Western CPE Podcast Network: Recent Episodes
Western CPE
Welcome to the new Western CPE Podcast Network! We’re taking over your airways this year to grace your ears with the latest and greatest tax content. We’re bringing you the tax, accounting, and finance information you need with the entertainment you desire.
This TaxSnax Episode features Steven G. Siegel, J.D., LL.M.Explore the intriguing world of tax advice in this final of TaxSnax! Our seasoned tax advisor shares stories of clients' creative attempts to navigate the rules. Learn why staying within the lines is crucial and how being aggressive within legal boundaries is the key. Discover the consequences for those who push too far and why our expert emphasizes the importance of clients heeding sound advice. Whether you're a tax professional or a client, this episode offers valuable insights. Sleep better at night by understanding the delicate balance between pushing boundaries and staying on the right side of the rules. Plus, get tips on finding the best tax practitioner for your needs – someone who provides comfort and responsiveness. Tune in for a dose of tax wisdom!
This TaxSnax Episode features Robert “Bob” W. Jamison, CPA, Ph.D.We're gettin' the truth about taxes with Bob Jamison (S Corporation extraordinaire) in this TaxSnax episode! Discover why the narrative on rich people not paying taxes is often misunderstood. Bob sets the record straight on the misconceptions surrounding tax avoidance schemes and unravels the complexities of church taxation. Plus, find out why Fido won't qualify as your tax-deductible dependent!
This TaxSnax Episode features Lily Tran, EA, CTC, CEO of TaxUSign. Get ready for a spine-tingling tax tale in this episode of TaxSnax! Ghostbust the myth of starting an LLC for a tax-free utopia and unearth the spectral secrets to choosing between hiring an employee or a contractor for your business. Catch a ghostly glimpse into the New Money Summit this December, where Lily Tran and the co-authors of Tax MythBusters: Don’t Fall Prey to the Tax Misconceptions will join forces for their TaxBusters! séance (or for professional purposes, let's call it their TaxBusters! panel). Take a seat at the spectral panel to bust those social media tax phantoms.
This TaxSnax Episode features Sabrina P. Cook, CPA, Owner of Sabrina P. Cook CPA PLLC.Ready to separate fact from fiction? This episode is all about digging up some of the wildest tax rumors circulating on the internet. First up, we’re tackling the headline-grabbing story of the 87,000 new IRS agents. No, they’re not an army of armed auditors! We'll dive into the real reasons behind this expansion and why the idea of them all packing heat is nothing but a blank in the barrel. Then, brace yourself – a viral tweet claiming burying a loved one in the backyard means no more property taxes (does that include my hamster from 3rd grade?). Spoiler alert: it's not that simple (or legal). Tune in for a reality check on these and more sensational tax tales that have taken the internet by storm
This TaxSnax Episode features Ashley Francis, CPA, Founder of Francis Group, PLLC.Wave goodbye to the illusion of magical trusts on TikTok! We joined Ashley Francis, CPA in Seattle, WA. In this episode, Ashley tackles the trending "TikTok Trusts" phenomenon head-on, debunking the myth of a 'magic trust' that can solve all your tax troubles. We’re discussing those viral videos to show you what’s fact and what’s fantasy. Ideal for the TikTok aficionado who also values real-world financial wisdom.Is there this magical way out of paying income tax? Join us as we begin the journey to the find this "IRS Secret Menu" to bring you the truth behind the trend. No wands, no wizards, just straight-up, practical financial advice!
This TaxSnax Episode features Orumé Hays CPA, CGMA, MST, Founder of Hays CPA.Here’s the tea on the ERC (Employee Retention Credit). Some of y'all are treating it like it's your latest Tinder match—swiping right without reading the fine print! Orumé Hays, CPA, CGMA, MST, our fabulous tax expert, is here to call out the blunders and throw some serious shade on last-minute ERC usage. Tune in before the IRS swipes left on you. Let’s all keep it 100% compliant!
