affordability Standards
- Limitations of Interest Abatement Claims Under I.R.C. § 6404(e)(1) in the Context of ERC-Driven Amendments
- Section 6015(c) Relief and the Substantiation Trap: An Analysis of Anderson v. Commissioner
- Navigating the AICPA’s New Tax Services Independence Standards: A Guide for Practitioners
https://vimeo.com/1211218820?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/7/19/2026-07-20-irs-expands-business-tax-accounts
This week we look at:
Partnership Recourse Rules: Conditional DROs will not establish EROL under § 1.752-2.
- Mileage Rate Adjustment: Business standard mileage rate rises to 76 cents on July 1, 2026.
- Business Tax Account: Modernized self-service portal expands features but requires active annual maintenance.
- Litigation Legal Fees: FCRA settlements are taxable gross income without above-the-line deduction.
- Corporate Reorganizations: Tax Court invalidates regulation limiting 100% DRD in post-Loper Bright era.
- ERC Litigation Realities: Exhaustion loophole rejected; notice pleading standards approved in refund suits.
- Conservation Easements: Valuation must be grounded in immediate local market demand, not speculation.
https://www.currentfederaltaxdevelopments.com/podcasts/2026/7/12/2026-07-13-a-week-of-final-regulations
This week we look at:
- Transitioning from First Time Abate (FTA) to Automatic Exemption from Penalty (AEP)
- Strict Enforcement of Tax Refund Statutes of Limitations
- Employee Retention Credit (ERC) Refund Claims & Pleading Standards
- Pandemic-Era Persistence of New York's Convenience of the Employer Rule
- Invalidity of Treasury Regulation Section 1.951A-2(c)(5)
- Non-Shareholder Capital Contributions vs. Compensation
- Final Section 1035 Exchange & Corporate Reorganization Regulations
- Reclassification of Abusive CRAT Structures as Listed Transactions
- The National Taxpayer Advocate’s Perspective on AEP
The FICPA's The Practitioner’s Edge delivers practical insights for CPAs and professionals in small firms. Each episode explores strategies, trends and real-world solutions to help you run a stronger practice, serve clients better and stay ahead in a changing profession.
This month, we're joined by Dan Giddings, Account Executive with Blue J, to explore how AI is transforming tax research for accounting firms. Giddings explains why purpose-built AI tools offer a more secure and reliable alternative to general AI platforms by providing answers backed exclusively by trusted tax authorities, including IRS guidance, regulations, case law and state-specific resources. He also discusses how firms can use AI to streamline research, draft client communications, analyze tax returns and uncover proactive planning opportunities, all while maintaining data security and client confidentiality.
The conversation also highlights how firms of all sizes can empower every team member, from junior staff to partners, with AI tools that reduce research time, improve consistency and create more capacity for higher-value advisory services. Giddings emphasizes that successful firms are not replacing professional judgment with AI. Instead, they are using it to enhance accuracy, improve efficiency and deliver better client outcomes.
"AI should help firms create capacity, not replace professional judgment. The goal is to free your team to deliver better advice and better client service."
Dan Giddings, Account Executive, Blue J, LinkedIn: https://www.linkedin.com/in/dan-giddings/
FICPA Members: Discover additional tools and resources in the FICPA Small Firm Suite at Small Firm Suite - Florida Institute of CPAs.
https://vimeo.com/1207214382?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/7/5/2026-07-06-erc-cases-galore-week
This week we look at:
- Section 7508A(d) and Interest on Pre-COVID-19 Disaster Tax Deficiencies
- The Soroban Capital Partners SECA Tax Controversy
- Pleading Requirements for the Employee Retention Credit (Tapestry Senior Housing)
- ERC Causation and the Essential Business Hurdle (RAAM Construction)
- The Section 530A Transfer Tax Safe Harbor (Rev. Proc. 2026-25)
- Penalty Supervisory Approval Verification in CDP (Besicorp Group)
- Retroactive ERC Deadlines & Constitutional Challenges
https://vimeo.com/1205155437?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/6/28/2026-06-29-opr-releases-guidance-on-use-of-generative-ai
This week we look at;
- Nominal S Corporation Ownership and the Abuse Exception
- Recapping the ERC via Section 7405 Civil Actions
- Constructive Dividends, Formalities, and Civil Fraud
- CDP Hearings, Offer-In-Compromise, and RCP Calculations
- Professional Responsibility and Responsible AI Use
- Rigorous Proof for ERC "Partial Suspension" Claims
https://vimeo.com/1202910896?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/6/12/2026-06-15-trusts-and-the-new-section-68
This week we look at:
- Relief from Ineffective S Corporation and QSub Elections
- Procedural and Jurisdictional Limits in Challenging IRS Guidance
- Medicaid Gross Receipts, Cohan Estimations, and Professional Reliance
- Standards and Deceit in Supervised Release
- Transitional Guidance on Qualified Opportunity Zones
https://vimeo.com/1200899324?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/6/12/2026-06-15-trusts-and-the-new-section-68
This week we look at:
- Application of New Section 68 to Trusts and Estates
- Assessing the Risks of Hindsight in Late § 475(f)(1) Elections
- The Eradication of the 5% Safe Harbor (Clean Energy)
- Limits of § 2036(a) and Tax-Motivated Transfers
- Section 183 Hobby Losses & Penalties
- New Section 25F Education Freedom Tax Credit
https://vimeo.com/1199200449?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/6/7/2026-06-08-an-inconsistent-tale-of-two-erc-court-rulings
This week we look at:
- Proposed Increase to Estate Tax Closing Letter User Fee
- Divergent Causation Standards for ERC Eligibility
- Valuation Extremes in Conservation Easements
- Substantiating Mortgage Interest Deductions
- Taxation of Cryptocurrency Staking Rewards
- Section 4960 and "Covered Employees"
- FBAR Compliance and IRS Agent Authority
Join the FICPA and longtime FICPA member Dan Henn each month as we host dynamic interview-style sessions designed to spark meaningful industry conversations. "The Practitioner’s Edge” delivers practical insights for CPAs and professionals in small firms. Each episode explores strategies, trends and real-world solutions to help you run a stronger practice, serve clients better and stay ahead in a changing profession.
This month, we’re joined by Andy Roe, CRO with CPA Site Solutions, to discuss the transformative power of tax automation for small firms. He emphasizes how shifting away from manual data entry allows practitioners to focus on high-value advisory services, ultimately increasing firm capacity without adding headcount. Roe provides a roadmap for firms to navigate the "tax automation journey," highlighting that the most successful practitioners are those who embrace standardized workflows and modern technology to solve the perennial staffing and capacity challenges facing the profession.
"Automation isn't just about saving time; it’s about creating the capacity to be the advisor your clients actually want you to be." Andrew Roe | LinkedIn
FICPA Members: Discover additional tools and resources in the FICPA Small Firm Suite at Small Firm Suite - Florida Institute of CPAs.
https://vimeo.com/1197138274?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/5/31/2026-06-01-more-details-on-the-activation-of-trump-accounts This week we look at:
* Procedural Timeliness & Automatic Extensions
* Spousal IRA Rollovers Through Estates and Trusts
* Collateral Estoppel and the "Innocent" Spouse
* Improper Corporate Deductions and Fraud
* Implementation of "Trump Accounts"
* 2027 Inflation Adjustments (HSA, HRA, DPCSA)
https://vimeo.com/1195148268?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/5/25/2026-05-25-irs-prepares-to-challenge-kwong-after-limited-aod-on-abdo
This week we look at:
- Equitable Relief for Erroneous Tax Refunds: An Analysis of the Fourth Circuit's Reversal in LaRosa v. Commissioner
- Final Regulations Modify Information Reporting for Section 751(a) Partnership Interest Exchanges
- The Impermeable Reach of Section 6672: Joint and Several Trust Fund Liability and the Demise of the Delegation Defense
- The Taxpayer Due Process Enhancement Act (H.R. 6506): A Crucial Legislative Response to Commissioner v. Zuch
- Demystifying Notice 2026-33: Comprehensive Guidance on Qualified Long-Term Care Distributions under the SECURE 2.0 Act
- IRS Action on Decision: Decoding the Service’s Limited Acquiescence on Mandatory COVID-19 Postponements and the Road Ahead in Kwong
https://vimeo.com/1192862941?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/5/17/2026-05-18-if-a-client-claims-charitable-contributions-you-must-understand-the-cwa-rules
This week we look at:
- Technical Analysis of the Proposed Regulations Establishing Excepted Fertility Benefits
- Analysis of the IRS Time-Limited Settlement Initiative for Conservation Easement Disputes
- Strict Compliance with Contemporaneous Written Acknowledgment Requirements in Charitable Land Contributions
- Transferee Tax Liability and the Consequences of Willful Blindness: An Analysis of Dillon Trust Company v. United States
https://vimeo.com/1190929350?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/5/10/2026-05-11-the-expensive-lost-whilte-receipt-and-certified-mailing This week we look at:
- Syndicated Conservation Easements and the Valuation Conundrum: An Analysis of T.C. Memo. 2026-36
- Analysis of Garcia-Rojas v. Franchise Tax Board: The Limits of the Unitary Business Doctrine for Sole Proprietors
- An Analysis of the Reinstated Significant Issue Letter Ruling Program Under Revenue Procedure 2026-21
- The "Byers Rule" and the Administrative Procedure Act
- Jurisdictional Time Bars and the Timely Mailing Rule: An Analysis of Dunlap v. United States
- Temporary Import Surcharges and Executive Authority: A Review of the Court of International Trade's Ruling
Join the FICPA and longtime FICPA member Dan Henn each month as we host dynamic interview-style sessions designed to spark meaningful industry conversations. "The Practitioner’s Edge” delivers practical insights for CPAs and professionals in small firms. Each episode explores strategies, trends and real-world solutions to help you run a stronger practice, serve clients better and stay ahead in a changing profession.
This month, we’re joined by Laurence Whittam, practice leader and advisor with Whitman Advisory. Whitman Advisory has helped CPA firms for more than 20 years, educating them on their options when seeking global talent.
“The words ‘outsourcing’ and ‘offshoring,' I think everyone’s burnt out by those, right? I want to make sure you’re using a good provider that has the right infrastructure in place … the right model that aligns with your vision.” Laurence Whittam | LinkedIn
FICPA Members: Discover additional tools and resources in the FICPA Small Firm Suite.
Join the FICPA and longtime FICPA member Dan Henn each month as we host dynamic interview-style sessions designed to spark meaningful industry conversations. "The Practitioner’s Edge” delivers practical insights for CPAs and professionals in small firms. Each episode explores strategies, trends and real-world solutions to help you run a stronger practice, serve clients better and stay ahead in a changing profession.
This month, we are joined by Chris Cromer, Director of Operations with CPA.com, who provides expert insights, strategies and solutions your firm needs to deliver higher-level services and also is the operator of a top-level domain called .CPA.
"Instead of .COM we're .CPA, which is restricted to the CPA profession. You have to be a licensed CPA or CPA firm in order to register a .CPA domain."
FICPA Members: Discover additional tools and resources in the FICPA Small Firm Suite.
Join the FICPA and longtime FICPA member Dan Henn each month as we host dynamic interview-style sessions designed to spark meaningful industry conversations. "The Practitioner’s Edge” delivers practical insights for CPAs and professionals in small firms. Each episode explores strategies, trends and real-world solutions to help you run a stronger practice, serve clients better and stay ahead in a changing profession.
This month, we are joined by Frank Tumminello, CEO and Co-Founder of FileForms, who aims to help FICPA members in stopping the manual tracking of entity compliance.
FICPA Members: Discover additional tools and resources in the FICPA Small Firm Suite at Small Firm Suite - Florida Institute of CPAs.
https://vimeo.com/1188884054?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/5/3/2026-05-04-treasury-previews-upcoming-280e-medical-marijuana-guidance
This week we look at:
- Reasonable Cause Relief Under the Small-Corporation Provision for Form 5472 Penalties
- Extending the Statute of Limitations for Disallowed ERC Claims
- Legislative Update: House Passes Comprehensive Tax Administration and Relief Bills
- Anticipated IRS Guidance Following the Rescheduling of Medical Marijuana
- Analysis of the New Dyed Fuel Excise Tax Refund Regulations Under Section 6435
- Executive Order on Retirement Savings and Its Interaction with IRC Section 6433
https://vimeo.com/1186533175?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/4/25/2026-04-27-no-more-280e-for-state-legal-medical-cannabis-businesses
This week we look at:
- Tax Implications of the Rescheduling of State-Licensed Medical Marijuana
- Disallowance of COVID-19 Leave Credits: A Review of Substantiation and Trade or Business Requirements
- Substantiation, Entity Indebtedness, and Business Expense Deductibility: An Analysis of the Simmons Case
- The Tenth Circuit Codifies the Reach of the Economic Substance Doctrine Over Mechanical Statutory Compliance
- Treatment of Loyalty Rewards Program Funds and the Claim of Right Doctrine
- Valuation and Penalty Controversies in Estate Tax Examinations
https://vimeo.com/1184588028?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/4/19/2026-04-20-final-regulations-issued-on-qualified-tip-income
This week we look at:
- A Technical Analysis of the Final Section 224 Regulations on the Qualified Tip Deduction
- Analysis of Proposed Regulations on Information Reporting Thresholds and Wagering Losses (REG-113229-25)
- U.S. District Court Splits Its Ruling on Micro-Captive Disclosure Mandates
- IRS Reduces Enrolled Agent Special Enrollment Examination User Fees: An Analysis of the Interim Final and Proposed Regulations
- Taxation of Terminated Life Insurance Policies: An Analysis of Constructive Receipt and Investment Interest
https://vimeo.com/1175981662?share=copy&fl=sv&fe=ci https://www.currentfederaltaxdevelopments.com/podcasts/2026/3/22/2026-03-23-claim-of-right-and-the-correct-tax-year This week we look at:* Corporate Capacity and State Law Revivor * Digital Asset Identification Relief * Interest and Bonus Depreciation Relief * ERC Disallowances and Legal Standing * Substantiation Rules for Emergency Vehicles * Partnership Audits and Due Process * Social Security Repayments
https://vimeo.com/1173804604?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/3/15/2026-03-16-trump-account-proposed-regulations
This week we look at:
- Proposed Regulations for IRC Section 530A "Trump Accounts"
- IRC Section 6434 Trump Account Pilot Program
- Micro-Captive Scrutiny Formalized
- BBA Audits: Notice Defects and the Statute of Limitations
https://vimeo.com/1171579382?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/3/8/2026-03-09-sir-you-are-about-to-lose-your-passport
This week we look at:
- Fiduciary and Beneficiary Liability for Unpaid Estate Taxes
- Retroactive Entity Classification and Partnership Basis
- 2026 Passenger Auto Depreciation Limits
- Passport Certification & Victimization Defenses
- Passport Revocation in Collection Suits
- Waiver of Foreign Earned Income Exclusion Time Rules
- New Digital Asset Reporting Landscape (Form 1099-DA)
https://vimeo.com/1169322775?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/3/1/2026-03-02-another-circuit-find-irs-has-assessment-authority-for-section-6038b-penalties
This week we look at:
- Required Minimum Distribution Regulations Delay
- CDP Proceedings and Underlying Liabilities
- Section 743(b) Adjustments and Economic Substance
- Assessability of Section 6038(b) Penalties
https://vimeo.com/1167203922?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/2/22/2026-02-23-supreme-court-strikes-down-tariffs
This week we look at:
- Supreme Court Invalidates Executive Tariffs Under IEEPA
- Special Depreciation Allowance Under the OBBBA
- CAMT Adjustments and Relief
- Circuit Split on Third-Party Fraud
- Valuation and Penalties in Syndicated Conservation Easements
https://vimeo.com/1165157007?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/2/15/2026-02-16-hallucinations-enter-the-tax-court This week we look at:
- TEFRA Jurisdiction and the "Limited Partner" Exception
- Artificial Intelligence and Substantiation
- Section 183 Profit Motive
- Rebate vs. Nonrebate Refunds
- Substantiation and Civil Fraud
- Consolidated Return Jurisdiction
https://vimeo.com/1162894396?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/2/8/2026-02-09-another-former-spouse-ends-up-with-a-jackpot-when-her-ex-spouse-dies-due-to-erisa
This week we look at:
- The "Charitable LLC" Tax Shelter
- Section 280E Bars ERC for Cannabis Businesses
- TEFRA Intervention by Majority Partners
- R&D Credit Substantiation
- Supervisory Approval of Penalties
- ERISA Beneficiary Designations
https://vimeo.com/1160595668?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/1/31/2026-02-02-paper-refund-checks-notices-and-patience-now
This week we look at:
- Challenging the Presumption of Delivery (CDP Cases)
- Bank Deposits & Conduit Theory
- Mandates Under Executive Order 14247 (Notice CP53E)
