Spidell's Federal Tax Minute: Recent Episodes
Spidell
Welcome to Spidell’s Federal Tax Minute, a weekly podcast that focuses on federal tax news snippets to keep you up-to-date on the issues that affect your clients and your practice, in an audio format that you can access at your office or on your phone. So give us a minute, and we'll give you news you can use.
This week we're covering what the phaseout of the penny means for sales and use tax purposes.
This week we have an update on Trump Accounts, which are now active and can be accessed via a new app.
This week we're covering using funds from a §529 account to pay a mortgage while a student attends school.
This week we're covering some Circular 230 guidance specific to tax professionals using AI.
This week, we're covering federal legislation that has been introduced to address the taxation of digital assets.
This week we're covering the ruling in the Kwong case and why taxpayers may want to file protective refund claims for the COVID-19 disaster period.
This week we're covering a potential double taxation issue for trusts that the Joint Committee on Taxation just addressed in its Bluebook.
This week we're covering the upcoming renewal date for Designated Officials in the IRS's Business Tax Account system.
This week we're covering the rescheduling of certain marijuana products from Schedule I to Schedule III and what that means for businesses that sell those products.
This week we're covering disallowed Employee Retention Credits and a recent extension to the statute of limitations on refunds.
This week, we're covering using a durable power of attorney for tax matters, in circumstances where a taxpayer may be incompetent or incapacitated.
This week, we're covering using outsourcing and artificial intelligence to review returns.
This week we're covering clarification we have received from the IRS on a handful of OBBBA provisions.
This week we're covering what practitioners can do when clients receive new IRS Notice CP53E.
This week we're covering which workers are and are not eligible for the new overtime deduction.
This week, we're covering transition relief and guidance for claiming tips and overtime deductions on 2025 tax returns.
This week we're covering a change at the U.S. Postal Service that affects postmarks and makes filing and paying electronically even more important.
This week we're talking about the tax effects of reclassifying marijuana to a Schedule III drug.
This week we're covering a list of FAQs that we have received from tax professionals regarding Trump accounts.
This week we're covering categories of gifting that don't apply to the annual and lifetime gift tax exclusions.
This week, we're covering new guidance released on setting up and administering new Trump accounts.
This week we're covering some of the new and updated forms for 2025 and 2026 following the enactment of the One Big Beautiful Bill Act.
This week we're covering things to consider regarding HSAs and FSAs before the end of the year.
This week we're covering employee emergency savings accounts and how these accounts operate.
This week, we're covering new and updated Form 1099-K FAQs that the IRS recently released.
This week we're covering draft 1099 forms with new lines for certain OBBBA deductions, and transition relief for reporting tip and overtime compensation for 2025.
This week we're comparing Trump accounts to some alternative investment accounts for children under the age of 18.
This week we're covering new IRS Form 1098-VLI for the claiming car loan interest deduction and transition guidance for the car loan interest reporting requirements.
This week we’re covering the recently reduced PTIN fee and the new process for signing in to the PTIN system.
This week, we’re covering using a private letter ruling to waive the 60-day rollover requirement for fraudulent transfers from a retirement account.
This week we’re covering some 2026 draft forms the IRS released, specifically the draft W-2, Schedule 1-A, and W-4.
This week we’re covering which taxpayers are winners and which are losers under the provisions of the One Big Beautiful Bill Act.
This week we’re covering further expansion of the IRS’s online individual tax accounts.
This week, we’re covering the expansion of IRC §529 qualified higher education expenses under the One Big Beautiful Bill Act.
This week, we’re covering the new Trump accounts that were established under the One Big Beautiful Bill Act.
This week we’re covering three of the enhanced credits under the One Big Beautiful Bill Act.
This week we’re covering the new personal exemption for seniors under the One Big Beautiful Bill Act.
This week we’re covering changes made to the state and local tax deduction limitation under the One Big Beautiful Bill Act.
This week, we’re covering four important depreciation provisions contained in the One Big Beautiful Bill Act.
This week we’re covering changes to charitable contribution deductions made by the OBBBA.
This week we’re covering the changes to various energy credits and incentives under the OBBBA.
This week we’re covering Medicare’s income-related monthly adjustment amount, and what taxpayers can do to lower this monthly surcharge.
This week we’re covering the tax ramifications of claiming a theft loss deduction for stolen cryptocurrency.
This week we’re covering the latest expansion of the IRS’s Business Tax Account online self service tool for business taxpayers.
This week, we’re covering the new process for making a gift splitting election on Form 709.
This week, we’re covering the tips, overtime, and auto interest provisions in the tax bill that’s working its way through Congress.
This week we’re covering proposed changes that the pending tax bill would make to the state and local tax deduction limit.
This week, we’re covering some of the key provisions in the draft tax legislation that was released on May 12.
This week, we’re covering expanded features of the IRS’s Individual Online Account tool.
This week, we’re covering the proposed changes to update Treasury Department Circular 230, which governs practice before the IRS.
This week we’re covering the provisions of the Federal Disaster Tax Relief Act of 2023.
This week, we’re covering some federal filing updates to be aware of for the start of the 2025 filing season.