This TaxSnax Episode features Brian Streig CPA, LLP Tax Director of Calhoun, Thomson + Matza.When the moon is full and the fiscal year draws to a close, dark tax secrets begin to stir. Join us, if you dare, as we uncover eerie new tax implications that lurk in the shadows for business owners. Navigate these haunted tax trails with guidance from our expert, lest you find your finances ensnared by ghostly missteps!
This TaxSnax Episode features Lorilyn Wilson, CPA, Creator of MadWoman Media, Owner of Lake Oswego Tax, and TikTok's @thenotspicyaccountant We’re getting spicy with “The Not So Spicy Accountant” of TikTok and Instagram! Step into a world where finance meets spice as we delve into the mystifying secrets of tax write-offs with our expert, Lorilyn Wilson. From the allure of those "unique" home studios to glimmering adornments and tantalizing trinkets of today's hottest professions, Lorilyn unwraps the spicy side of deductions. Lean in, dance around some unexpected topics, and get ready for an exciting episode that sizzles with intrigue and tax wisdom!
This TaxSnax Episode features Logan Graf, CPAWe're diving into the world of deductions and debunking the myths that might have you thinking you can write off anything, including that new pool for 'health' reasons. Spoiler alert: Deductions aren't that one-size-fits-all scarf you thought they were!Logan Graf, CPA, tax expert and content creator extraordinaire, is here to spill the tea on the misinformation circulating on social media. Find out why you can't just claim a personal deduction for business purposes and learn how to navigate the complex world of tax deductions.So, grab your popcorn, kick back, and get ready to unpack the mystery of money write-offs.
This TaxSnax Episode features Josh Youngblood, EA, CTRS, NTPI.Y’all ready for this?! They say that everything's bigger in Texas, but today we're saying that everything's bigger in taxes as we welcome our first Texas expert. Here we go again, debunking the most tempting LLC write-off myths. Think you can slide that mortgage and those groceries past Uncle Sam? Think again! Get the real deal on legit deductions and save yourself from costly missteps. Don’t bite off more than you can chew; let us (mostly Josh) help you!
This TaxSnax Episode features Nicole Davis, CPA, MBA.If you raised your hand (cough Enya's sister) because you believed putting money in a trust can save you from paying taxes, this is the podcast episode for you. Are you tired of the misinformation buffet that social media serves up about trusts? Well, grab your favorite snack and join us for a bite-sized exploration into the world of trusts and taxes! In this episode, our tax expert Nicole Davis will serve you some savory truths as we break down the myth that trusts are the ultimate tax-free treat. Spoiler alert: There's no magic sauce to dodge those tax obligations!
This TaxSnax Episode features Alicyn McLeod, CPA, CFP & Cecily VM Welch, CPA, PFS, CFP®."In for a penny, in for a pound," - us when we thought we should form an S Corp to write off literally anything. Joke was on us! Ever think you're just a scarf away from a tax break? Think again! We'll unpack the mystery of money write-offs and spill the tea on why an S Corp might not be every entrepreneur's BFF. Spoiler alert: It's not one size fits all, peeps! So, pop your popcorn, and let's get fiscal! Tune in and learn why your roommate, Paul, was probably wrong about writing off that new whip because you “do business now.” (And how it may only save you $.30.)
This TaxSnax Episode features entrepreneur and founder of Voxie, Bogdan Constantine. Join us as we dissect one of the most tempting marketing schemes ever pitched: "Achieve instant success with zero effort!" We'll debunk the myths surrounding this tantalizing promise, exposing the smoke and mirrors of MLM. Explore how automated marketing can genuinely elevate your strategies without false promises. Feet up, headphones on, and let’s learn how to navigate marketing with a discerning eye.https://newmoneysummit2023.com/
We've all heard it: "Not everything you read on the internet is true." You'd think it would be common sense; however, with social media running wild, it can't be said enough.That's why we're bringing you TaxSnax, a podcast for everyone. Let our grade-A, certified tax and business experts expose the true and false information behind those tax "hacks" you've heard across the Web. We want to share information to keep the IRS from knocking on your door, with timely, accurate and helpful advice and suggestions in small snack sized bites.Bon Appétit!