- IRS Implementation of Executive Order 14247 - (FS 2026-02)
- Federal Priority Statute Liability
- FASIT Structure & Substantial Compliance
https://vimeo.com/1157943418?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/1/25/2026-01-26-court-allows-erc-claim-to-go-forward-but-throws-out-apa-challenge
This week we look at:
- ERC Refund Suits and Challenges to IRS Notice 2021-20
- Section 6015(f) Equitable Relief and Attribution of Income
- Financial Disability Tolling under § 6511(h)
- Distinguishing "Tax Loss" for Sentencing vs. Restitution
- Implementation of Qualified Overtime Deductions (OBBBA)
https://vimeo.com/1155580268?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/1/18/2026-01-19-fifth-circuit-reverses-tax-court-on-se-income-for-state-law-limited-partners
This week we look at:
- SE Tax Liability for Limited Partners (Sirius Solutions)
- Whistleblower Awards and "Collected Proceeds"
- Statutory Construction of Section 168(k) Amendments
- Updated Safe Harbor Explanations for Section 402(f)
- Modernized Group Tax Exemption Framework
- Tax-Exempt Status of Supplemental Military Housing Allowances
https://vimeo.com/1153172686?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/1/10/2026-01-12-irs-announces-opening-of-e-filing-season-for-individuals
This week we look at:
- IRS Announces Filing Season Overview & Timeline
- A Charity Loses Its §501(c)(3) Status After Forgetting to Perform Virtually Any Exempt Activities
- Taxpayer Loses a Large Charitable Contribution Deduction Based on Lack of Substantiation
- Second Circuit Concurs With Other Circuits on Willfulness for FBAR Penalties
- Tax Court Found Summary Assessment Invalid in Premium Tax Credit Case
https://vimeo.com/1151233104?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2026/1/3/2026-01-05-proposed-regulations-on-new-car-loan-interest-deduction
This week we look at:
- Standard Mileage Rates & Notice 2026-10
- 2026 Procedural Updates - Annual Revenue Procedures
- Qualified Passenger Vehicle Loan Interest (QPVLI) Proposed Regulations
- Estate of Spenlinhauer v. Commissioner Late Filing and More
- Bargain Sale of For-Profit colleges to a Non-Profit (501(c)(3))
https://vimeo.com/1149904280?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2025/12/28/2025-12-29-marijuana-rescheduling-restarts-after-long-pause
This week we look at:
- Executive Action on Marijuana Scheduling and IRC § 280E
- State Paid Family and Medical Leave (PFML) Programs
- Estimated Tax Relief for Qualified Farmland Sales
- IRC § 163(j) Interest Limitation Updates
- Premium Tax Credit (PTC) Revisions
https://vimeo.com/1148156806?share=copy&fl=sv&fe=ci https://www.currentfederaltaxdevelopments.com/podcasts/2025/12/19/2025-12-22-initial-scholarship-granting-organization-guidance-issued This week we look at:
* Section 25F Advance Elections
* Unreported Income & The "Missing Witness"
* Constitutionality of Penalties Post-Jarkesy
* Section 280E & Offers-in-Compromise
* Substantiating Bad Debt & NOLs
https://vimeo.com/1146219248?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2025/12/13/2025-12-15-postmark-date-risk-due-to-usps-change
This week we look at
- USPS Changes to Postmark Date System
- H.R. 1491: Disaster Related Extension of Deadlines Act
- Capitalization Priorities: Temnorod v. Commissioner
- Notice 2026-5: HSA Expansion Under OBBBA
- Fulfillment by Amazon (FBA) and "Doing Business"
- Substantiation Failures: Mirch v. Commissioner
https://vimeo.com/1144175579?share=copy&fl=sv&fe=ci https://www.currentfederaltaxdevelopments.com/podcasts/2025/12/7/2025-12-08-initial-details-released-on-trump-accounts This week we look at:
* Notice 2025-68 – Implementation of Trump Accounts
* Draft Form 4547 – Elections and Filing Mechanics
* Notice 2025-70 – The OBBBA Scholarship Tax Credit
* Alioto v. Commissioner – Corporate Distinctness
https://vimeo.com/1141663155?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2025/11/29/2025-12-01-irs-gives-first-discussion-of-upcoming-credit-for-donation-to-tuition-organizations
This week we look at:
- Whistleblower Awards and Substantial Contribution
- Corporate Stock Repurchase Excise Tax
- Judicial Review of Willful FBAR Penalties
- Revisiting the Profit Motive Standard
- Judicial Precedent on Erroneous Refund Recovery
- OBBBA Guidance on SFCs and Section 987 Elections
- The OBBBA Scholarship Tax Credit
- Conservation Easements and Gross Valuation Misstatements
https://vimeo.com/1139800456?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2025/11/23/2025-11-24-tips-and-overtime-form-1040-reporting-reiief
This week we look at:
- Innocent Spouse Relief Determination Standards
- Adjustments to Medicare Parts A, B, and D
- Equitable Distribution vs. Alimony (Pre-TCJA)
- Implementation of the Section 139L Interest Exclusion
- OBBBA Deductions for Tips and Overtime Compensation for 2025 returns
https://vimeo.com/1137253138?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2025/11/15/2025-11-17-retirement-plan-and-ira-inflation-numbers
This week we look at:
- Annual Adjustments to Retirement Plan Limitations
- Ensuring Investment Trust Status for Digital Asset Staking Entities
- Examining Penalties in Microcaptive Transactions
- Ownership Requirements for Non-Business Theft Losses
- Defining the Scope of I.R.C. § 172(b)(3) Carryback Waivers
https://vimeo.com/1132811934?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2025/11/9/2025-11-10-employer-guidance-for-2025-qualified-tips-and-overtime
This week we look at:
- Private Inurement and Operational Failure
- Prevailing Party Status Under § 7430
- The Federal Priority Statute and Corporate Officer Liability
- Termination of the Automatic Stay in Bankruptcy
- Injunction Violations and Civil Contempt for Tax Preparer
- A Refined Approach to Math Error Notices
- Application of Unstated Interest Rules to Corporate Mergers
https://vimeo.com/1135126659?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2025/11/9/2025-11-10-employer-guidance-for-2025-qualified-tips-and-overtime
This week we look at:
- Conservation Easement Valuation and Highest and Best Use
- Trust Fund Recovery Penalty (TFRP) Application
- California Residency and Taxpayer Burden of Proof
- OBBBA Information Reporting Transition Relief
- SCOTUS Oral Argument on IEEPA Tariffs
- Conservation Easement Timing and Penalties
- Digital Asset Broker Reporting FAQ Guidance
https://vimeo.com/1130739077?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2025/10/26/2025-10-27-more-irs-government-shutdown-clarifications
This week we look at:
- Reevaluating the DC-QIE Exception (FIRPTA)
- Technical Revisions to Revenue Procedure 2025-32
- Transitional Reporting for Qualified Passenger Vehicle Loan Interest (QPVLI)
- Jurisdictional Clarity for TEFRA Readjustment Petitions
- S Corporation Income Attribution and Substantiation Failures
- IRS Operations During a Lapse in Appropriations
- Employee Retention Credit Compliance (OBBBA)
- Form 1099-K Information Reporting Updates
https://vimeo.com/1128633740?share=copy&fl=sv&fe=ci
https://www.currentfederaltaxdevelopments.com/podcasts/2025/10/19/2025-10-20-who-owns-a-hotels-ertc-refund
This week we look at:
- Employee Retention Credit Refunds in Bankruptcy
- Lawsuit Settlement Enforcement and Tax Disclosure Obligations
- Operational Test Failure: Commercial Activities and Private Benefit
- IRS E-File Suspension Authority
- Taxation of International Investment Losses
- Collection Due Process Analysis
https://vimeo.com/1126337362?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2025/10/10/2025-10-13-2026-tax-year-inflation-numbers-published
This week we look at:
- Updated SIFL Rates for Noncommercial Employer-Provided Flights
- Supervisory Approval, Reasoned Decision Making, and the Limits of APA Review in Tax Court
- Tax Exemption Denial for a Gated Community HOA by the Tax Court
- Cancellation-of-Indebtedness Income Timing and the Variance Doctrine
- IRS Contingency Planning: Operational Impact on Tax Practice and Filing Season Preparedness
- 2026 Inflation Adjustments for Tax Professionals
- Accounting Method Failures and Income Reconstruction
- The Concrete Injury Requirement in ERTC Consultant Litigation
https://vimeo.com/1124467788?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/blog/2025/10/4/2025-10-06-guidance-push-in-shutdown-week
This week we look at
- IRS Updates PTIN User Fee
- Withdrawal of Corporate Reorganization Proposed Regulations
- IRS FY2026 Shutdown Contingency Plan
- Guidance on Rural Qualified Opportunity Zones
- New Interim Guidance on the Corporate AMT
- Tax Relief Extension for Terroristic Action in Israel
- Final Regulations on Interest Capitalization for Improvements
- Eighth Circuit Reverses Tax Court in 3M on Blocked Income
- District Court Finds § 501(c)(4) Standards Unconstitutionally Vague
- Two Tax Court Opinions in Green (Hobby Lobby)
https://vimeo.com/1122471502?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/9/27/2025-09-29-the-end-of-individual-refund-checks-approaches
This week we look at:
- Hobby Loss Rules: Young v. Commissioner, T.C. Memo. 2025-95
- Drought-Forced Livestock Sales: IRS Notice 2025-52
- Per Diem Rates: IRS Notice 2025-54
- End of Paper Refunds: IR-2025-94 / E.O. 14247
- Syndicated Conservation Easements: Jackson Stone South, LLC v. Commissioner, T.C. Memo. 2025-96
- Constructive Receipt & § 4958: Fumo v. Commissioner, T.C. Memo. 2025-97
- Whistleblower Awards: In re: Sealed Case, CA DC, Case No. 24-1001
- Employee vs. Independent Contractor: Gil v. United States, USDC ED PA
https://vimeo.com/1120452892?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/9/20/2025-09-22-catch-up-contribution-secure-20-regulations-released
This week we look at:
- Final Regulations for Catch-Up Contributions (TD 10033)
- Draft Schedule 1-A (Form 1040) for 2025
- Urgent Warnings of State Revenue Department Phishing Scams
- Tax Court Developments (Blomquist Holdings)
- Proposed Tax Administration Legislation
- New Deduction for Qualified Tips: An Overview of Proposed Treasury Regulation §1.224-1
https://vimeo.com/1118369985?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/9/13/2025-09-15-qbi-deduction-w-2-wages-and-section-280e
This week we look at:
- Court Frowns on Professional’s Use of Randomly Generated Social Security Numbers
- Understanding the “Placed in Service” Rule for Electric Vehicle Credits
- Advisers Found to Owe Treble Damages to Impacted Taxpayers
- W-2 Wages and the Qualified Business Income Deduction Under Section 280E
- Trust Fund Recovery Penalties and Refund Claim Timeliness in Richter v. The United States
https://vimeo.com/1116428830?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/9/6/2025-09-08-irs-releases-preliminary-list-of-eligible-qualified-tip-occupations
This week we look at:
- Eleventh Circuit: Gross Valuation Misstatement Penalty in a Conservation Easement Case
- Treasury & IRS: Preliminary Guidance on Tipped Occupations
- Eighth Circuit: Medtronic Transfer Pricing Dispute Remanded Again
- California OTA: Entertainer Found to be a California Resident
- Pitfalls in IRA Bankruptcy Exemptions: Farber v. Feldman
https://vimeo.com/1114518395?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/9/1/2025-09-02-better-late-than-never-rampe-procedural-relief
This week we look at:
- Federal Circuit Ruling Finds Limits on Executive Authority to Impose Tariffs Under IEEPA
- Introduction to OBBBA R&E Expenditure Procedures
- Sixth Circuit Realigns on Tax Court Jurisdiction
- Innocent Spouse Relief: Walsh v. Commissioner Overview
- Taxpayer Precluded from Challenging Liability: Sullivan v. Commissioner
- 60-Day IRA Rollover Waiver in a Fraud Scenario
https://vimeo.com/1112554072?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/8/24/2025-08-25-stump-the-llm
This week we look at:
- Federal Complaint Seeking ERC Refunds: Superior Pediatric Care v. United States
- Proposed Revisions to Partnership Information Reporting for Sales or Exchanges of Interests—Form 8308
- Taxation of Unsolicited Stock Transfers: Analysis of Feige v. Commissioner
- Third-Party Intent and the Indefinite Assessment Period: An Analysis of Murrin v. Commissioner
- The One, Big, Beautiful Bill Act (OBBBA): New Deductions & Energy Credit Modifications
- LLM Limitations in Tax Law: Beyond Memorization
https://vimeo.com/1110565833?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/8/17/2025-08-18-state-tax-credit-salt-workaround-regulation-challenge-fails
This week we look at:
- Denham Outlines Its Criticisms of the Tax Court’s Use of the Functional Analysis Test for Limited Partners with the First Circuit Court of Appeals
- Disguised Sales and Sham Partnerships: A Comprehensive Review of PICCIRC, LLC v. Commissioner
- Judicial Examination of State Charitable Tax Credit Programs and Federal Deductibility
- The Second Circuit Clarifies Tax Court Filing Deadlines: Implications for Practitioners
- Understanding New Clean Electricity Credit Termination Rules Impact of IRS Notice 2025-42 on Wind and Solar Facilities
https://vimeo.com/1108856952?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/8/10/2025-08-11-irs-announces-no-payroll-changes-for-2025
This week we look at:
- Urgent Guidance Requested on Section 174A Domestic Research and Experimental Expenditures
- Post-Referral Authority in Tax Litigation—IRS Lacked Authority to Approve ERC Refund
- Closer This Time, But Still Not Quite There—Another Microcaptive Loss for the Taxpayers
- Proposed Amendments to IRC Section 132 Fringe Benefit Rules: Switching to NAICS
- Understanding Passthrough Losses and Bankruptcy in Field Attorney Advice 20253101F
- Proactive Engagement with the Office of Professional Responsibility
- IRS Announces Policy for the One Big Beautiful Bill Act for 2025 Payroll Issues
https://vimeo.com/1106717036?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/8/2/2025-08-04-a-late-tax-season-start-expected
This week we look at:
- Filing Season Forecast to Start in Mid-February in the Coming Season
- Settlement Proceeds Found to Be Taxable and Taxpayer Stuck With Late-Filing Penalties
- IRS Issues Relief for Certain Issues Related to Partnership Investments and the Corporate Alternative Minimum Tax
- Corporate Mergers and the Same Taxpayer Rule for Interest Netting
- What Is an Educational Organization for Unrelated Business Income Tax (UBIT) Purposes?
- Another Microcaptive Arrangement Falls Under Court Challenge
- Taxpayer’s Claim She Didn’t Consent to the Filing of a Joint Return Didn’t Impact Denial of Innocent Spouse Relief
https://vimeo.com/1102786771?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/7/19/2025-07-21-dealing-with-uncashed-retirement-plan-checks
This week we look at:
- Conservation Easement Deductions: A Critical Review of Rock Cliff Reserve, LLC
- Portability Election Pitfalls: A Deep Dive into Estate of Rowland and DSUE Requirements
- Understanding Equitable Tolling in Tax Court: Insights from Boechler, P.C. v. Commissioner
- A Critical Review of Veribest Vesta, LLC v. Commissioner of Internal Revenue: Implications for Conservation Easement Valuations
- Understanding Withholding and Reporting for Uncashed Retirement Plan Distribution Checks: A Review of Rev. Rul. 2025-15
- Fifth Circuit Affirms Tax Court’s Disallowance of Micro-Captive Insurance Deductions: An Analysis of Swift v. Commissioner
https://vimeo.com/1101222681?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/7/14/2025-07-14-passage-of-a-much-shorter-additional-tax-bill
This week we look at:
- Recent Developments: Interpreting the Johnson Amendment in Tax-Exempt Status Litigation
- An Examination of Contract Formation in Tax Court Settlement: Insights from Arden Row Assets, LLC
- Jurisdictional Imperatives in Tax Court: A Case Study on Timeliness and Last Known Address
- Expanding Horizons: Potential Changes to Disaster Tax Relief Under the Filing Relief for Natural Disasters Act
https://vimeo.com/1098877895?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/7/7/2025-07-07-win-some-lose-some-on-statutes-of-limitations-for-the-irs
This week we look at:
- Bad Debt Deduction and Accuracy-Related Penalties: Key Takeaways from Anaheim Arena Management, LLC v Commissioner
- FBAR Compliance and the CPA’s Due Diligence Under Circular 230
- Dissecting Partnership Audit Limitations: Insights from JM Assets, LP v. Commissioner
- Decoding Penalty Assessments: A Deep Dive into Moxon Corporation v. Commissioner
- Tax Court Scrutiny: Upholding Civil Fraud Penalties in Beleiu v. Commissioner
https://vimeo.com/1097540797?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/6/30/2025-06-30-erc-issues-return-to-court
This week we look at:
- Court Upholds IRS’s Employee Retention Credit Guidance
- Taxpayer Files in US District Court as the IRS’s Failure to Act on its Appeal Was Causing the Statute of Limitations to Run Out
- IRS Updates K-2 and K-3 Filing Requirements FAQ, Expands Exceptions to Filing
- Taxpayer Advocate Releases Fiscal Year 2026 Objectives Report to Congress
- Trust Fund Recovery Penalties: A Case Study on "Responsible Person" and "Willfulness" Under 26 U.S.C. § 6672
https://vimeo.com/1095435474?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/6/22/2025-06-23-senate-finance-committee-tax-provision-draft-issued
This week we look at:
- Schwartz v. Commissioner: The Critical Role of Estimated Tax Compliance in Collection Due Process Determinations
- Cano v. Commissioner: Validity of Notice of Deficiency and Address Errors
- Key Differences Between House and Senate Tax Provisions in Reconciliation Process to Date
https://vimeo.com/1093248015?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/6/16/2025-06-16-the-case-of-the-vanishing-levy
This week we look at:
- Understanding Automatic Accounting Method Changes-Revenue Procedure 2025-23
- Accounting Method Changes in Conmac Investments, Inc.
- Conservation Easements in Glade Creek Partners, LLC
- Tax Treaty Exemptions in Kramarenko v. Commissioner
- Tax Refund Litigation & Variance Doctrine in Shleifer v. U.S.