This week we’re covering some temporary relief for reporting certain digital asset transactions.
This week we’re covering some considerations following the recent beneficial ownership reporting suspension.
This week we’re covering the new IRS form for making an IRC §83(b) election and the basics of §83.
This week we’re covering the Form 15400 dealer report that taxpayers receive when a vehicle qualifies for one of the clean vehicle credits.
This week we’re covering the tax policy changes that we may see when President Trump returns to the White House in 2025.
This week we’re covering the benefits of health savings accounts, including account portability.
This week, we’re covering some of the tax benefits available to military members serving in a combat zone.
This week we’re discussing when legal fees may still be deductible above the line on the 1040.
This week, we’re discussing what to consider when choosing a trustee to manage assets in a trust.
This week we’re covering new Form 7217 for reporting property distributed by partnerships in either a liquidating or nonliquidating distribution.
This week, we’re talking about the risks of a compromised CAF number and the IRS’s process for handling these.
This week we’re talking about the exemption that “large” companies have from beneficial ownership information reporting requirements.
This week we’re talking about how taxpayers can know when a call from a private collection agency is legitimate.
This week we’re discussing registration tips for using the IRS’s IRIS portal for information returns.
This week we’re discussing the advantages and disadvantages of filing married filing separate versus married filing joint.
This week we’re discussing the multifactor authentication requirement for tax professionals to safeguard sensitive client information.
This week we’re talking about Form 2553 and the ways it can be used beyond just for making an S corporation election.
This week, we’re talking about the credit for electric and hybrid vehicles, and some clarifications to be aware of.
This week we’re discussing the mega back-door Roth and what’s required to be able to take advantage of this strategy.
This week we’re discussing Roth SEP and SIMPLE IRAs, how to report contributions, and planning tips.
This week, we’re covering changes that the Social Security Administration is making to simplify the disability evaluation process.
This week, we’re talking about final regulations the IRS has released for increased clean energy project benefits.
This week we’re discussing limited partners and self-employment tax, and some recent cases on this issue.
This week we’re covering the requirements for the New Energy Efficient Home Credit available to builders and contractors.
This week we’re covering the tax effects of financing solar panels through the PACE and HERO programs.
This week we’re covering the private collection agencies used by the IRS, and how to know if a call from one of these agencies is legitimate.
This week we’re talking about repaying Social Security benefit overpayments, and some recent policy changes regarding these payments.
This week we’re covering when a taxpayer is and is not required to file an amended return.
This week we’re discussing homeowners association dues and assessments and when they’re deductible.
This week, we’re covering Form 1098-Q, which provides information on qualified longevity annuity contracts.
This week we’re covering two avenues still available for taxpayers who missed the Employee Retention Credit voluntary disclosure program.
This week we’re covering the basics of restricted stock units including the disposition of stock acquired through restricted stock units and basis issues.
This week we’re covering the new tax deal that’s in the works and how it’s tied to the Employee Retention Credit.
This week we’re covering the IRS’s online portal for filing 1099s and some tips for using it.
This week we’re covering §529 plan basics regarding contributions, distributions, and which expenses qualify.
This week we’re covering a recent Tax Court case that looked at the applicability of self-employment tax to limited partners.
This week we’re discussing the clean vehicle credits that are available through dealerships.
This week we’re covering Forms 1099-NEC and 1099-K and the issues that can arise when certain payments appear on both of these forms.
This week we’re covering the beneficial ownership reporting requirement which starts January 1, 2024, for certain entities formed in 2024.
This week we’re covering durable powers of attorney and when they may apply to represent a taxpayer in federal tax matters.
This week we’re covering some things to keep in mind for taxpayers who have an HSA or an FSA, as the end of the year approaches.
This week, we’re covering the basics of reverse mortgages, such as the types available, eligibility requirements, and more.
This week we’re covering the time period for filing an estate tax return only for the purpose of making a portability election.
This week we’re covering the recently issued Clean Vehicle Credit guidance that addressed several open questions.
This week we’re discussing some planning tips for certain Tax Cuts and Jobs Act provisions that will be sunsetting in 2025.
This week we’re covering recent guidance from the IRS that answers many of the questions practitioners have been asking about research-related expenses.
This week we’re covering centralized partnership audit regime audits and why a partnership should elect out of CPAR if it’s able to.
This week we’re covering centralized partnership audit regime audits and why a partnership should elect out of CPAR if it’s able to.
This week we’re talking about new proposed regulations and a new form for reporting proceeds from the sale of digital assets.
This week we’re covering the e-file requirement for information returns, including Form 8300 which is filed after receiving cash payments of over $10,000.
This week we’re covering the kiddie tax and investment decisions that will reduce the child’s unearned income.
This week we’re covering the provisions of the Department of Education’s new Saving on a Valuable Education student loan repayment plan.
This week we’re talking about the IRS’s information return filing portal and some issues that may arise when registering to use it.
This week we’re discussing the mega backdoor Roth and what’s required to be able to take advantage of this strategy.
This week we’re covering the five-year rule for Roth IRA contributions and payouts, and which contributions start the five-year period.