In the third episode of this limited series, hosts Larry Pon and Denise Appleby dive into changes to the statute of limitations on penalties for excess Roth contributions. They also discuss SECURE 2.0’s provisions for penalty-free distributions for domestic abuse victims, which go into effect in 2024. This limited series is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit. Visit https://wcpe.co/episode/326055 to get started.
In the second episode of this limited series, hosts Larry Pon and Denise Appleby discuss some of SECURE 2.0’s changes to how Roth IRAs work, including increasing the minimum distribution age, reducing RMD penalties, and tweaks to matching and nonelective contributions for employers. This limited series is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit. Visit https://wcpe.co/episode/326050 to get started.
In the first episode of this limited series, veteran financial experts Denise Appleby and Larry Pon discuss the background of the SECURE 2.0 Act of 2022, from its legislative beginnings to its place in the larger legal context of the Consolidated Appropriations Act of 2023. They also dig into distributions from 529 Qualified Tuition Accounts to Roth IRAs. This limited series is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit. Visit https://wcpe.co/episode/326050 to get started.
The SECURE 2.0 Act of 2022 features 92 new provisions intended to better prepare Americans for retirement and increase incentives for businesses. Industry veterans Denise Appleby and Larry Pon discuss some of the law's highlights, including info on distributions from 529 Qualified Tuition Accounts, numerous changes to distribution factors for Roth IRAs, and more. This episode contains the full roundtable conversation, which is broken into smaller segments in parts 1-3. This limited series is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit. Visit https://wcpe.co/episode/326050 to get started.
In Rev. Proc. 2022-19, the IRS details six areas in which it will no longer issue Private Letter Rulings to taxpayers seeking relief from an inadvertent termination of their S election. Tony and Damien run through each of these areas and discuss why this is critical information for anyone who deals with S corporations. This case study is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit. Visit https://wcpe.co/podcast to get started.
In IRS Chief Counsel Memo 202204007, the IRS concluded that an online marketplace similar to AirBNB or Zillow that used its website to connect renters with tenants engaged in "brokerage service" for the purposes of Section 1202. That meant they were disqualified for the gain exclusion as Qualified Small Business Stock. What does this mean for other businesses, especially ones that act as intermediaries between third party businesses and their customers? This case study is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit. Visit https://wcpe.co/podcast to get started.
A Virginia-based S corporation specializing in agriculture and horse-breeding transferred land to various third parties. Some of these transfers were made gratuitously, and the others were reported as nontaxable loans with accompanying re-purchasing agreements. The IRS determined that not everything was as it seemed, arguing that the taxpayers owed millions. But what did the US Tax Court conclude? Tony and Damien dig in. This case study is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit. Visit https://wcpe.co/podcast to get started.
After a real estate venture turned sour due to legal disputes and the 2007 real estate market crash, William Musselwhite sold several lots of land for a major loss. His case posed the question: Did those losses qualify as an ordinary loss or a capital loss? In this episode, Tony and Damien discuss the legal issue at the core of the dispute. This case study is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit. Visit https://wcpe.co/podcast to get started.
A couple bought a home, then eventually filed for bankruptcy. After CitiMortgage short sold the home, the taxpayers claimed a mortgage interest tax deduction. The IRS disallowed it, but the 9th Circuit Court disagreed. In this episode, Tony and Damien discuss why. This case study is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit. Visit https://wcpe.co/podcast to get started.
When is rental income subject to Self-Employment Tax? What if you rent out a room in your own home? What if you provided amenities like maid service, Wi-Fi, or beachfront access? Where is the line drawn? Tony and Damien discuss IRS Chief Counsel Memo 202151005, which sought to answer the question for taxpayers and their advisors. This case study is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit. Visit https://wcpe.co/podcast to get started.
The "Significant Participation Activities Test" and "Five of Ten Years Test" are used to determine if a taxpayer materially participates in an activity. The question considered in TAM 202229036 is this: Does participation via the SPA rule count for purposes of the "Five of Ten Years" test? The results might surprise you. In this episode, Tony and Damien break down the IRS's analysis, as well as what it means for taxpayers. This case study is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit. Visit https://wcpe.co/podcast to get started.