- Tax Court Jurisdiction in Commissioner v. Zuch
- Digital Asset Reporting & Withholding in Notice 2025-33
https://vimeo.com/1091625670?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/6/8/2025-06-09-worthlessness-vs-cancellation-of-debt-are-not-the-same
This week we look at:
- Navigating Corporate Alternative Minimum Tax (CAMT)
- Conservation Easement Valuation & Penalties: A Warning from Tax Court
- Collection Due Process (CDP) & Offers in Compromise (OICs): Lessons from Tax Court
- Accuracy-Related Penalties: Navigating Negligence and Insufficient Professional Reliance
- Understanding Treasury’s Request for Information on Modernizing Federal Payments
- Worthlessness vs. Discharge: A Ninth Circuit Examination of Bad Debt Deductions Concurrent with COD Income
- Navigating the Religious Exemption Landscape: A Deep Dive into Unemployment Compensation Tax
https://vimeo.com/1089225829?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/6/2/2025-06-02-revisiting-previously-discussed-cases
This week we look at:
- Self-Employment Tax for Limited Partners (Soroban II)
- Presidential Tariffs Under IEEPA (USCIT Decision & Federal Circuit Stay)
- Massachusetts Source Income (Welch Case Petition)
- Foreign Gift Penalties (Huang Case)
https://vimeo.com/1087809857?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/5/26/2025-05-26-second-challenge-to-convenience-of-the-employer-rule
This week we look at:
- IRS Reduces Estate Tax Closing Letter Fee
- Tax Court Scope of Review in Passport Cases
- Marital Deduction for Bequests to Trust
- “Reasonable Cause” in Late-Filing Penalty Cases
- “No Tax on Tips Act” (S.129) Passes Senate
- Transfer Pricing in Facebook, Inc. & Subsidiaries v. Commissioner
- Navigating New York’s Convenience Rule: Insights from Matter of Zelinsky
https://vimeo.com/1085112388?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/5/18/2025-05-19-passthroughs-and-the-one-big-beautiful-bill
This week we look at:
- IRC Section 7433 and the Scope of the Collection Waiver of Sovereign Immunity
- The Claim of Right Doctrine Applied to Business Errors
- IRC Section 7433: Reinforcing Collection vs. Assessment Distinction
- Selected issues from The One, Big, Beautiful Bill’s tax provisions
- Proposed Changes to the Section 199A Qualified Business Income Deduction
- Proposed Changes Affecting Passthrough Entities and State PTE Taxes
- Interest Deductions and Penalties in Complex Financial Transactions
https://vimeo.com/1083016328?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/5/9/2025-05-12-taxpayer-fails-to-qualify-for-deduction-for-dod-ordered-move
This week we look at:
- Deductibility of IVF and Gestational Surrogacy Costs
- Fraudulent Tax Claims & 28 U.S.C. § 2514
- Tax Collection Suits & Statute of Limitations in United States v. Ragen
- Moving Expense Deduction - Civilian Department of Defense Contractor Eligibility
- Tax Court Jurisdiction - The 90-Day Deadline for Deficiency Petitions
https://vimeo.com/1080965698?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/5/2/2025-05-05-will-we-see-pl-86-272-finally-revised
This week we look at:
- ERC Claims Filed Without Schedule R
- Reasonable Cause for Information Return Penalties: Reliance on Software
- Proposed Expansion of P.L. 86-272 "Solicitation of Orders" Definition
- 2026 Inflation Adjustments for HSAs and Excepted Benefit HRAs
https://vimeo.com/1078808516?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/4/25/2025-04-28-twice-to-the-supreme-court
This week we look at:
- Navigating the Overlap: Civil Tax Assessments and Criminal Restitution Orders
- Navigating Innocent Spouse Relief: A Look at Salvi v. Commissioner
- Supreme Court Weighs Tax Court Jurisdiction in Levy Disputes After Tax Payment: A Deep Dive into Commissioner v. Zuch
- Navigating ERISA Prohibited Transaction Claims: Insights from Cunningham v. Cornell University
https://vimeo.com/1076802508?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/4/18/2025-04-21-hobby-horse-problems
This week we look at:
- Navigating the 90-Day Deadline for Employment Tax Redeterminations: The Belagio Fine Jewelry, Inc. Case and Equitable Tolling
- GWA, LLC v. Commissioner: Substance Over Form and the Nuances of Tax Elections for Disregarded Entities
- Notice 2025-23: Treasury and IRS Signal Withdrawal of Basis Shifting TOI Regulations and Related Penalties
- Hobby Loss and Failure to File: A Deep Dive into Himmel v. Commissioner
https://vimeo.com/1076132850?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/4/16/2025-04-16-a-very-busy-week-as-the-deadline-approached
This week we look at:
- Massachusetts Source Income and the Sale of Stock by Nonresident
- Navigating the Valuation Landscape: Insights from Pierce v. Commissioner
- Personal Liability for Corporate Sales and Use Tax: An Analysis of Matter of the Appeal of B. Wageman
- Navigating the IRS’s ERC Claim Processing Moratorium and "Risking" Procedures
- Jurisdictional Prerequisites in Tax Refund Suits: A Case Study of Estate of Robert F. Armitage, Deceased v. The United States
- Dependency Claims and Child Tax Credits: A Look at Correll v. Commissioner
- WT Art Partnership LP v. Commissioner: Charitable Contribution Deductions and Valuation Pitfalls
- Zajac v. Commissioner: Disallowance of Numerous Deductions and Upholding Penalties
- Hampton v. Commissioner: Public Policy and Disallowance of Shareholder Loss Deduction
- Revised SIFL Rates for Valuation of Noncommercial Flights: Revenue Ruling 2025-9
- IRS Provides Limited Penalty Relief for Certain Micro-Captive Disclosure Statements
- The Demise of DeFi Broker Reporting: An Analysis of H.J. Res. 25
https://vimeo.com/1072972311?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/4/6/2025-04-07-the-cost-of-too-good-to-be-true
This week we look at:
- Ranch Springs, LLC v. Commissioner: A Case Study in the Valuation of Conservation Easements and the Pitfalls of Aggressive Tax Planning
- The Duty of Consistency Prevails: A Case Study in Innocent Spouse Relief and Subsequent Asset Claims
Navigating the Murky Waters of Investment Tax Credits and Passive Activity Rules: A Deep Dive into Strieby v. Commissioner
https://vimeo.com/1070813367?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/3/30/2025-03-31-end-of-paper-tax-payments-and-refund-checks-coming
This week we look at:
- Congress Passes Resolution to Nullify Final Regulations on DeFi Information Reporting in TD 10021
- Interim Final Rule Limiting BOI Filing Requirements Released by Treasury Department
- Substantiating Depreciation for Converted Property: A Look at Smith v. Commissioner
- Executive Order Will Generally Bar the Use of Paper Checks to Make Payments to or Receive Refunds from Treasury, Including Tax Related Ones
- Jones et al. v. Commissioner: A Deep Dive into the Tax Court’s Scrutiny of a Microcaptive Insurance Arrangement
- Navigating Jurisdictional Hurdles in Tax Refund Claims: A Look at Hamilton v. United States
- Ninth Circuit Affirms Willful Failure to Pay Trust Fund Taxes: A Case Study for CPAs
https://vimeo.com/1068623586?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/3/24/2025-03-24-erc-simplified-method-for-income-tax-reporting
This week we look at:
- TIGTA Report: IRS Refund Claim Processing for Deceased Taxpayers
- IRS Certification of Seriously Delinquent Tax Debt to the State Department
- Refund Claim Challenges: When IRS Guidance Fails
- Sixth Circuit: IRA Forfeiture to Government Not Taxable
- Loper Bright: Pharmacy Benefit Managers Denied DPAD Deduction
- IRS ERC Update: Simplified Income Tax Reporting for Wage Reduction
https://vimeo.com/1066386320?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/3/16/2025-03-17-irs-guidance-on-when-a-scam-generates-a-theft-deduction
This week we look at:
- Tax Court Finds Taxpayer Failed to Provide a Qualified Appraisal, No Charitable Deduction Allowed
- Estate Found Liable for $2 Million FBAR Penalty That Applied to the Decedent
- Taxpayers Filing Court Challenges to Attempt to Obtain Employee Retention Tax Credits
- Fourth Circuit Overturns Trial Court’s Grant of Summary Judgment to the Government, Finding True Issue of Fact Exists Regarding Whether Statute Remained Open
- IRS Memorandum Discusses When a Taxpayer Can Claim a Deduction as Victims of Various Scams Under Current Law
https://vimeo.com/1064099316?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/3/9/2025-03-10-can-we-mostly-ignore-boi-now
This week we look at:
- Treasury and the Corporate Transparency Act (BOI Reporting)
- Martino v. Commissioner: Alimony Deduction Case
- Estate of Kalikow v. Commissioner: Estate Tax & Settlement Payments
- Appeal of A. Markowski: California Source Income for Nonresidents
- CF Headquarters Corporation v. Commissioner: Taxability of Grants
- United States v. Gora: IRS Levy Enforcement
https://vimeo.com/1061747510?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/3/2/2025-03-03-fincen-announces-boi-relief-and-future-actions
This week we look at:
- FinCEN Announcement on BOI Reporting Penalties
- Tax Court Case: Alan Hamel and Estate of Suzanne Hamel v. Commissioner
- IRS “Dirty Dozen” Tax Scams for 2025
- IRS Adds Tax Documents to Online Accounts
- Ways and Means Committee Passes Disaster Relief Bills
- House and Senate Budget Resolutions
https://vimeo.com/1059459180?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/2/23/2025-02-24-boi-developments-week
This week we look at:
- Second Circuit Rules on Section 179D Deductions and Accounting Method Change
- IRS Guidance on ACA Notice Posting
- Court Case on CPA Negligence and Trust Return Penalties
- BOI Reporting Requirement Updates
https://vimeo.com/1057256987?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/2/16/2025-02-17-a-week-of-lost-losses
This week we look at:
- Deductibility of Losses: Weston v. Commissioner
- Conservation Easements: Green Valley Investors LLC
- Automobile Depreciation and Lease Inclusion
- S Corporation Inadvertent Termination Relief
- Corporate Transparency Act (CTA) - Government Briefs
- House Ways & Means Committee Tax Bills
https://vimeo.com/1054799615?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/2/8/2025-02-10-new-administration-pushes-foward-with-the-cta
This week we look at:
- IRS issues letter ruling on IRA left to trust
- A taxpayer mistakenly believes the IRS had conceded that his income was not subject to self-employment tax, but it hadn’t
- The Tax Court denies a taxpayer’s deductions and claimed partnership losses due to incredibly disorganized and inadequate records
- Taxpayer runs afoul of the “pay first, litigate later” rule when attempting to sue the IRS for a refund in US District Court in response to an assessment
- A taxpayer’s unprocessed claim for an ERTC refund doesn’t justify CDP relief
- The BOI - new Administration continues litigation and proposes a new due date, potential filing relief
https://vimeo.com/1052761467?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/2/2/2025-02-03-a-week-of-tax-court-rulings
This week we look at:
- Tax Court Finds Property Donated to Charity Had a Value Less than One-Third of What Taxpayers Claimed on Return
- IRS Finds Most Expenses Related to Taxpayers’ In Vitro Fertilization and Surrogacy Will Not Be Deductible Medical Expenses Under IRC §213
- Taxpayer Denied Innocent Spouse Relief in Tax Court Bench Opinion
- Tax Court Finds No Issue With the Appeals Office Structure and Staffing
Failure to Provide Proof of Filing of Returns Fatal to Taxpayer’s Attempt at Obtaining Relief in CDP Hearing Despite IRS Procedural Errors
https://vimeo.com/1050510362?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/1/26/2025-01-27-boi-sees-supreme-court-action-but-there-a-catch
This week we look at:
- Funds Taken By Sheriff Were a Valid Loan and Not Income from Embezzlement
- Tax Court Allows a Reduced Deduction for a Conservation Easement
- CCA Discusses Issues with Activities of a Private Foundation with Regard to Self-Dealing, Attempted Correction and Jeopardizing Investments
- IRS Email Discusses Agency’s (Lack of) Obligation to Process Amended Tax Returns
- Supreme Court Reverses Fifth Circuit Merits Panel, Again Removes Emergency Injunction Against Enforcement of the CTA BOI Reports
- Despite Supreme Court’s Action on Texas Top Cop Shop, Inc. Ban on Enforcement of BOI Reporting, FinCEN Notes Ban on Enforcement Under the Smith Case is Still in Effect
https://vimeo.com/1048354337?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/1/19/2025-01-20-secure-20-act-proposed-guidance
This week we look at:
- IRS updates residential energy credit Fact Sheet, adds details about the PIN requirements that take effect for 2025 property
- Proposed regulations on catch-up contributions added by the SECURE 2.0 Act
- Proposed regulations on the automatic enrollment provisions of IRC §414A
- US Supreme Court agrees to review a Third Circuit ruling on Tax Court jurisdiction in a Collection Due Process case
- IRS issues final regulations on resolution of tax controversies by the IRS Independent Office of Appeals Under TFA of 2019
https://vimeo.com/1046229873?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/1/12/2025-01-13-tax-filing-and-payment-relief-for-california-wildfires-and-more
This week we look at:
- IRS Grants Tax Relief to California Wildfire Victims
- National Taxpayer Advocate’s Report to Congress and Legislative Recommendations Released
- Third US District Court Issues BOI Reporting Injunction
- Tax Court Finds a Building Was Not a Certified Historic Structure as Defined by §170(h)
- Taxpayer Denied Refund as Court Found the Taxpayer Had Taken the Position That Its Reporting Was an Error Rather Than a Method of Accounting
- Seventh Circuit Upholds Imposition of Fraud Penalty for an Overstatement of Withholdings
- Court Finds Taxpayer Submitted Digitally Altered False Documents, Sustained the Fraud Penalty the IRS Proposed
- IRS Updates Guidance on Section 530 Employment Tax Liability Relief
https://vimeo.com/1044137813?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2025/1/5/2025-01-06-digital-assets-boi-conservation-easements-and-embezzlement
This week we look at:
- IRS gives relief for specific identification of digital asset basis for certain taxpayers for 2025 only
- Department of Justice asks the U.S. Supreme Court to Stay the Latest Corporate Transparency Act Injunction
- IRS no longer to dispute requirement to comply with APA to add listed transactions after the enactment AJCA in 2024
- Tax Court rules that merely being in a registered historic area does not make a building a certified historic structure
- Tax Court finds taxpayer owes tax on over $5.3 million diverted from two retirement plans
https://vimeo.com/1042629856?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2024/12/28/2024-12-30-boi-developments-the-gift-that-keeps-on-giving
This week we look at:
- Tomato processing plant reconditioning to put plant back into shape before beginning next harvest-season production failed all events test at end of the prior season
- Tax Court again imposes functional test in case with state law limited partners
- The BOI reports have a week of dueling court rulings - from the same court
https://vimeo.com/1041577052?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2024/12/22/2024-12-23-irs-proposes-signficant-revisions-to-circular-230
This week we look at:
- Automatic accounting method changes related to §174 extended to years beginning in 2024
- BOI report - hectic week, but ultimately no resolution yet for initial report due date
- 2025 mileage rates published by the IRS
- IRS finalizes regulations on supervisory approval of penalties
IRS proposes revisions to Circular 230
https://vimeo.com/1039255455?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2024/12/14/2024-12-16-irs-expands-business-tax-accounts-features-and-access
This week we look at:
- President signs the two tax bills Congress recently passed
- DOJ asks for stay of injunction issued by US District Court in Texas on enforcement of the CTA
- IRS expands Business Tax Account access and services that can be accessed via that account
https://vimeo.com/1037207254?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2024/12/8/2024-12-09-nationwide-injunction-on-boi-reporting
This week we look at:
- Congress enacts two tax laws: but neither is the big one that passed the House in January but stalled in the US Senate
- A Texas US District Court has issued a nationwide temporary injunction barring FinCEN from enforcing the BOI reporting regime
- DOJ files a notice of Appeal of the Texas Top Cop Shop Inc decision and FinCEN posts information regarding the impact of the case on BOI reports
https://vimeo.com/1034833232?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2024/11/30/2024-12-02-new-form-for-83b-elections
This week we look at:
- IRS releases optional form taxpayer can use to make an IRC §83(b) election
- IRS extends for one year more a transitional 45-day period to perfect research credit claims found to be invalid claims
- IRS provides additional relief on the issuance of Forms 1099-K
https://vimeo.com/1032895071?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2024/11/24/2024-11-25-ip-pins-divorced-parents-and-children
This week we look at:
- IRS announces program using IP-PIN to allow taxpayers who find a dependent on their return has already been listed on another to get their return processed immediately
- The ERC Second Voluntary Disclosure Program ends but the IRS gives some additional relief for withdrawing a claim filed via third-party payer such as a payroll service.
https://vimeo.com/1030183814?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2024/11/16/2024-11-18-end-of-partnership-suspense-account-at-the-irs
This week we look at:
- IRS may stop putting “taxpayer may rely” statements on proposed regulations
- Tax Court rules partnership basis calculations are cumulative in nature and not stand-alone annual calculations under IRC §705
- Latest speculations on what will get through Congress in 2025 - if anything
https://vimeo.com/1028043753?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2024/11/9/2024-11-11-post-election-issue-on-tax-bills-and-the-reconciliation-process
This week we look at the rules involving the reconciliation process in Congress, the path that it appears most likely any tax bill enacted to deal with the expiration of many TCJA provisions at the end of 2025.