This week we’re covering the income tax and self-employment tax reporting requirements for taxpayers who receive a minister’s housing allowance.
This week we’re covering a tax professional’s responsibility when it comes to the Employment Retention Credit and studies prepared by another firm.
This week we’re talking about §1031 exchanges and when it might be a good idea not to enter into an exchange transaction.
This week we’re covering when a collaboration actually becomes a partnership, because there are distinct factors that courts will look at if the issue arises.
This week we’re discussing which solar energy credits taxpayers can take if they have residential properties with some business use.
This week we’re talking about the information you can get off of a Form 5498 and how to turn this information into planning opportunities for your clients.
This week we’re covering a SECURE 2.0 Act provision that goes into effect in 2024 affecting catch-up contributions for highly compensated employees.
This week we’re covering foreign pensions and when there is an FBAR and FATCA reporting requirement.
This week we’re covering foreign pensions and when there is an FBAR and FATCA reporting requirement.
This week we’re covering restricted stock units, or RSUs, and some of the basics of this type of stock.
This week we’re covering certain costs for nutrition and general health that may be deducted as medical expenses, as well as costs incurred by taxpayers who travel abroad for medical treatment.
This week we’re covering the new beneficial ownership reporting requirement that will affect a large number of entities.
This week we’re covering two of the clean vehicle credits and how to choose between them if a vehicle is eligible for both.
This week we’re discussing solar tax incentives that were expanded under the inflation Reduction Act.
This week we’re covering some of the basics of incentive stock options and how and when to recognize income.
This week we’re covering some of the basics of incentive stock options and how and when to recognize income.
This week we’re covering a Notice and some FAQs the IRS released regarding the new Clean Vehicle Credit.
This week we’re covering a few of the SECURE 2.0 Act provisions that go into effect in 2023.
This week we’re covering a few of the SECURE 2.0 Act provisions that go into effect in 2023.
This week we’re covering one of the provisions of the new SECURE 2.0 Act, which deals with §529 plan rollovers to Roth accounts.
This week we’re covering the advantages and disadvantages of the married filing separate filing status.
This week we’re discussing a Revenue Procedure that provides for a simplified accounting method change for research expenses.
This week we’re discussing a Revenue Procedure that provides for a simplified accounting method change for research expenses.
This week we’re covering the Schedules K-2 and K-3 domestic partnership exemption, which has been expanded and revised.
This week we’re covering the Schedules K-2 and K-3 domestic partnership exemption, which has been expanded and revised.
This week we’re covering the IRS’s new online filing system, which is expected to launch in early 2023.
This week we’re covering some relief provided by the IRS from the proposed required minimum distribution rules.
This week we’re covering some relief provided by the IRS from the proposed required minimum distribution rules.
This week we’re covering making a timely portability election, including the new period for making the election.
This week we’re discussing the new research and development rules and how these rules may mean an increase in taxes for some taxpayers.
This week we’re covering a filing exception for Schedules K-2 and K-3 for certain domestic partnerships.
This week we’re covering the recent cost of living adjustment for Social Security benefits, how this may affect the taxability of these benefits, and some tax planning strategies.
This week we’re discussing final regulations that change the way health care plan affordability is determined for spouses and dependents.
This week we’re covering employer health insurance mandate letters that the IRS is sending to initiate assessing employer shared responsibility payments.
This week we’re discussing when a period of nonqualified use would limit the amount of gain on the sale of a principal residence that’s excludable from income.
This week we’re talking about the basics of Series I bonds, which come with a number of benefits and can be purchased using a tax refund.
This week we’re covering superseding returns and some things to keep in mind when filing these returns.
This week we’re talking about the SECURE Act and how it changes the inherited IRA rules.
This week we’re covering the new student loan debt relief plan, including some open questions regarding the plan.
This week we’re talking about some things to keep in mind when filing Schedules K-2 and K-3.
This week we’re going to touch on some of the key tax incentives contained in the Inflation Reduction Act that will impact most taxpayers.
This week we’re going to touch on some of the key tax incentives contained in the Inflation Reduction Act that will impact most taxpayers.
This week we’re covering internet start-up companies and the timing regarding these businesses begin and when development costs can be expensed, as outlined in a recent Tax Court case.
This week we’re covering tax considerations for college athletes who have name, image, and likeness income.
This week we’re talking about §1031 exchanges and when it might be a good idea not to enter into an exchange transaction.
This week we’re talking about §1031 exchanges and when it might be a good idea not to enter into an exchange transaction.
This week we’re talking about some tax strategies for dealing with cryptocurrency losses.
This week we’re discussing proposed regulations that affect required minimum distributions for IRAs inherited after 2019.
This week we’re covering some proposed regulations that would limit the relief for large gifts made prior to the estate tax exclusion dropping back to $5 million in 2026.
This week we’re talking about expanded virtual currency reporting requirements under the Infrastructure Investment and Jobs Act.
This week we’re covering the new Schedules K-2 and K-3 and which entities are required to file.
This week we’re covering the Employee retention Credit, specifically amending returns to take the credit and some penalty relief that’s available.