In Rogerson v. Commissioner, an aerospace entrepreneur grappled with the IRS about the status of passive activity losses generated from his two yachts. Tony and Damien analyze why the Tax Court sided with the IRS in its assertions regarding the "five of ten-year rule." This episode is part of a larger self-study video available from Western CPE that can be purchased for CPE credit. Visit https://wcpe.co/podcast to get started.
Hoops LP v. Commissioner involves the former owner of the NBA's Memphis Grizzlies, who attempted to claim over $10 million in tax deductions for accrued but unpaid deferred compensation to two NBA players. Tony and Damien discuss what this means for business sellers and tax professionals. This episode is part of a larger self-study video available from Western CPE that can be purchased for CPE credit. Visit https://wcpe.co/podcast to get started.
Tax cases and guidance can provide a key to unlocking a deep understanding of the tax law for tax professionals and also help them better serve clients in planning and structuring transactions. Join Tony Nitti and Damien Martin for their fourth annual conversational exploration of key lessons from Tony’s top ten cases of the 2022.This episode is a self-study video available from Western CPE that can be purchased for CPE credit. Visit https://wcpe.co/podcast to get started.Here’s an overview of what they cover:Rogerson v. Commissioner (T.C. Memo 2022-49): Tax Court sided with IRS in asserting the taxpayer materially participated in an activity under the “five of ten-year rule.”TAM 202229036: Taxpayers must count years qualified for material participation under the Significant Participation Test in applying the “five of ten-year” test for purposes of the material participation tests under Temp. Reg. Sec. 1.469-5T.IRS Chief Counsel Advice Memorandum 202151005: Providing “extra” amenities and services to tenants could subject rental income to self-employment taxes.Hoops LP v. Commissioner (T.C. Memo 2022-9): Tax Court sustained the IRS’s disallowance of a deduction for accrued but unpaid deferred compensation obligations by an accrual-method taxpayer who sold a basketball team.Milkovich v. U.S. 24 F.4th 1 (9th Circ. 2022): The 9th Circuit permitted an IRC Sec. 163 deduction related to foreclosure proceeds.Musselwhite (T.C. Memo 2022-57): Tax Court determined that a taxpayer’s losses on the sale of four land lots he received from his LLC were capital losses.Starer v. Commissioner (T.C. Memo 2022-124): Tax Court determined a married couple who were controlling shareholders of an S corporation operating agriculture and horse-breeding businesses did not properly report transfers of property made by the corporation.Wendy J. Mihalik v. Commissioner (T.C. Memo 2022-36): Tax Court held a retired airline pilot had to include the value of standby tickets used by relatives that were neither his spouse nor dependent children in income.CCA 202204007: IRS concluded a business facilitating property rentals between lessors and lessees is providing brokerage services within the meaning of IRC Sec. 1202(e)(3)(A).Proc. 2022-19: Guidance on six areas where taxpayers otherwise would need to seek a Private Letter Ruling.Timestamps00:00:00 – Introduction00:08:36 – Rogerson v. Commissioner (TC Memo 2022-49)00:41:43 – TAM 20222903600:53:54 – IRS Chief Counsel Advice Memorandum 20215100501:09:26 – Hoops LP v. Commissioner TC Memo 2022-901:33:28 – Milkovich v. U.S. 24 F.4th 1 (9th Circ. 2022)01:55:48 – Musselwhite (TC Memo 2022-57)02:20:58 – Starer v. Commissioner (TC Memo 2022-124)02:29:44 – Wendy J. Mihalik v. Commissioner (TC Memo 2022-36)02:42:04 – CCA 20220400702:53:34 – Rev. Proc. 2022-1903:15:17 – Closing Remarks
Who are we? Well, we’re The Western CPE Podcast Network. As a leader and innovator in the CPE industry, we enjoy finding new ways to bring you the tax, accounting, and finance content you need and want. So, we’re kicking off our podcast launch with a very special collaboration! Get ready for the Top 10 Tax Cases of 2022 with Damien Martin & Tony Nitti!