https://vimeo.com/1026160940?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2024/11/4/2024-11-04-retirement-plan-inflation-numbers
This week we look at:
- Retirement plan limits announced by the IRS, basically completing the tax inflation adjustments for 2025
- IRS emailed Chief Counsel Advice outlines dealing with SECA and the net investment income tax issues arising from a BBA partnership exam
https://vimeo.com/1023562580?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2024/10/26/2024-10-28-current-federal-tax-developments
This week we look at:
- IRS releases inflation adjusted numbers for most items aside from retirement plans for 2023
- IRS has more bad news for those who fail to pay over trust fund taxes to pay other expenses
- Another US District Court denies a preliminary injunction to bar enforcement of the BOI reporting rules
https://vimeo.com/1021533441?share=copy#t=0
https://www.currentfederaltaxdevelopments.com/podcasts/2024/10/20/2024-10-21-staking-returns-for-one-more-try-at-court
This week we look at:
- S corporation finds multiple ways to terminate its S status, asks IRS forgiveness which is granted
- IRS rules condoms are medical expenses for tax purposes
- IRS adds items to list of preventive care an HDHP can pay without the insured having met the annual deductible
- PTIN registration opens for 2025
- Staking income challenge returns to court
https://vimeo.com/1007507701?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/9/9/2024-09-09-more-boi-report-issues
This week we look at:
- Additional BOI clarifications from online discussions regarding a CPA firm’s reporting obligations and confusions about reporting by entities that don’t register with a state for formation but which do file tax returns
https://vimeo.com/1005595174?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/9/2/2024-09-03-boi-review-time
This week we look at:
- DOJ has scheduled a December 2 hearing on the proposed rule to reschedule marijuana
- BOI reporting confusions that keep coming up as questions in online discussions - time to review
https://vimeo.com/1002280262?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/8/24/2024-08-26-irs-erc-notices-of-denial-comments-of-the-taxpayer-advocate
This week we look at:
- IRS announces the reopening of the ERC Voluntary Disclosure Program on somewhat less generous terms then the first program provided
- National Taxpayer Adviser discusses issues related to ERC Notices of Disallowance issued by the IRS
https://vimeo.com/997531886?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/8/11/2024-08-12-internet-frauds-and-section-165
This week we look at
- Online scams and tax deductions - why how that online scammer you found on a dating site manages to take your money can make a big tax difference
- IRS announces next steps in ERC program, will begin sending some checks in September
https://vimeo.com/994852292?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/8/4/2024-08-05-house-passed-tax-bill-fails-to-clear-cloture-vote-in-the-senate
This week we look at:
- Tax bill fails to clear a procedural vote in the Senate, reducing the likelihood we’ll see the bill enacted before this Congress leaves office
- US District Court declines to issue preliminary injunction requiring the IRS to terminate the ERC claim moratorium, but finds much the court liked in the plaintiff’s arguments
https://vimeo.com/991337750?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/7/28/2024-07-29-more-irs-erc-guidance
This week we look at:
- FinCEN adds two more questions to BOI FAQ page
- IRS adds five new warning signs for problematic ERC claims and announces new developments coming in ERC enforcement
- Chief Counsel Memorandum outlines position on tax exempt organizations dealing with §52 provisions for ERC
https://vimeo.com/988144718?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/7/21/2024-07-22-ira-finalizes-rmd-regulations
This week we look at:
- Taxpayer can’t simply rely on tax software when preparing their return, even if they aren’t being nominated for Secretary of Treasury
- IRS finalizes SECURE Act/SECURE 2.0 Act required minimum distributions regulations
- IRS proposed regulations address the problem of determining the applicable age for those born in 1959
https://vimeo.com/983707444
https://www.currentfederaltaxdevelopments.com/podcasts
This week we look at:
- FinCEN updates the FAQs for BOI reporting, adding information about entities that cease to exist
- New Jersey Committee on Unauthorized Practice of Law releases letter outlining when CPAs and EAs may prepare and/or file BOI reports for clients without the assistance of an attorney
- Another PLR issued for missed ESBT elections for trusts that qualified to make such elections
An audio only version of this week’s broadcast can be streamed or downloaded below:
https://vimeo.com/980129130?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/7/7/2024-07-08-supreme-court-makes-it-easier-to-challenge-regulations
This week we look at
- End of term US Supreme Court cases that will likely impact challenges to Treasury regulations, overturning the concept of Chevron deference and extending the statute to challenge regulations under the Administrative Procedures Act
https://vimeo.com/972556461?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/6/30/2024-07-01-irs-to-eventually-automate-fta-relief
This week we look at:
- Ninth Circuit rules that statute of limitations for the IRS to sue for recovery of erroneous refund begins when the check clears the Federal Reserve and is approved for payment by the US Treasury
- IRS National Taxpayer Advocate announces the IRS will automate FTA abatement of penalties beginning in 2026
- Attorneys report some ERC claimants now interesting in filing suit to accelerate their claim processing
https://vimeo.com/966201086?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/6/23/2024-06-24-supreme-court-upholds-the-965-transition-tax
This week we look at:
- The Supreme Court rules, in a more divided than it may appear opinion, that the §965 transition tax is Constitutional, sustaining the result from the Ninth Circuit in the Moore case.
- IRS gives interim guidance for special distribution relief in the SECURE Act 2.0 for certain distributions.
- IRS indicates it will now be (slowly) processing ERC claims, vast majority show issues
https://vimeo.com/959844883?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/6/16/2024-06-17-do-not-believe-your-chatbot-on-tax-matters
This week we look at:
- IRS provides last minute relief for payment of second quarter corporate estimated tax payments related to corporate alternative minimum tax
- En-banc rehearing request denied in case of Farhy v. Commissioner by DC Circuit
- CPA pleads guilty to tax charges related to syndicated conservation easement program
- Taxpayer Advocate warns of relying on generative AI for answering tax questions for consumer tax software - and there are just as big of issues for tax professionals
https://vimeo.com/955638540?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/6/9/2024-06-10-estate-tax-problems-for-buy-sells-funded-by-life-insurance
This week we look at:
- US Supreme Court rules that a requirement to redeem the decedent’s shares cannot be considered to reduce the value of the entity, but life insurance proceeds received by the entity to fund the buyout will increase the value
- Taxpayer denied relief for late rollover when funds were accidentally transferred from employer plan to Roth IRA
- IRS rules certain payments related to East Palestine, Ohio derailment are §139 disaster payments
- What options exist for an employer with a pending ERC claim?
https://vimeo.com/952942911?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/6/2/2024-06-03-llc-as-an-s-corporation-issue
This week we look at:
- IRS announces that Direct File will continue into 2025 and be expanded while maintaining other program
- A taxpayer finds its not so simple as just file a Form 2553 if you want to have an LLC taxed as an S corporation, but did realize the error fast enough to get a PLR to restore S status
https://vimeo.com/950819978?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/5/27/2024-05-27-misleading-silences-are-sometimes-fine-in-tax
This week we look at:
- Yet another PLR requested for missed QSST election after S shares moved to trust following death of a shareholder
- Tax preparer’s conviction for willfully filing false returns upheld on appeal despite his argument he had doing what he did for years
- Letters to taxpayer from IRS Appeals did not extend the time to file suit for a claim for refund
- A partnership had properly elected to use BBA audit provisions early, rendering IRS FPAA invalid
https://vimeo.com/947543909?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/5/17/2024-05-20-erc-battles-continue
This week we look at:
- DOJ issues proposed rule that would remove cannabis businesses from loss of most business deductions under IRC §280E
- Filing date relief issued for those impacted by Ohio tornadoes from March
- IRS National Fraud Counsel speaks on ERC exams in ABA Tax Section webinar
- Tax adviser files suit to attempt to force the IRS to start processing ERC claims
- Tax Court imposes penalty for raising frivolous claims against taxpayer who argued wages are not income (among other things)
https://vimeo.com/945334377?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/5/12/2024-05-13-changes-to-cafs-and-process-for-tax-pros-to-obtain-transcripts
This week we look at:
- IRS gives update on final results for ERC voluntary compliance program and discusses the future
- The taxpayer’s contract did not make payment contingent on the success of research
- DOJ announces CPA firm barred from promoting CRAT/single premium annuity shelter
- IRS provides information on CAF “under review status” and changes to requesting transcripts
https://vimeo.com/943025614?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts
This week we look at:
- IRS releases Fact Sheet on disaster provisions for retirement accounts added by SECURE 2.0 Act
- DC Circuit reverses Tax Court ruling that IRS does not have assessment authority for failure to file a report under IRC §6038(b) (Form 5471)
- Electric vehicle final regulations issued
- Department of Justice begins process to move marijuana from Schedule I to Schedule III which would cause §280E to no longer limit deductions for cannabis businesses
- Lack of any written records on time President/COO spent on activities or even estimate time spent on qualified research activities doomed attempt to claim a credit under IRC §41(a)
https://vimeo.com/940427506?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/4/28/2024-04-29-no-minimum-attention-required-for-supervisor-approval-of-penalties-per-tax-court
This week we look at:
- Final regulations issued on credit transfer provisions of the Inflation Reduction Act
- Tax Court rules the law does mandate a minimum level of attention by a supervisor when approving a proposed penalty
- IRS announces the end of the Direct File pilot and will announce the next steps shortly
https://vimeo.com/937007922?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/4/20/2024-04-22-irs-extends-limited-rmd-relief-but-warns-they-expect-this-to-be-the-last-time
This week we look at:
- IRS again waives penalties for certain RMD distributions for inherited IRAs and retirement plans, but indicates this should be the last time
- FinCEN adds more Q&As to BOI FAQ for the first time since January
https://vimeo.com/929341969?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/3/31/2024-04-01-tax-court-reverses-position-on-validity-of-conservation-easement-regulation
This week we look at
- Tax Court reverses position on validity of a regulation it had upheld four years ago
- US Supreme Court hears oral arguments in case involving estate tax value of a corporation that received life insurance to redeem the majority shareholder’s estate
- IRS Criminal Investigation Divisions announces update on COVID relief related investigations and convictions
https://vimeo.com/926912400?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/3/24/2024-03-25-erc-voluntary-disclosure-program-is-over-what-next
This week we look at:
- As ERC voluntary compliance program ended, IRS release discusses agency’s plans going forward
- Senate Finance Chair Wyden indicates there be a cloture vote in the Senate on House passed tax bill
- IRS issues proposed regulations to make SPA CRAT arrangements listed transactions
- IRS asks Supreme Court to overturn Culp decision
https://vimeo.com/924422473?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/3/17/2024-03-18-last-call-to-enter-erc-voluntary-disclosure-program
This week we look at:
- FinCEN gives formal notice of appeal of CTA BOI case
- Deadline rapidly approaching for entering first ERC voluntary disclosure program
- Arizona lawmakers write the IRS about tax status of 2023 state rebates
- Court of Appeals finds it is barred from hearing appeal of Tax Court dismissal of small case
https://vimeo.com/921816386?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/3/10/2024-03-11-fincen-announces-enforcement-reaction-to-alabama-case
This week we look at:
- FinCEN announces position on handling BOI enforcement following National Small Business United v. Yellen
- IRS issues warning about companies peddling “doctor’s notes”
- Tax Court warns taxpayer about litigating an issue the taxpayer had previously litigated and lost on for a prior year
https://vimeo.com/918946036?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/3/3/2024-03-04-court-questions-constitutionality-of-the-cta
This week we look at:
- CTA found to violate Constitution by US District Court
- Tax Court issues ruling on impact of SECURE 2.0 Act statute change on returns filed before December 29, 2022 effective date of the Act
- IRS warns about need to reconcile premium tax credit on Forms 1040 after seeing an increase in the number of returns being filed without the required reconciliation
https://vimeo.com/916512887?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/2/25/2024-02-26-more-boi-information-from-insurer
This week we look at:
- More BOI resources from CAMICO made available by NJCPA
- District Court refuses to stay FBAR proceeding to await Tax Court result partially due to the age of the taxpayer
- IRS announces program to go after corporate jet personal usage
- The state of Arizona sues the IRS over tax status of state tax rebate.
https://vimeo.com/914227666?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/2/18/2024-02-19-insurers-update-boi-guidance
This week we look at:
- Insurers updating their advice on BOI engagements
- SALT cap 2023 increase bill fails on a procedural vote in the House
- Jury finds taxpayer did not willfully fail to file FBAR reports
- IRS takes position third party payors liable for ERC refund repayment in addition to common law employers
- IRS sending out CP271 “soft letters” to those with open ERC refund claims
- S corporation has a failure of 9 trusts receiving shares from decedent
- Taxpayer unsuccessfully argues she only should pay taxes on social security actually received
https://vimeo.com/911904537?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/2/10/2024-02-12-are-you-giving-bad-advice-on-electronic-filing
This week we look at:
- No movement on tax bills this week - nor is final action at all likely to take place before March
- E-Filing returns - good or bad idea? Two competing articles published this week
- Taxpayer owes tax on IRA forfeited to government as part of criminal conviction
- IRS discusses when CID voluntary disclosure program should be used instead of ERC voluntary disclosure program
- IRS warns about EFIN scam emails
- Taxpayer found to have submitted a late new refund claim rather than a revision to a timely filed informal claim
https://vimeo.com/909818314?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/2/4/2024-02-05-more-movement-on-proposed-retroactive-tax-bills
This week we look at:
- Bipartisan extender bill is passed by the House, but faces uncertain future in the Senate
- A limited, single-year SALT cap relief bill will be brought to the House floor as part of the compromise to pass the bipartisan bill
- Tax filing season for 2023 return begins this week
- A cautionary tale about phishing being used to obtain client tax information
https://vimeo.com/907062093?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/1/28/2024-01-29-bipartisan-retroactive-tax-bill-clears-ways-and-means-committee
This week we look at the proposed tax bill that advanced out of the Ways & Means Committee on January 19.
https://vimeo.com/902770920?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/1/14/2024-01-16-form-8308-relief
This week we look at:
- Talks continue on proposed tax bill
- IRS provides guidance on Pension-Linked Emergency Savings Account anti-abuse provisions
- Relief granted for filing information found in Part IV of Form 8308 for 2023 returns
- IRS updates Notice describing how to obtain certain exemptions from the required electronic filing of certain entity information and tax returns
https://vimeo.com/900422582?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/1/7/2024-01-08-irs-mistake-stands-as-taxpayer-benefits
This week we look at:
- New work in progress to try and obtain a bipartisan tax bill
- IRS gives car dealers a brief extension to file time-of-sale reports
- IRS reverses direction on treatment of impact of adding a tax reimbursement clause to an IDGT
- Taxpayer can rely upon date IRS places in Notice of Deficiency as the last day to file a Tax Court petition
https://vimeo.com/899057129?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/1/1/2024-01-02-fincen-welcomes-2024-by-opening-boi-filing-site
This week we look at FinCEN's release of the BOI E-Filing site on January 1, 2024.
https://vimeo.com/895535223?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2023/12/17/2023-12-18-fincen-boi-week
This week we look at:
- FinCEN adds more information to FAQ page, including information on PDF form
- Bill passes House that would give a limited extension of time for some initial BOI reports to be filed
- IRS releases mileage rates for 2024
- Supreme Court agrees to hear estate tax valuation case to resolve split in the Circuits
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
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
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
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
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?
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
https://vimeo.com/809579912
https://www.currentfederaltaxdevelopments.com/podcasts/2023/3/19/2023-03-20-taxes-and-medical-expenses
This week we look at:
- Trust that was meant to be a CRAT found not to be one and attempted fix was too late and not undertaken correctly
- PLR looked at whether item for consumption by infant to reduce risk of developing a condition was all or partially a medical expense
- IRS produces FAQ on whether different types of health expenses qualify as medical expenses
https://vimeo.com/807325053
https://www.currentfederaltaxdevelopments.com/podcasts/2023/3/12/2023-03-13-seaview-trading-reversed-in-ninth-circuitmp4
This week we look at:
- IRS and OPR issue separate warnings on ERC claims
- Ninth Circuit reverses Seaview Holdings LLC decision after en banc hearing, partnership return not forwarded to Ogden was never filed
- IRS gives financial institutions RMD notice relief
- S corporation accidentally ended its status by revising its LLC operating agreement
https://vimeo.com/804697529
https://www.currentfederaltaxdevelopments.com/podcasts/2023/3/4/2023-03-06-non-willful-fbar-penalty-is-on-a-per-form-basis
This week we look at:
- Deposit and use by sheriff of jail meal money not found to be a mere misunderstanding
- Amounts taxpayer expected to repay with future earnings found not to be loans, taxable upon receipt
- SCOTUS rules non-willful FBAR failure is a per-form not per-account penalty
- CPA fails to provide substantiation for deductions for practice
https://vimeo.com/798033001
https://www.currentfederaltaxdevelopments.com/podcasts/2023/2/11/2023-02-13-state-payment-relief-for-taxpayers
This week we look at:
- IRS relents to pressure, releases guidance on state payment programs’ taxability (generally it’s good news)
- IRS begins offering direct deposit for Form 1040-X electronic filers - but it will still take a long time to process
- No substantive §174 guidance likely before initial tax deadlines (March & April)
- Form 4868 didn’t qualify as informal claim for refund
https://vimeo.com/796107149
https://www.currentfederaltaxdevelopments.com/podcasts/2023/2/5/2023-02-06-reconsidering-ev-suvs
This week we look at:
- IRS revises classification of clean vehicles for purposes of determining vehicles subject to $80,000 MSRP limit
- Proposed revenue procedure published to establish new voluntary tip reporting procedure
- Taxpayer’s log of every mile of vehicle use had issues that prevented Tax Court from accepting it for meeting burden under IRC §274(d)
https://vimeo.com/793943750
https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/29/2023-01-30-welcome-to-iris
This week we look at:
- IRS begins accepting 2022 income tax returns
- IRS opens up IRIS portal for electronic filing of information returns
- Corporation forced to get private letter ruling on S election due to failure to obtain all required consents
https://vimeo.com/791711678
https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/22/2023-01-23-irs-says-phones-are-improving
This week we look at:
- IRS provides an extended due date for some in Alabama and Georgia impacted by storms
- IRS announces 10 minute response time on Practitioner Priority Line
- Taxpayer’s §401(k) distribution not excluded from income based on diabetes diagnosis
- IRS releases auto depreciation limits under §280F for 2023
https://vimeo.com/789445264
https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/15/2023-01-16-the-irs-memos-on-cryptocurrency
This week we look at:
- IRS begins accepting returns on January 23
- California taxpayers get due dates delayed until May 15
- Amended return research credit additional information requirements added to draft Form 6765 instructions
- Employer provided housing not excluded from income under §119
- No loss allowed on not quite worthless not really stablecoin
- Appraisals required for donation of cryptocurrency
https://vimeo.com/785760441
https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/2/secure-20-act-of-2022-a-quick-summary
Congress passed the SECURE 2.0 Act of 2022 that was signed into law on December 29, 2022. This program gives a brief overview of the provisions of this Act that will help tax professionals advise their clients about the impacts and opportunities found in this law.
https://vimeo.com/785743476
https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/2/2023-01-03-vehicle-credit-guidance-end-of-year-extravaganza
This week we look at:
- IRS to issue regulations for definitions for new clean vehicle credit
- List published on IRS website to assist in determining if a vehicle could qualify for new clean vehicle credit
- Incremental cost safe harbors for §45W commercial clean vehicle credit issued by IRS
- 2023 mileage rates release
- Final 2022 Schedule K-2 and K-3 Form 1065 instructions released
https://vimeo.com/782356237
https://www.currentfederaltaxdevelopments.com/podcasts/2022/12/18/2022-12-19-irs-looks-at-plan-that-claims-to-defer-recognition-of-legal-fee-income
This week we look at:
- IRS memorandum looks at marketed program to defer recognition of legal fees
- Automatic change of accounting method procedure released by the IRS
- IRS publishes news release on upcoming FICA/SE tax 2020 deferral payment due date
https://vimeo.com/780188865
https://www.currentfederaltaxdevelopments.com/podcasts/2022/12/11/2022-12-12-try-two-on-k-2-and-k-3-instructions
This week we look at:
- IRS releases second draft of instructions for preparing 2022 Schedules K-2 and K-3 for partnerships and S corporations
- IRS begins issuing proposed regulations to deal with court losses on method used to add listed transactions not following the Administrative Procedures Act
https://vimeo.com/775484140
https://www.currentfederaltaxdevelopments.com/podcasts/2022/11/27/2022-11-28-difficulties-using-llc-as-legal-entity-for-s-corporation
This week we look at:
- Damage award found to not be for physical injuries, entire amount taxable
- Partnership language in LLC operating agreement revision terminated S corporation status (creating a C corporation)
- Taxpayer failed to wait required 6 months for IRS to act on refund claim before filing suit
https://vimeo.com/773114585
https://www.currentfederaltaxdevelopments.com/podcasts/2022/11/20/2022-11-21-irs-news-releases
IRS news releases this week on:
- Qualified charitable distributions
- Seventh Annual National Tax Security Awareness Week
https://vimeo.com/770499628
https://www.currentfederaltaxdevelopments.com/podcasts/2022/11/13/2022-11-14-impacts-of-the-election-on-tax
This week we look at:
- Tax Court finds that adding to listed transactions requires IRS to comply with Administrative Procedures Act
- Election results and likely tax actions in lame duck session
- What about next year with the new Congress?
https://vimeo.com/767811992
https://www.currentfederaltaxdevelopments.com/podcasts/2022/11/6/2022-11-06-s-corporation-schedule-k-2-and-k-3-draft-instructions-also-released
This week we look at:
- IRS releases Form 1120-S Schedule K-2 and K-3 draft instructions with similar exceptions to Form 1065 version
- IRS gives some indication on when §174 guidance will come out
- Tax benefits alone not enough to establish taxpayer had a profit motive in solar lens leasing business
- IRS grants late rollover relief to victim of fraud
https://vimeo.com/765424882
https://www.currentfederaltaxdevelopments.com/podcasts/2022/10/30/2022-10-31-partnership-schedule-k-2-draft-instructions-issued
This week we look at:
- It’s PTIN renewal time again and the IRS has released a news release announcing the fact
- IRS publishes draft 2022 Form 1065 Schedules K-2 and K-3 instructions with revised exceptions to filing Schedules K-2 and K-3
https://vimeo.com/762960227
https://www.currentfederaltaxdevelopments.com/podcasts/2022/10/22/2022-10-24-two-sets-of-inflation-adjusted-numbers-released-by-irs
This week we look at:
- IRS announces and appears to roll out pilot program to block automated calling systems
- 2023 inflation adjusted general tax amounts released by the IRS
- Retirement/IRA limitations released for 2023
https://vimeo.com/user37230624/download/756202736/db2b6f24e1
https://www.currentfederaltaxdevelopments.com/podcasts/2022/10/2/2022-10-03-beneficial-owner-reporting-requirement-coming-in-2024
This week we look at:
- FinCEN releases final regulations that will require beneficial owner reporting for small LLCs and corporations
- IRS updates FAQ for state and local fiscal recovery funds used for home purchases
- Hurricane Ian relief announced by Treasury, delays most filings to February 15, 2022
https://vimeo.com/753399228
https://www.currentfederaltaxdevelopments.com/podcasts/2022/9/24/2022-09-26-irs-news-releases-emphasizing-recent-guidance
This week we look at:
- IRS issues reminder on penalty relief deadline that makes some modifications
- IRS publishes another news release pushing the CCA on improper PPP loan forgiveness
https://vimeo.com/750995661
https://www.currentfederaltaxdevelopments.com/podcasts/2022/9/18/2022-09-18-new-ppp-loan-tax-guidance-appears
This week we look at:
- IRS memorandum states that PPP loan forgiveness is taxable if taxpayer did not actually qualify for forgiveness granted
- AICPA adds to items requested for additional penalty relief under Notice 2022-36
https://vimeo.com/748560413
https://www.currentfederaltaxdevelopments.com/podcasts/2022/9/11/2022-09-11-proposed-earn-act
This week we look at:
- Chair and Ranking Member of the Senate Finance Committee send Enhancing American Retirement Now (EARN) Act to the Senate floor
- IRS inadvertently makes Form 990-T data on non-§501(c)(3) organizations available for bulk download
- Reasonable cause for failure to file/pay does not include common financial challenges
https://vimeo.com/746382204
https://www.currentfederaltaxdevelopments.com/podcasts/2022/9/5/2022-09-06-aicpa-action-week
This week we look at:
- AICPA issues proposed revisions to Statements on Standards for Tax Services
- AICPA requests additional guidance for filing of Schedules K-2 and K-3
- AICPA and NAEA ask for additional time to file 2019 and 2020 tax returns to get penalty relief
The latest episode of FICPA CEO Conversation is a timely and informative look at the rapidly evolving economics of college athletics! Melissa Stuckey is the Associate Athletic Director and CFO of the University of Florida's University Athletic Association. In this conversation, we dive into the finances of big-time college sports, explain in detail the current Name, Image and Likeness (NIL) landscape, and touch on the opportunities for CPAs to take the field, as they assist student-athletes who are now having to manage income and navigate taxation.
https://vimeo.com/743993881
https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/28/2022-08-29-irs-releases-penalty-relief
This week we look at:
- Trust terms mean estate gets no deduction for marital or charitable contribution for specified payment value
- IRS provides for broad penalty relief for certain returns from 2019 to 2020
- National Taxpayer Advocate publishes blog post explaining IRS penalty relief
https://vimeo.com/741674414
https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/21/2022-08-22-first-ira-2022-guidance-released
This week we look at
- Inflation Reduction Act of 2022 signed into law on August 16, 2022
- Information on electric vehicle for 2022 released by Treasury, IRS and Department of Energy
- Outline electric vehicle credit for remainder of 2022 and 2023 changes
- IRS releases sample Written Information Security Plan (WISP) for tax professionals
For this edition of FICPA CEO Conversations, we are honored to be joined by one of our most important partners in the profession. Barry Melancon is the President & CEO of the American Institute of Certified Public Accountants and the CEO of the Association of International Certified Professional Accountants. In this in-depth discussion, Shelly and Barry touch on a variety of topics impacting CPAs, including the state of the profession, IRS service issues, Client Advisory Services, recruiting and retaining talent, ESG, private equity and M&A, and association management.
https://vimeo.com/739475431
https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/14/2022-08-14-highlights-of-the-inflation-reduction-act-of-2022
House and Senate pass the Inflation Adjustment Act of 2022 and we look at some key provisions
- Increase in funding at the IRS
- Continuation of 2021-2022 Premium Tax Credit Rules
- Tax credits on clean energy vehicles
- Expansion & extension of residential energy credits
- Credit transfer provisions
https://vimeo.com/737392496
https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/7/2022-08-08-revised-virtual-asset-question-for-2022-form-1040
This week we look at:
- IRA 2022 passes the Senate with revisions, House to take it up this week and may vote on Friday
- Inflation adjusted premium tax credit percentages released
- IRS revises questions on digital assets on Form 1040 for 2022
- $51 million payment was not deductible alimony
- IRS finalizes removal of signature requirement on §754 election
https://vimeo.com/737392496
https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/7/2022-08-08-revised-virtual-asset-question-for-2022-form-1040
This week we look at:
- IRA 2022 passes the Senate with revisions, House to take it up this week and may vote on Friday
- Inflation adjusted premium tax credit percentages released
- IRS revises questions on digital assets on Form 1040 for 2022
- $51 million payment was not deductible alimony
- IRS finalizes removal of signature requirement on §754 election
https://vimeo.com/737392496
https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/7/2022-08-08-revised-virtual-asset-question-for-2022-form-1040
This week we look at:
- IRA 2022 passes the Senate with revisions, House to take it up this week and may vote on Friday
- Inflation adjusted premium tax credit percentages released
- IRS revises questions on digital assets on Form 1040 for 2022
- $51 million payment was not deductible alimony
- IRS finalizes removal of signature requirement on §754 election
https://vimeo.com/737392496
https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/7/2022-08-08-revised-virtual-asset-question-for-2022-form-1040
This week we look at:
- IRA 2022 passes the Senate with revisions, House to take it up this week and may vote on Friday
- Inflation adjusted premium tax credit percentages released
- IRS revises questions on digital assets on Form 1040 for 2022
- $51 million payment was not deductible alimony
- IRS finalizes removal of signature requirement on §754 election
https://vimeo.com/737392496
https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/7/2022-08-08-revised-virtual-asset-question-for-2022-form-1040
This week we look at:
- IRA 2022 passes the Senate with revisions, House to take it up this week and may vote on Friday
- Inflation adjusted premium tax credit percentages released
- IRS revises questions on digital assets on Form 1040 for 2022
- $51 million payment was not deductible alimony
- IRS finalizes removal of signature requirement on §754 election
https://vimeo.com/735283780
https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/1/2022-08-01-ira-of-2022-will-it-pass-and-what-is-in-it
This week we look at:
- Proposed Inflation Reduction Act of 2022 - will it pass and what’s in it?
- Taxpayer told by court suit is being dismissed, must file 2020 income tax return to obtain economic impact payment not previously sent to taxpayer
- IRS Security Summit warns tax pros about significant security threats to taxpayer data in their systems
The latest episode of FICPA CEO Conversations is a deep dive into one of the business world's hottest topics: Environmental, Social, and Governance, otherwise known as ESG. Dave Clauson is the Director of ESG at FORVIS, where he assists clients in assessing their current performance, determining potential areas for improvement, and creating tools, processes and procedures to enhance future ESG execution. Shelly and Dave discuss how ESG represents an opportunity for CPAs and how climate risks and climate disclosures will impact businesses in the years to come.
https://vimeo.com/733037570
https://www.currentfederaltaxdevelopments.com/podcasts/2022/7/24/2022-07-25-you-cant-rely-on-your-accountant-spouse
This week we look at:
- IRS wants preparers to advise clients to opt-in to IP-PIN program.
- TAM holds that an activity that is treated as a material participation activity for five straight years under SPA test will be a material participation activity under the 5/10 test in year 6
- Breadwinner not granted innocent spouse relief when she failed to inquire about or review return prepared by accountant spouse
In our latest edition of CEO Conversations, FICPA President & CEO Shelly Weir is joined by CPS Investment Advisors' CPAlliance Director Shawn McCabe. This is a talk centered on financial planning and Client Advisory Services.
Shelly and Shawn will cover what firms and practitioners need to know if they're considering adding CAS. They'll also illustrate the value of becoming a Personal Financial Specialist (PFS) and Registered Investment Advisor (RIA). Finally, they'll discuss both the benefits of and hurdles to adding CAS as the accounting industry continues to evolve.
https://vimeo.com/728657412
https://www.currentfederaltaxdevelopments.com/podcasts/2022/7/10/2022-07-11-irs-liberalizes-late-portability-election-relief
This week we look at:
- Discussions start up again for the reconciliation bill.
- IRS extends automatic late portability election relief to five years
- Federal tax lien attached to payments being made to seller’s former spouse for alimony by business buyer
- No reasonable cause for late payment and late filing
https://vimeo.com/726774026
https://www.currentfederaltaxdevelopments.com/podcasts/2022/7/4/2022-07-05-tas-starts-accepting-referrals-from-congress
This week we look at
- Taxpayer Advocate Service begins accepting referrals on 2021 and earlier original & amended returns from Congressional offices
- Car dealer had more than “some” guarantee of right to retain cash deposits
- Fifth Circuit rules that substantial compliance on charitable donations cannot be sufficient for failure to follow the statute, as opposed to regulations
https://vimeo.com/724262674
https://www.currentfederaltaxdevelopments.com/podcasts/2022/6/26/2022-06-27-irs-falling-further-behind-dealing-with-paper
This week we look at:
- Senate Finance Committee takes action on retirement bill
- IRS and National Taxpayer Advocate release information on processing paper tax returns
- Supreme Court to take on case involving computing FBAR penalties
- IRS adds voice bot support for some ACS issues
https://vimeo.com/721751065
https://www.currentfederaltaxdevelopments.com/podcasts/2022/6/18/2022-06-18-innocent-spouse-does-not-work-for-payroll-tax-issues
This week we look at:
- Foreclosure proceeds could have paid interest on second mortgage, but taxpayer unable to show it was so applied
- Nurse allowed deduction for comfortable and professional clothing
- Innocent spouse relief not available for trust fund penalty liability
https://vimeo.com/719664468
https://www.currentfederaltaxdevelopments.com/podcasts/2022/6/12/2022-06-13-car-mileage-rate-increases
This week we look at:
- IRS increases mileage rates effective July 1, 2022
- Taxpayer unsuccessfully asks for relief for failing to file Form 3115
The latest edition of CEO Conversations features a pair of leaders with expertise in preparing accounting students and Young CPAs for what's ahead. Lorie Gleim is the CEO of Gleim Publications, the industry leader for CPA Exam prep, and Erin Buss is the Executive Vice President of Development & Strategy at Southeast Trust Company and the discussion facilitator for our upcoming Bridge the Gap Conference at MEGA 2022.
Our FICPA President & CEO Shelly Weir recently sat down with Lorie and Erin to discuss how to Strengthen the CPA pipeline make the profession exciting to students equip Young CPAs with the soft skills they need to grow and succeed and how to mold the future leaders of our profession.
https://vimeo.com/717352265
https://www.currentfederaltaxdevelopments.com/blog/2022/6/4/aicpa-letter-gives-recommendation-on-guidance-on-upcoming-tcja-requirement-to-amortize-rather-than-expense-rampd-expenses
This week we look at:
- AICPA letter on Section 174 guidance from the IRS - TCJA changes
- Form 7203 - impact on tax season and dealing with lack of basis records
https://vimeo.com/715281157
https://www.currentfederaltaxdevelopments.com/podcasts/2022/5/30/2022-05-31-importance-of-strict-compliance-with-contribution-documentation-rules
This week we look at:
- Taxpayer discovers her documentation for a charitable contributions did not meet the IRC requirements
- IRS rules an enterprise involved in retail drug sales is a qualified trade or business under IRC §1202
https://vimeo.com/712660158
https://www.currentfederaltaxdevelopments.com/podcasts/2022/5/23/2022-05-23-what-qualifies-as-alimony
This week we look at:
- Physician’s payments are found not to be deductible alimony under pre-TCJA divorce agreement
- IRS announces option for employer leave-based donation programs related to aid for Ukraine
- IRS extends, likely for the final time. option to remotely sign certain plan documents
https://vimeo.com/710134078
https://www.currentfederaltaxdevelopments.com/podcasts/2022/5/15/2022-05-15-was-return-given-at-irs-request-really-never-filed
This week we look at:
- Forming new corporation didn’t break connection to prior material participation
- Ninth Circuit find return was filed even though not send to location in the regulations
- IRS destroyed 30 million paper returns
- Taxpayer filed return too early
- No duress in requesting extension of time to file
https://vimeo.com/707600421
https://www.currentfederaltaxdevelopments.com/podcasts/2022/5/8/2022-05-08-s-corporation-dies-two-years-after-shareholder-does
This week we look at:
- First inflation adjusted numbers for 2023: Health Savings Accounts
- Failure to properly execute estate plan by trustees force S corporation to get PLR to retain status
- CCISO’s recommendation on grant of innocent spouse relief not binding on Chief Counsel’s office in Tax Court deficiency proceeding
https://vimeo.com/704968373
https://www.currentfederaltaxdevelopments.com/podcasts/2022/5/1/2022-05-02-a-problem-with-management-fees
This week we look at:
- Special rules under IRC §104 for military disability and retirement income
- Expenses claimed as management fees treated as distributions to owners
- Proposed regulations to limit use of certain techniques for use of anti-clawback rules
- It’s going to be a longer than expected wait to file K-2/K-3 for S corporations via MeF
https://vimeo.com/702388966
https://www.currentfederaltaxdevelopments.com/podcasts/2022/4/23/2022-04-25-taxing-times-for-retired-airline-pilot
This week we look at:
- Tax rules for no-additional cost services
- SCOTUS refuses to hear challenge to SALT cap
- IRS finally grants election/accounting method relief for retroactive 2019 changes
- Rules for a real estate professional
- IRS expands on Schedules K-2 and K-3 FAQs on April 11
https://vimeo.com/695471864
https://www.currentfederaltaxdevelopments.com/podcasts/2022/4/3/2022-04-04-secure-act-second-version-passes-house
This week we look at:
- IRS Suspends Mailing More Notices - This Time Related to Exempt Organizations
- Tax Court Affirms IRS Denial of Interest Abatement
- Securing a Strong Retirement Act Passes House Overwhelmingly
- Above the Line Classroom Teacher’s Deductions Increases to $300 in 2022
https://vimeo.com/692900746
https://www.currentfederaltaxdevelopments.com/podcasts/2022/3/27/2022-03-28-crowdfunding-tax-fact-sheet
This week we look at:
- IRS releases SIFL rates for first half of 2022
- IRS discussion of taxation of crowdfunding in light of new Form 1099-K rules
- Ninth Circuit affirms that legal settlement is taxable
- No de minimis relief for issue with erroneous information returns
https://vimeo.com/690303898
https://www.currentfederaltaxdevelopments.com/podcasts/2022/3/20/2022-03-21-limits-for-vehicle-depreciation-for-2022
This week we look at:
- IRS releases revised depreciation limits for 2022 for autos under IRC §280F
- Lawmakers send yet another letter to the IRS regarding stopping the sending of notices
- Farmer/fisherman estimated tax payment relief formalized in an IRS Notice
https://vimeo.com/687719025
https://www.currentfederaltaxdevelopments.com/podcasts/2022/3/13/2022-03-14-personal-vs-business-expenses
This week we look at:
- Department of Labor warns §401(k) plan administrators regarding offer digital asset investment options
- No deduction allowed to corporation for paying tuition for training program for boyfriend of 100% shareholders’ daughter
- IRS announces program to deal with the backlog of returns and correspondence
In the latest edition of FICPA CEO Conversations, Shelly Weir sits down our Director of Governmental Affairs, Justin Thames, and the President of Liberty Partners of Tallahassee, Jennifer Green, to recap the 2022 Florida Legislative Session.
Justin and Jennifer have been hard at work these last 60 days, representing the interests of Florida's CPAs and advocating on behalf of the profession. As the 2022 Session comes to a close, this edition of CEO Conversations highlights the issues the FICPA has been engaged in on your behalf.
In our latest edition of CEO Conversations, FICPA President & CEO Shelly Weir sits down with Florida's new Secretary of the Department of Business and Professional Regulation, Melanie Griffin. They discuss Secretary Griffin's confirmation hearings, her key initiatives for the Department, and the specific ways the FICPA and DBPR can continue to work together to advance the CPA profession in Florida.
https://vimeo.com/685218170
https://www.currentfederaltaxdevelopments.com/podcasts/2022/3/6/2022-03-07-farmer-and-fisherman-tax-software-relief
This week we look at:
- IRS looks to increase EA user fees by over 100%
- Justice Department files motion to have staking case dismissed as moot
- IRS to grant relief to certain farmers and fisherman impacted by inability of some tax software to file Form 7203 by March 1
https://vimeo.com/682635542
https://www.currentfederaltaxdevelopments.com/podcasts/2022/2/27/2022-02-28-at-least-one-couple-were-not-tax-people
This week we look at:
- Proposed regulations on required minimum distributions
- AICPA and state societies letter on delay for K-2 and K-3 filings
- Data entry error did not provide reasonable cause for tax understatement
https://vimeo.com/679703525
https://www.currentfederaltaxdevelopments.com/podcasts/2022/2/20/2022-02-21-irs-issues-additional-k-2-and-k-3-filing-relief-how-much-does-it-help
This week we look at:
This week we look at the IRS's newly issued 2021 Schedule K-2 and K-3 filing relief. How much does the option added in Question 15 of the newly released FAQ on K-2 and K-3 issues really help partnerships and S corporations? Who does and doesn't qualify for this relief? And what about 2022 and future years?
https://vimeo.com/676800178
https://www.currentfederaltaxdevelopments.com/podcasts/2022/2/13/2022-02-14-irs-suspends-issuing-more-notice-types
This week we look at:
- IRS adds more information on research credit claims issues
- LB&I announces new partner basis campaign
- IRS expands list of notices being temporarily suspended
- K-2 and K-3 filing issues being addressed by vendors, IRS defends process
https://vimeo.com/674141687
https://www.currentfederaltaxdevelopments.com/podcasts/2022/2/6/2022-02-07-taxpros-account-improvements-coming
This week we look at:
- Continuing saga of the K-2 and K-3 filing issues, including an extreme delay in accepting them electronically.
- Consider interim filing method to electronically file these returns
- OPR Director announces that IRS plans to add features to TaxPro site by mid-summer, additional features added for following year.
- OPR Director also notes that Treasury has finished reviewing the revisions to Circular 230
https://vimeo.com/671552738
https://www.currentfederaltaxdevelopments.com/podcasts/2022/1/29/2022-01-31-there-are-k-2s-and-k-3s-in-your-future
This week we look at:
- IRS revises instructions for Schedule K-2 and K-3 and points taxpayers to fact more may need to file this than might have thought they would
- IRS stops issuing one (and just one) automated notice, complains about issues blocking doing more
- AICPA issues statement critical of IRS statement on giving relief, wants all Tax Professionals United for Taxpayer Relief Coalition recommendations adopted
https://vimeo.com/669115743
https://www.currentfederaltaxdevelopments.com/podcasts/2022/1/23/2022-01-24-forms-and-instructions-week
This week we look at
- IRS issues updated substantially equal payment guidance
- Final version of basis reporting form for S corporation shareholders issued by IRS
- IRS clarifies how to report expenses used to obtain PPP forgiveness on Schedule M-2
- IRS completes guidance on reporting options for timing of PPP loan forgiveness income recognition
https://vimeo.com/666503808
https://www.currentfederaltaxdevelopments.com/podcasts/2022/1/16/2022-01-17-irs-pressured-to-grant-broad-relief-for-automated-notice-issues
This week we look at:
- Form 1024 joins Form 1023 in becoming online only filings
- Pressure builds on the IRS to pause automated notices in light of inability to handle correspondence on notices already issued
- IRS announces beginning of filing season along with other information for the season
https://vimeo.com/663800541
https://www.currentfederaltaxdevelopments.com/podcasts/2022/1/9/2022-01-10-expenses-used-for-ppp-forgiveness-and-s-corporations
This week we look at:
- IRS publishes detail on changes for amended returns and research credits
- Taxpayers do not have to pay in tax IRS undercomputed when adjusting for unemployment compensation
- Expenses used for PPP loan forgiveness do not reduce AAA for S corporations per IRS instructions
-
Information letter addresses when industry accountant becomes a paid preparer
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An audio only version of this week’s update can be downloaded or streamed below
In our debut episode of FICPA CEO Conversations, our President & CEO Shelly Weir sits down with AICPA Chair William Pirolli. https://www.ficpa.org/publication/ficpa-ceo-conversations-shelly-weir-and-aicpa-chair-william-pirolli
In our latest edition of FICPA CEO Conversations, our President & CEO, Shelly Weir, sits down with a Past Chair of the FICPA and the Founder and CEO of A-Lign, Scott Price.
This is a conversation focused on people, as Shelly and Scott discuss attracting new CPAs, retaining the talent already in the profession, the rise of remote work, and what our industry might look like in the years to come. https://www.ficpa.org/publication/ficpa-ceo-conversations-shelly-weir-and-lign-ceo-scott-price
https://vimeo.com/661513213
https://www.currentfederaltaxdevelopments.com/podcasts/2021/12/31/2021-01-03-irs-changes-web-guidance-quietly
This week we look at:
- IRS quietly revises Ida relief revision
- Reagan-era regulations on conservation easements found to be invalid by Eleventh Circuit
- IRS objects to attempt to use 7 month old valuation for GRAT
- Taxpayer fails at attempt to use a deposit in collection case
- Deadline arrives for taxpayers who deferred FICA/SECA to make first of two installment payments
https://vimeo.com/660118457
https://www.currentfederaltaxdevelopments.com/podcasts/2021/12/26/2021-12-27-day-after-boxing-day-edition
This week we look at:
- IRS/Malta look to shut down promoted tax shelter
- Lenders instructed not to issue Forms 1099C on discharges of student loans
- §469 rental definition does not apply to self-employment income rules
- IRS to issue letters on advance child tax credit and third economic impact payment
- Hurricane Ida relief extended to February 15
https://player.vimeo.com/video/658414387?
https://www.currentfederaltaxdevelopments.com/podcasts/2021/12/19/2021-12-20-bbba-is-not-coming-soon
This week we look at:
- BBBA fails to clear Congress before adjourning for the year and Senator Manchin states he is a no vote on this bill
- Mileage rates released by the IRS
- IRS updates automatic changes for small business accounting methods added by TCJA
- IRS publishes, with minimal changes, annual disclosure Revenue Procedure
https://vimeo.com/655721388
https://www.currentfederaltaxdevelopments.com/podcasts/2021/12/11/2021-12-13-quarter-4-erc-guidance
This week we look a
- BBBA process continues but no Senate text yet available
- Taxpayer discovers she needs to report K-1 income in year of divorce
- IRS gives guidance for retroactive changes to 4th quarter ERC
- IRS grants relief to certain partnerships filing short year returns related to Schedules K2 & K3
https://vimeo.com/653403802
https://www.currentfederaltaxdevelopments.com/podcasts/2021/12/5/2021-12-06-bba-email-week
This week we look at:
- Tacit consent given for filing of joint tax return
- “Money number” adjustments related to partnership items give rise to positive imputed adjustment
- Entity type, not exempt vs. taxable status, is the key factor in determining if partner is an eligible partner for BBA opt out
https://vimeo.com/650439976
https://www.currentfederaltaxdevelopments.com/podcasts/2021/11/27/2021-11-29-erc-developments-return
This week we look at:
- IRS modifies 2021 Form 1065 draft instructions to add self-employment income information
- IRS issues preliminary guidance on late repeal of Q4 ERC for most employers
- Training to begin for agents for ERC audits in early 2022
- Rejection of return due to suspected identity theft did not mean return was not filed before statute expired
https://vimeo.com/648269872
https://www.currentfederaltaxdevelopments.com/podcasts/2021/11/21/2021-11-22-self-directed-ira-problems
This week we look at:
- House passes BBBA, but not clear what the Senate will do
- IRS clarifies 2021-2022 treatment of meals and incidentals per diem
- Self-directed IRA implodes on taxpayer due to find that assets were held personally and commingled with other assets
- IRS gives guidance on timing of PPP forgiveness income, as well as very short term BBA partnership amended return relief
https://vimeo.com/645625681
https://www.currentfederaltaxdevelopments.com/podcasts/2021/11/13/2021-11-15-inflation-adjusted-tax-numbers-released
This week we look at:
- TAS will not intervene in amended return delayed processing cases
- Inflation adjusted amounts released for 2022
- Taxpayer denied in request to make late §475(f)(1) election to mark to market as a trader
https://vimeo.com/643207092
https://www.currentfederaltaxdevelopments.com/podcasts/2021/11/7/2021-11-08-tax-provisions-in-the-infrastructure-investment-and-jobs-act
This week we look at:
- IRS announces retirement plan inflation adjusted numbers for 2022
- Congress passes Infrastructure Investment and Jobs Act, sent to President for signature
https://vimeo.com/640977247
https://www.currentfederaltaxdevelopments.com/podcasts/2021/10/31/2021-11-01-build-back-better-act-draft-tax-provisions
This week we look at
- The Build Back Better Act draft’s tax provisions (some)
- What’s not in the bill
- Individual provisions
- Corporate provisions
https://vimeo.com/638335951
https://www.currentfederaltaxdevelopments.com/podcasts/2021/10/24/2021-10-25-s-corporation-basis-reporting-on-form-1040
This week we look at:
- More talking but no action in DC on pending legislation
- Rehiring retired employees discussed in IRS FAQ
- Appeals panel agrees that claim of right doctrine did not apply to grantor trust stock sale
- IRS issues formal draft of S corporation basis reporting form
https://vimeo.com/634514024
https://www.currentfederaltaxdevelopments.com/podcasts/2021/10/17/2021-10-18-can-taxpayers-rely-on-irs-faqs
This week we look at:
- Two weeks later, Congress is still working on the infrastructure and reconciliation bills
- IRS outlines information requirements for §41 refund claims
- Taxpayer is not getting impermissible double benefit for paying alimony with pre-tax funds
- COBRA extension dates clarified by IRS
- IRS publishes documents regarding reliance on FAQs
https://vimeo.com/620804972
https://www.currentfederaltaxdevelopments.com/podcasts/2021/10/3/2021-10-04-hobby-loss-deduction-problem
This week we look at:
- Congress is still working on the infrastructure and reconciliation bills
- We get the Tax Court on record for the proper treatment of hobby loss deductions-that is, where they are reported
- IRS to begin charging a fee on October 28 to issue closing letters to estates
https://vimeo.com/615401875
https://www.currentfederaltaxdevelopments.com/podcasts/2021/9/26/2021-09-27-issues-with-buy-sell-arrangement
This week we look at:
- Taxpayer has issues with auto expenses, retirement plan contributions and demolition expenses in Tax Court
- Buy-sell agreement that wasn’t followed and was a found as a way to transfer business to brother as a way to escape transfer tax not followed by District Court
https://vimeo.com/609111841
https://www.currentfederaltaxdevelopments.com/podcasts/2021/9/19/2021-09-20-reasonable-cause-to-avoid-negligence
This week we look at:
- Ways and Means Committee finishes markup of proposed new tax bill.
- Language of legal settlement made all of the settlement amount taxable to taxpayer regardless of the fact that payor likely had other reasons to settle
- Taxpayer had reasonable basis to rely upon prior case settlement even though Court found opposite results this time
https://vimeo.com/603411560
https://www.currentfederaltaxdevelopments.com/podcasts/2021/9/12/2021-09-13-is-an-amended-return-required
This we we look at:
- High low per diem and related guidance for FY 2021/2022 released
- Rules for reporting COVID-19 credit related leave on Forms W-2 for 2021
- Is the client required to amend a return? And, if so, when?
https://vimeo.com/598454659
https://www.currentfederaltaxdevelopments.com/podcasts/2021/9/6/2021-09-05-e-signature-for-some-paper-forms-made-permanent
This weeks we look at:
- IRS makes permanent its limited e-signature program initiated last year
- Unambiguous plain text in the IRC vs. Congressional intent: how that impacts tax research and professional responsibilities
https://vimeo.com/594311172
https://www.currentfederaltaxdevelopments.com/podcasts/2021/8/29/2021-08-30-looking-for-a-business-is-not-a-business
This week we look at:
- Looking for a trade or business is not itself a trade or business.
- IRS describes a harsh result for taxpayers that make a late deposit of deferred CARES Act FICA
https://vimeo.com/590769484
https://www.currentfederaltaxdevelopments.com/podcasts/2021/8/22/2021-08-23-looking-at-state-level-passthrough-entity-taxes
This week we look at:
- A look at §1244 stock - an issue not often seen and on which a taxpayer lost this week
- Comprehensive look at the design of SALT entity level workarounds that more and more states are enacting-what are they, why do we see them passing with bipartisan support and what issues do they create?
https://vimeo.com/587461301
https://www.currentfederaltaxdevelopments.com/podcasts/2021/8/15/2021-08-16-more-grief-over-timely-filing-rule
This week we look at:
- Safe harbor guidance for PPP forgiveness and certain grants for reduction in revenue test for ERC
- Auto depreciation limits announced for 2021
- Taxpayers barred from producing evidence letter with no postmark applied was placed in mail by due date by US Court of Claims, even though the Tax Court allows such evidence
https://vimeo.com/584095252
https://www.currentfederaltaxdevelopments.com/podcasts/2021/8/7/2021-08-09-we-were-right-in-april-unfortunately
This week we look at:
- This week we look at: IRS issues ERC guidance for 3rd/4th quarter and adds to other guidance - confirms issue for majority shareholders
- IRS memorandum pushes IRS position regarding conservation easement extinguishment clauses
- Best-selling author loses her appeal of Tax Court decision regarding her attempt to split off most of her publishing contract income from self-employment tax
https://vimeo.com/581588137
https://www.currentfederaltaxdevelopments.com/podcasts/2021/7/31/2021-08-02-ppp-loan-program-changes-return
This week we look at:
- What we know about tax matters in the bipartisan infrastructure bill
- SBA announces direct forgiveness application platform, more PPP changes
- Taxpayer allowed a deduction for expenses related to MBA program
- Paid leave credit expanded to cover more vaccine related issues
- BBA CPAR email notes issues with imputed adjustment calculation
- Second Circuit overturns foreign trust penalty decision in favor of IRS
https://vimeo.com/578958243
https://www.currentfederaltaxdevelopments.com/podcasts/2021/7/24/2021-07-26-proposed-s-corporation-basis-forms
This week we look at:
- Taxpayer fails in attempt to use Cohan rule to obtain deductions
- IRS proposes Form 7203 to use by shareholders to report basis in S corporation
- IRS can consider potential recovery against executor as part of offer in compromise
- IRS opens up site for full electronic submission and signing of Forms 2848 and 8821
https://vimeo.com/576500931
https://www.currentfederaltaxdevelopments.com/podcasts/2021/7/18/2021-07-19-tax-practice-issues-week
This week we look at:
- AICPA reports lenders told to stop pre-forgiveness necessity inquiries
- Digitally signed amended return rejected as not properly filed
- No reasonable cause for late filing when taxpayer depended on attorney who simply took tax money
- IRS position not substantially justified for basis challenge and overall accounting method
https://vimeo.com/573643241
https://www.currentfederaltaxdevelopments.com/podcasts/2021/7/11/2021-07-12-information-letter-week
This week we look at:
- TAS declines to accept stand-along advance child tax credit cases
- IRS agent’s tax home remained at his assigned office
- FSA participants required to document qualification of expenses paid with debit card
- IRS explanation of why Forms 1099R don’t identify QCDs
- IRS discusses legal expense deductions
https://vimeo.com/571327493
https://www.currentfederaltaxdevelopments.com/podcasts/2021/7/5/2021-07-05-supreme-court-declines-to-hear-dispute-over-state-taxation-of-nonresidents
This week we look at:
- IRS extends special treatment of employee leave donation for COVID-19 relief
- Guidance published on making farm NOL elections
- Penalty relief for issues with 2021 Forms K-2 and K-3
- Supreme Court turns down hearing dispute over taxing out of state employees
https://vimeo.com/568539164
https://www.currentfederaltaxdevelopments.com/podcasts/2021/6/28/2021-06-28-is-the-ppp-questionnaire-going-away
This week we look at:
- SBA reported to be withdrawing PPP loan questionnaires
- Court finds not clear if taxpayer qualifies for home gain exclusion due to unforeseen circumstances
- IRS extends special remote witnessing of signing plan documents through June 30, 2022, may make it permanent
- CPA’s conviction for assisting in the filing of false returns upheld - rejected "I just used what the client gave me" defense
https://vimeo.com/565370435
https://www.currentfederaltaxdevelopments.com/podcasts/2021/6/20/2021-06-21-aca-survives-another-trip-to-scotus
This week we look at:
- Supreme Court finds no status for challenging ACA due to TCJA changes
- IRS backlog was huge at May 1 which causes two pieces of guidance to be issued:
- Do not file Form 990-EZ on paper (unless you want problems)
- Offer in compromise program changes put in place due to backlog
https://vimeo.com/562549136
https://www.currentfederaltaxdevelopments.com/podcasts/2021/6/13/2021-06-14-tax-status-of-legal-settlement
This week we look at:
- IRS publishes Q & A on 2021’s enhanced child and dependent care credit on website
- Malpractice settlement related to taxpayer’s divorce was taxable to her - and situation made worse to going to Tax Court
- IRS discusses interaction of depreciation related §481(a) adjustments and computation of ATI through 2021
https://vimeo.com/559741875
https://www.currentfederaltaxdevelopments.com/podcasts/2021/6/6/2021-06-07-perhaps-tax-instructions-arent-just-for-attorneys
This week we look at:
- Senate Parliamentarian’s second opinion on reconciliation limits practical use of revision of reconciliation instructions
- Long-time tax CPA who admits not reading Schedule B instructions hit with willful failure to file FBAR penalties
- MoneyGram is not a bank, meaning losses from 2008 financial crisis secured debts were capital losses
https://vimeo.com/557274512
https://www.currentfederaltaxdevelopments.com/podcasts/2021/5/31/2021-06-01-is-it-already-too-late-to-sell-to-get-long-term-capital-gain-rates
This week we look at:
- Green Book issued to explain administration’s revenue proposals
- Whether or not a 1099 must be issued, income still must be reported
- IRS gives more information about unemployment exclusion and community property states
- TAM looks at lack of “fact of the liability” for all events test dispute
https://vimeo.com/554388620
https://www.currentfederaltaxdevelopments.com/podcasts/2021/5/24/2021-05-24-arpa-cobra-premium-assistance-questions-and-answers
This week we look at:
- IRS will begin sending out advance child tax credit payments on July 15
- IRS announces simplified method to file a return for those not required to file to qualify for advance payments
- IRS provides Q&A on COBRA premium assistance payments
https://vimeo.com/551232271
https://www.currentfederaltaxdevelopments.com/podcasts/2021/5/17/2021-05-17-direct-submission-to-caf-coming
This week we look at:
- IRS begins revising returns that reported taxable unemployment and excess APTC
- HSA and HDHP numbers for 2022 released
- Census will not change the boundaries of qualified opportunity zones
- IRS looking to automate submission of power of attorney forms
https://vimeo.com/547234241
https://www.currentfederaltaxdevelopments.com/podcasts/2021/5/9/2021-05-10-summons-and-cryptocurrency-exchanges
This week we look at:
- IRS looks at issues for use of an aircraft by a sole proprietor
- Dividends from controlled C corporation are still part of net investment income under IRC §1411
- IRS allowed to serve John Doe summons on Kraken exchange for information on customers
https://vimeo.com/544293945
https://www.currentfederaltaxdevelopments.com/podcasts/2021/5/2/2021-05-03-community-property-unemployment-exclusion-windfall
This week we talk about:
- IRS confirms how community property states, MFS, and 2020 unemployment exclusions work
- Tax Court rules rent paid was unreasonably high, convert portion to dividend
- White House releases a fact sheet on proposed tax law changes
https://vimeo.com/541312000
https://www.currentfederaltaxdevelopments.com/podcasts/2021/4/25/2021-04-26-irs-extends-deviation-for-electronic-signatures
This week we look at:
- A quick discussion of what know (little) and don't know (a lot) about not yet proposed changes to capital gain rates
- IRS provides safe harbor for returns filed on or before December 27 for PPP expenses
- IRS issues fact sheet to promote paid leave/family leave payroll tax credit subsidy for vaccine issues
- Deviation allowing for electronic signatures for some forms extended again
- IRS admits to delays in MeF payment processing near April 15
https://vimeo.com/538109091
https://www.currentfederaltaxdevelopments.com/podcasts/2021/4/17/2021-04-19-why-the-federal-tax-alimony-test-still-matters
This week we look at:
- Cover letter from state judge was part of the divorce documents
- PLR discusses medical expense definition
- IRS announces gift tax return due date remained April 15
- Only overpayments existing at April 15 can be applied to quarter one 2021 estimate payment
https://vimeo.com/535514981
https://www.currentfederaltaxdevelopments.com/podcasts/2021/4/11/2021-04-12-overpaying-on-may-extensions
This week we look at:
- IRS gives guidance on ARPA and the advance premium tax credit for 2020
- CCA issued to give details on apply tax provisions to hard forks of virtual currency
- IRS disagrees with court decision on treatment of defined benefit pension benefit for insolvency
- A restaurant is defined for 100% deduction
- The saga of 2020 Form 1040 overpayments, extensions and first quarter estimates
https://vimeo.com/532885005
https://www.currentfederaltaxdevelopments.com/podcasts/2021/4/4/2021-04-05-entering-tax-section-51-odd-things-happen-here
This week we look at:
- IRS gives details on automatic refunds on unemployment exclusion
- Formal notice of extension of time to file 2020 Forms 1040 issued
- IRS updates ERC guidance for the version for first six months of 2021
- A look at the mess that is the issue of whether controlling shareholder wages can qualify for ERC
https://vimeo.com/529815362
https://www.currentfederaltaxdevelopments.com/podcasts/2021/3/27/2021-03-29-irs-quietly-revises-unemployment-worksheet
This week we look at:
- IRS makes a major change in computation of excludable ARPA unemployment
- PPP loan program applications extended for two months - but funds only likely to last until mid-April without replenishment
- PPE is defined by the IRS to represent medical care for purposes of deducting the expenses
https://vimeo.com/526919895
https://www.currentfederaltaxdevelopments.com/podcasts/2021/3/21/2021-03-21-tax-season-for-1040s-only-goes-on-one-more-month
This week we look at:
- IRS releases instructions on reporting ARPA unemployment exclusion
- AICPA recommends IRS issue clarification on PPP forgiveness/passthrough issues
- IRS pushes back the filing date for Forms 1040 only - everything else still due on April 15, including Q1 2021 estimates
https://vimeo.com/523523436
https://www.currentfederaltaxdevelopments.com/podcasts/2021/3/14/2021-03-15-american-rescue-plan-act-of-2021
A look at the American Rescue Plan Act of 2021
- Unemployment exclusion for 2020
- Recovery Rebate for 2021
- Prepaid Child Tax Credit for 2021
- Earned Income Tax Credit Changes
- Refundable Dependent Care Assistance
- Sick/Family Leave Credits
- 2021 Employee Retention Credit
- Premium Tax Credit Revisions
https://vimeo.com/520460414
https://www.currentfederaltaxdevelopments.com/podcasts/2021/3/7/2021-03-08-employee-retention-credit-and-ppp-forgiveness
This week we look at:
- SBA gets PPP loan program change guidance published
- Senate revises proposed COVID-19 relief bill, adds partial exclusion for unemployment compensation
- IRS continues to “clarify” the virtual currency question on Form 1040
- Guidance issued on interaction of PPP forgiveness and 2020 employee retention credit
https://vimeo.com/517633777
https://www.currentfederaltaxdevelopments.com/podcasts/2021/2/27/2021-03-01-will-we-see-a-new-tax-bill
This week we look at:
- Late revisions to PPP loan program
- House passes new COVID-19 relief bill, moves on to Senate
- Taxpayer gets out of tax on $300,000 of credit card rewards
- Texas taxpayers get extension to June 15
https://vimeo.com/514777746
https://www.currentfederaltaxdevelopments.com/podcasts/2021/2/20/2021-02-22-should-april-15-be-pushed-back-again
This week we look at:
- A §280E case with potential impact outside of the cannabis industry
- Legal malpractice settlement could not be treated as excludable physical injury award
- IRS admits to an issue with 260,000 notices
- Calls come to extend the April 15 deadline again this year
https://vimeo.com/512283981
https://www.currentfederaltaxdevelopments.com/podcasts/2021/2/14/2021-02-15-substance-over-form-for-taxpayers
This week we look at:
- Taxpayer finds no relief from FBAR penalties
- Tax Court outlines when it will allow a taxpayer to argue substance over form
- IRS warns about a phishing scam aimed at tax professionals
https://vimeo.com/509298278
https://www.currentfederaltaxdevelopments.com/podcasts/2021/2/6/2021-02-08-virtual-currency-confusion
This week we look at:
- Form 1040 final instructions add to virtual currency confusion
- Teachers COVID-19 supply safe harbor released
- No relief for employee with unused FSA dependent care funds
- Form 1099 relief for CARES items not treated as taxable
https://vimeo.com/506526731
https://www.currentfederaltaxdevelopments.com/podcasts/2021/1/30/2021-02-01-upload-your-poas
This week we look at
- IRS recommendations to those victimized by unemployment ID theft
- Revised Form 7200 gives information on advance ERC payment Interim
- IRS online system to submit Forms 2848 and 8821
- AICPA letter on ERC and PPP forgiveness applications
https://vimeo.com/504085558
https://www.currentfederaltaxdevelopments.com/podcasts/2021/1/24/2021-01-25-ppp-and-erc-clarifications-for-caa-changes
This week we look at:
- Penalty relief related to partners’ tax basis capital
- IRS provides limited option for ERC claims on 4th quarter 941
- Revised PPP First Draw Maximum Loan Calculation
- PPP Borrowers Who Received Too Much Have to Pay Excess Back
- Second disbursement for PPP First Draw Loan procedures
- Gross Receipts Calculation for Second Draw Loans
- PPP Revised Forgiveness Forms Released
https://vimeo.com/501306839
https://www.currentfederaltaxdevelopments.com/podcasts/2021/1/17/2021-11-18-hurry-up-and-wait-for-tax-season
This week we look at:
- Amounts advanced by partner were a debt leading to income for other partners
- Auto valuation COVID-19 relief for employers
- Final qualified plan loan offset rules
- Opening of electronic filing pushed back to February 12
- IP-PIN program now open nationwide
https://vimeo.com/498775496
https://www.currentfederaltaxdevelopments.com/podcasts/2021/1/10/2021-01-11-revised-ppp-program-ifrs
This week we look at IFRs issued for the new PPP Loan programs:
- Interim Final Rule - Revised First Draw PPP Loan
- Interim Final Rule - Second Draw PPP Loan Program
https://vimeo.com/496486003
https://www.currentfederaltaxdevelopments.com/podcasts/2021/1/2/2021-01-04-statute-of-limitations-on-refunds-for-2019-returns
This week we look at:
- Final small business accounting method regulations issued
- User fee for estate tax closing letter proposed
- 3rd Circuit overrides Tax Court on notice of address change to IRS
- Due dates for claims for refund for 2020 returns
- FinCEN plans to add crypto-currency accounts to FBAR
https://vimeo.com/495015406
https://www.currentfederaltaxdevelopments.com/podcasts/2020/12/27/2020-12-28-erc-changes-that-may-never-happen
This week we look at the 3 employee retention credits in the bill that may never become law - the Consolidated Appropriations Act, 2021:
- Taxpayer Certainty and Disaster Relief Act of 2020 versions
- Applicable to 2020 retroactively found at §206
- Applicable to 2021 only found at §207
- Taxpayer Certainty and Disaster Relief Act of 2020 ERC - for non-COVID 2020 disasters
https://vimeo.com/492921647
https://www.currentfederaltaxdevelopments.com/podcasts/2020/12/19/2020-12-21-ppp-loans-version-20-proposal
This week we look at the proposed revisions to the PPP loan program:
- Proposed COVID-19 Relief Bill
- Reopen and revise PPP loans
- Create second draw need based PPP loan program
- Fix the deduction issue
- Simplified forgiveness applications (2)
https://vimeo.com/490384155
https://www.currentfederaltaxdevelopments.com/podcasts/2020/12/13/2020-12-14-paying-tax-on-1112-payments
This week we look at:
- IRS issues Q&As on CARES Act §§102 and 103
- Tax organizations respond to IRS Commissioner on no penalty relief
- SBA issues guidance on tax reporting for CARES Act §1112 payments
- SBA adds Q&A on Forms 3509 and 3510
https://vimeo.com/487682632
https://www.currentfederaltaxdevelopments.com/podcasts/2020/12/6/2020-12-07-irs-security-week
This week we look at:
- MFA to be available for all online tax products
- Commuter highway vehicles and COVID-19
- Opt-in IP PIN program going nationwide
- Taxpayer willfully failed to report Swiss bank account
https://vimeo.com/484597980
https://www.currentfederaltaxdevelopments.com/podcasts/2020/11/27/2020-11-30-being-late-proves-costly
This week we look at:
- A taxpayer is denied permission to file a late mark to market election as a trader
- Final regulations are issued related to the TCJA unrelated business income changes
- Like kind exchange regulations finalized by the IRS
https://vimeo.com/482078904
https://www.currentfederaltaxdevelopments.com/podcasts/2020/11/21/2020-11-23-a-reasonable-expectation-of-forgiveness
This week we look at:
- IRS rules taxpayers cannot deductions expenses that qualify for PPP loan forgiveness if reasonably expect forgiveness
- Revenue Procedure issued for taxpayer who don't get the entire expected forgiveness in the end
- IRS adds request for additional information on Schedules K-1 for Form 1120-S for 2020
- IRS Commissioner indicates there will not any sort of broad relief for late filing and late payment of taxes
- No relief for late filing when CPA firm submitted efile return a few seconds late
- IRS updates ERC FAQ to deal with acquisition of employers who had taken out PPP loans
https://vimeo.com/479550587
https://www.currentfederaltaxdevelopments.com/podcasts/2020/11/15/2020-11-16-irs-throws-in-the-towel-on-one-salt-workaround
This week we look at:
- AICPA reports that the IRS is about to release what many will find is unwelcome guidance on expenses expected to be used for forgiveness under PPP loan program
- IRS gives up on state entity level taxes on passthrough businesses as a workaround to the TCJA limit on the deduction of state and local taxes
- Taxpayer attempts to argue his LLC was acting as an agent for his IRA custodian, but fails to convince the Tax Court
https://vimeo.com/476857165
https://www.currentfederaltaxdevelopments.com/podcasts/2020/11/8/2020-11-09-slowing-down-rmds-but-not-until-2022
This week we look at:
- The IRS releases revised tables to compute required minimum distributions from retirement plan accounts - but not until 2022
- Taxpayer denied relief from late filing penalties even though he believed his CPA had filed an extension on his behalf
- IRS publishes news release indicating relief for certain collection related actions due to COVID-19
https://vimeo.com/474344220
https://www.currentfederaltaxdevelopments.com/podcasts/2020/11/1/2020-11-02-sbas-coming-questionnaire-for-large-ppp-loans
This week we look at
- IRS gives guidance to Congressional office on treatment of taxes paid on real estate cooperative
- Guidance issued for W-2s to be issued for employers who deferred employee FICA at the end of 2020
- SBA announces that a questionnaire will be sent to large PPP loan borrowers regarding need for the loan
https://vimeo.com/471938009
https://www.currentfederaltaxdevelopments.com/podcasts/2020/10/25/2020-10-26-tax-basis-capital-accounts-and-the-2020-form-1065
This week we look at:
- Fees to enter a daily fantasy sports contest is a wager in the view of the IRS
- Taxpayers must follow all of the criteria listed in Revenue Procedure to take advantage of the ruling
- IRS adds retrieving funds from state unclaimed property fund to list of items for self-certification for late retirement plan rollover
- Withholding is required if an employer sponsored retirement plan transfers funds to state unclaimed property fund
- Draft instructions for 2020 partnerships released outlining requirement to report K-1 capital accounts on tax basis
- CPA denied in attempt to reduce potential liability by claiming failure of another tax adviser in representing client to reduce penalty
- Short term extension granted to October 31 to file FBAR reports
https://vimeo.com/469301679
https://www.currentfederaltaxdevelopments.com/podcasts/2020/10/17/2020-10-19-faqs-not-protected-from-scrutiny-as-irs-had-hoped
This week we look at:
- PPP forgiveness application deadline is not October 31
- Fax line to send in Forms 1045 and 1139 will shut down at the end of 2020
- Draft instructions to Form 8895 indicate that IRS not longer seeing charitable deductions as reducing QBI
- Taxpayer could not claim accrued expenses to restore manufacturing line until following year
- IRS FAQ on EIP for incarcerated individuals is subject to court review
https://vimeo.com/466896092
https://www.currentfederaltaxdevelopments.com/podcasts/2020/10/10/2020-10-12-simplified-ppp-forgiveness-application-for-small-loans
This week we look at:
- SBA's simplified Form 3508S for PPP forgiveness and the regulations authorizing its use for loans of $50,000 or less
- Lenders told what to do when borrowers supply more expense documentation than necessary for full PPP loan forgiveness
- Pre-PPPFA loan documents do not need to be modified to obtain PPPFA longer deferral period
- QR codes will be added to CP14 and CP14 IA notices beginning later this month
- SIFL rates for last half of 2020 published
- Taxpayer finds no relief available for payroll taxes paid years earlier on nonqualified deferred compensation that will not paid due to subsequent bankruptcy of the employer
https://vimeo.com/464599458
https://www.currentfederaltaxdevelopments.com/podcasts/2020/10/4/2020-10-05-ppp-loans-and-change-of-ownership
This week we look at:
- Final regulations issued for meals and entertainment
- Withholding on retirement and annuity distribution regulations issued
- S Corporations get special election for GILTI issues
- SBA issues guidance on change of ownership for entities with PPP loans outstanding
https://vimeo.com/462232073
https://www.currentfederaltaxdevelopments.com/podcasts/2020/9/26/2020-09-28-excess-deductions-will-actually-be-deductible-final
This week we look at:
- IRS issues bonus depreciation final regulations
- Excess deductions on termination final regulations are issued
- IRS grants relief for CCH e-filing problems on September 1
https://vimeo.com/459712135
https://www.currentfederaltaxdevelopments.com/podcasts/2020/9/19/2020-09-21-revised-forms-issued-for-covid-19-relief
This week we look at:
- IRS discusses options for expedited private letter ruling requests
- Web page for marijuana industry posted by the IRS
- Corporation by law had no shareholders, thus no S election was possible
- Draft form to be used by self-employed to claim COVID-19 sick pay credits published
- Final version of Form 941-X to be used to revised 2Q 2020 Forms 941 released
https://vimeo.com/457524968
https://www.currentfederaltaxdevelopments.com/podcasts/2020/9/13/2020-09-14-what-is-not-part-of-a-signature
This week we look at:
- A California decisions discusses the concept of domicile for state residency status
- IRS publishes special per diem rates for FY 2020/2021, including high-low rates
- Medicaid coverage of COVID-19 testing and diagnostic services is not minimum essential coverage
- Tax Court looks at the effective date for a change in innocent spouse provisions
- An IP PIN ruled not to be part of the signature for an electronically filed tax returns
https://vimeo.com/455078311
https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/29/2020-08-31-excellent-guidance-to-confirm-fears
This week we look at:
- IRS loses in an attempt to challenge a contribution of closely held stock to charity
- Notice issued giving guidance on retirement plan changes enacted at the end of 2019
- Second new version of Form 941 for 2020 released in draft form
- Minister discovers he won't qualify to be paid social security or Medicare coverage due to not understanding employment taxes and pastors
- IRS publishes web page on BBA Centralized Partnership Audit Regime
https://vimeo.com/452885072
https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/29/2020-08-31-excellent-guidance-to-confirm-fears
This week we look at:
- Crowdsourcing platform payments made in convertible virtual current for performing microtasks is taxable income
- Payroll tax holiday guidance finally released by Treasury days before holiday is scheduled to begin
- IRS temporarily expands and simplifies use of e-signatures
- SBA issues new PPP guidance with de minimis owner rule and rules related to rents and mortgages as nonpayroll costs
https://vimeo.com/450540075
https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/22/2020-08-24-the-week-of-the-two-letters
This week we look at:
- Qualified plan loan offset amount proposed regulations issued to deal with TCJA plan loan rollover provision
- US Chamber of Commerce and other organizations issue letter describing issues with payroll tax holiday Presidential memo
- IRS warns employees to wait to file Forms 941-X on second quarter 2020 941s until new form released in late September
- Chair of Ways & Means asks to IRS to pause sending notices that may relate to unopened payments and IRS complies two days later
- IRS begins accepting 2019 amended individual returns electronically
- Payments of interest on 2019 tax refunds are being paid out to taxpayers
https://vimeo.com/448352674
https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/16/2020-08-17-checks-stuck-in-the-trailer
This week we look at:
- Taxpayer denied relief for late rollover when taxpayer had "borrowed" funds from IRA Management company was not the customer for rental of vacation home IRS gives relief for taxpayers who end up with dishonored checks due to IRS delays in opening mail SBA updates PPP FAQ with information on insurance as a payroll cost Guidance on interaction of
- EIDL advances and PPP loan forgiveness SBA issues IFR on appeal procedures for PPP loans
- SBA issues IFR on appeal procedures for PPP loans
https://vimeo.com/446207863
https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/9/2020-08-10-deferring-employee-fica-forgiveness
This week we look at:
- Summary of §163(j) final regulations SBA publishes PPP loan forgiveness FAQ
- IRS reminds employers of ability to establish leave sharing plans for employees to provide COVID-19 relief
- Proposed revenue procedure released to allow qualified residential living facilities to be §163(j) real estate businesses
- IRS updates qualified plan safe harbor distribution notices for SECURE Act and CARES Act changes
- President issues memorandum providing for deferral of employee OASDI, but leaves open issue of whether amounts will be forgiven
https://vimeo.com/444036369
https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/2/2020-08-03-rise-of-the-syndicates
This week we look at:
- IRS releases multiple regulation project texts on TCJA items
- No syndicate relief offered for tax shelters by the IRS for small business accounting or §163(j)
- Taxpayers informed how to deal with inventory issues when opting out of application of §471(a)
- Forms 3115 for automatic method changes to be faxed in beginning in August
https://vimeo.com/441671392
https://www.currentfederaltaxdevelopments.com/podcasts/2020/7/26/2020-07-27-third-time-to-court-on-conservation-easement
This week we look at:
- Discussions continue on fourth COVID bill in the Senate
- SBA announces the agency will begin accepting lender's documents for PPP loan forgiveness on August 10 (maybe)
- IRS releases percentages for the premium tax credit for 2021
- IRS position taken for strategic reasons in another conservation easement case doesn't bind the agency in a case with an unrelated taxpayer
- Second Circuit agrees with Tax Court that property was not used in a trade or business
https://vimeo.com/439622550
https://www.currentfederaltaxdevelopments.com/podcasts/2020/7/19/2020-07-18-the-tax-court-deals-with-debt-issues
This week we look at:
- IRS describes letters issued for Form 7200 when various issues arrive
- Loan was nonrecourse since lender did not take route that could have lead to deficiency judgment
- Debt failed to be qualified principal residence interest
- IRS proposes to add Schedules K-2 and K-3 for international partnership issues
- PTIN fees to return next year
https://vimeo.com/user37230624/download/437684337/5436acc6d3
https://www.currentfederaltaxdevelopments.com/podcasts/2020/7/12/2020-07-13-bba-audit-flowchart
This week we look at:
- W2s will report FFCRA sick and FMLA pay to each employee
- Congress extends PPP loan program through August 8, 2020
- FAQ looks at the tax implications of receiving a CARES Provider Relief Payments
- Depreciation limits for vehicles for 2020 released by the IRS
- §265(a)(1) does not bar deduction under UBIT rules for a charity
- Flowchart for BBA CPAR audit regime published by the IRS
https://vimeo.com/435341135
https://www.currentfederaltaxdevelopments.com/podcasts/2020/7/4/2020-07-04-what-is-not-discussed
This week we look at:
- IRS updates FAQ to discuss PPPFA changes to employer payroll tax deferral rules
- Relief granted to allow for changes to be made in 2020 to safe harbor 401(k) plans
- IRS outlines issues with marketing materials for CRAT tax shelter being promoted
- Memorandum discusses what impact a superseded return has on the statute of limitations for returns filed on extension
- IRS announces July 15 deadline will not be extended for 2019 returns
https://vimeo.com/433141641
https://www.currentfederaltaxdevelopments.com/podcasts/2020/6/27/2020-06-27-cares-fix-for-the-rmds-that-arent-rmds
This week we look at:
- IRS issues clarifications on claiming the employee retention credit
- SBA issues formal interim final rules modifying forgiveness rules for PPPFA
- Additional final regulations issued under §199A
- Proposed regulations released to deal with the TCJA parking lot tax
- IRS announces interest will be paid on refunds for returns filed by 7/15/20, with interest starting to accrue at 4/15/20
https://vimeo.com/431226030
https://www.currentfederaltaxdevelopments.com/podcasts/2020/6/21/2020-06-22-cares-retirement-plan-rules-issued
This week we look at:
- Revised PPP forgiveness application and some rules to take into account PPPFA changes
- Relief granted for PPP loan qualification related to certain felony convictions of owners
- CARES special retirement plan provision relief published by IRS
- Using the wrong FedEx service to file a Tax Court petition costs taxpayer the option to challenge the IRS in Tax Court
https://vimeo.com/426768654
https://www.currentfederaltaxdevelopments.com/podcasts/2020/6/7/2020-06-08-payroll-protection-program-flexibility-act-becomes-law
This week we look at:
- Payroll Protection Program Flexibility Act of 2020 enacted into law on June 5, 2020
- Relief from physical presence rules given to qualified plans
- IRS expands Qualified Opportunity Zone relief and extends period for existing relief
- IRS returns to tax basis capital computation issues - gives two different proposed methods
https://vimeo.com/424348387
https://www.currentfederaltaxdevelopments.com/podcasts/2020/5/30/2020-06-01-electronic-amended-returns-real-soon-now
This week we look at:
- PPP developments - only a single FAQ change but two bills to change the program.
- IRS releases guidance on how to deal with ATNOLs for corporations carrying back net operating losses.
- The ability to electronically file amended individual income tax returns will exist for 2019 returns later this summer.
- IRS announces additional due date relief.
https://vimeo.com/422254012
https://www.currentfederaltaxdevelopments.com/podcasts/2020/5/24/2020-05-25-just-kidding
This week we look at:
- PPP guidance on foreign affiliates, §501(c)(12) utilities, the actual final extension of the PPP repayment date and the SBA backing off the threats on necessity of the loan certification
- IRS discusses which date to use to value certain stock based compensation
- Changes made to maximum medical FSA carryovers for cafeteria plans
- IRS issues COVID-19 related relief for cafeteria plans
- The tax consequences of payments to students discussed in IRS FAQ which uses §139 to exclude them from income
- IRS releases inflation adjusted HSA and HDHP numbers for 2021
https://vimeo.com/416544667
https://www.currentfederaltaxdevelopments.com/podcasts/2020/5/9/2020-05-11-one-more-week-to-return-funds-and-you-get-erc
This week we look at:
- IRS changes its guidance on the payment of health insurance only and qualification for the Employee Retention Credit
- Borrowers can repay PPP loans by May 14 and then use Employee Retention Credit in the future.
- SBA issues guidance for non-discrimination rules and not for profits and also impact of student workers.
- Borrowers using new seasonal employer measuring periods will be able to sign unmodified PPP loan applications.
- SBA gives relief to businesses unable to rehire employees who wish to remain on unemployment.
- IRS issues guidance on excess deductions on termination following TCJA's addition of §67(g).
- Taxwriters disagree with IRS's view on deductibility of expenses used to obtain PPP loan forgiveness.
- Cannabis business found to be a reseller and not a producer. IRS issues guidance on taxpayers whom the agency wishes to return their economic impact payments.
https://vimeo.com/414313746
https://www.currentfederaltaxdevelopments.com/podcasts/2020/5/2/2020-05-04-no-deduction-for-you
This week we look at:
- PPP loan updates on corporate groups, businesses sold after February 15, 2020, loan review procedures, private companies need to show loan was necessary, treatment of seasonal employers, how to count 500 employees and maximum loan calculation amounts
- Update on faxing procedures for Forms 1139 and 1045
- No deduction allowed for amounts paid to achieve PPP loan forgiveness per IRS
- Draft Form 941 released for second quarter of 2020
- IRS clarifies filing date relief for U.S. Tax Court filings
- IRS and DOL issue relief for certain timeframes that apply to employee benefit plans
https://vimeo.com/409321320
https://www.currentfederaltaxdevelopments.com/podcasts/2020/4/18/2020-04-20-end-of-first-funding-round-for-ppp-loans
This week we look at:
- SBA issues guidance on self-employed taxpayers and partners for PPP loan program
- Revenue Procedure issued explaining how to deal with retroactive change in life for qualified improvement property
- IRS gives guidance on filing Forms 1139 and 1045 via fax while Service Centers are shut down
- Proposed regulations released to set government portion of PTIN fee at $21
- Procedures issued to deal with Forms 706 returned by private delivery services from closed Service Centers
https://vimeo.com/406662060
https://www.currentfederaltaxdevelopments.com/podcasts/2020/4/12/2020-04-13-the-irs-returns-to-issuing-guidance
This week we look at:
- PPP loan program FAQ gets updated by SBA
- IRS releases §163(j) relief for real estate and farming businesses
- Procedures released for making election to waive NOL carryback period under CARES provisions
- IRS explains the payroll tax deferral program
- Partnerships covered by BBA CPAR given temporary reprieve from centralized audit rules
- Six month extension granted to file Forms 1045 and 1139
- IRS greatly expands list of returns, payments and actions extended to July 15, 2020.
https://vimeo.com/404360005
https://www.currentfederaltaxdevelopments.com/podcasts/2020/4/5/2020-04-06-cares-act-developments-this-week-through-the-morning-of-april-5
This week review the status of developing guidance on key provisions of the CARES Act:
- Recovery Rebate for Individuals, Including Advance Payment
- Deferral of the Required Minimum Distributions for 2020
- PPP SBA loan program - things we've learned and things we still need guidance on
- Forgiveness of PPP loans - are payroll costs different for this than for the maximum loan or not? Does anyone know for sure?
- Emergency EIDL Loans - the forgotten provision Employee retention payroll credit - the alternative (maybe) to a PPP loan
- Delay of deposits for employer portion of OASDI taxes - can take if you don't have a PPP loan forgiven
https://vimeo.com/401943509
https://www.currentfederaltaxdevelopments.com/podcasts/2020/3/29/2020-03-30-due-dates-and-cares-act
This week we look at:
- Payroll tax credit starts on April 1.
- IRS reverses courses, announces gift/GSTT returns will also be due on July 15, 2020.
- IRS issues guidance that clarifies which April 15 deadlines are moved back to July 15, 2020.
- Congress passes the CARES Act with a number of tax provisions
https://vimeo.com/399661688
https://www.currentfederaltaxdevelopments.com/podcasts/2020/3/22/2020-03-23-moving-tax-day-to-july-15
This week we look at:
- Congress passes payroll tax credit for newly mandated paid sick leave
- Initial April 15 delay guidance only delayed payment date but no actual extension to file
- Late Friday guidance replaces first delay guidance with a real delay in April 15 filing date, though questions still remain
https://vimeo.com/397799977
https://www.currentfederaltaxdevelopments.com/podcasts/2020/3/15/2020-03-16-waiting-for-relief
This week we look at:
- President declares emergency over COVID-19, directs Treasury to provide relief--and now we are waiting.
- HR 6201 passes the House and moves on to the Senate, containing a few tax provisions mainly related to mandatory sick leave provision rule
- AICPA letter issued to IRS regarding the informal §199A guidance the agency has issued
- HDHPs are allowed to pay for COVID-19 testing and treatment without jeopardizing ability of insured to make HSA contributions.
- Dropping a tax document in the mailbox turns out not to be a good idea, as USPS postmark was after the private postmark date on envelope
https://vimeo.com/396285360
https://www.currentfederaltaxdevelopments.com/podcasts/2020/3/8/2020-03-09-sometimes-too-late-is-just-too-late
This week we look at:
- IRS denies a taxpayer's request to make a late mark to market election under §475(f)
- Loss limits for passive activities, basis and at-risk also limit self-employment loss use
- Revenue Procedure grants relief for filing some information returns for certain foreign trusts
FICPA Director of Learning - Curriculum Development, Mia Thomas, CPA, CGMA discusses with Dominic Calabro, President & CEO of Florida Taxwatch and Karen Lake, CPA with Berkowitz, Pollack Brant Advisors and Accountants Florida taxes. Florida Taxwatch is a 501(c)(2) independent, nonpartisan, nonprofit taxpayer research institutes and government watchdog. Dominic and Karen discuss 2020 legislative topics on remote sales tax, business commercial rent sales tax, communications tax and our Florida sales tax holiday.