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Federal Tax Update Podcast

The Ohio Society of CPAs

Federal Tax Update Podcast Series

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01:00:02

2023-08-07 IRS Finally Tells Us Their Position on...

Federal Tax Update Podcast ·

2023/08/05

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

01:03:32

2023-07-31 The ERC Hearing Before Congress Left for...

Federal Tax Update Podcast ·

2023/07/30

This week we look at: Oversight Subcommittee 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

01:17:01

2023-07-24 IRS Makes Clear Its Position on Extended...

Federal Tax Update Podcast ·

2023/07/23

This week we look at: IRS memo makes it clear the agency is very skeptical about extended supply chain ERC claims Third Circuit rules that equitable relief is available for failure to file Tax Court petition in 90 day period for a deficiency IRS asked by Tax Court to justify suspense account method for losses deducted in excess of basis in closed years Taxpayers had to pay tax on funds taken from IRA/pension funds that were paid to fraudster

46:32

2023-07-17 IRS Extends RMD Relief by One Year

Federal Tax Update Podcast ·

2023/07/16

The IRS looks 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 Copyright 2023, Kaplan, Inc.

01:05:37

2023-07-10 Research Credit Blues

Federal Tax Update Podcast ·

2023/07/09

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 organization formed to raise funds for one person’s medical bills Discussion of tax research hierarchy in this short week

01:04:26

2023-07-03 Supreme Court, Protective Claims and 965...

Federal Tax Update Podcast ·

2023/07/03

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

01:03:28

2023-06-26 Sherlock Holmes and Tax Research

Federal Tax Update Podcast ·

2023/06/25

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

46:02

2023-06-19 What Could Be the Harm of Filing an ERC...

Federal Tax Update Podcast ·

2023/06/22

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

55:23

2023-06-12 Opening Offer in Negotiations for 2023 Tax...

Federal Tax Update Podcast ·

2023/06/12

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

01:07:11

2023-06-05 Hobby Losses Expenses Effectively...

Federal Tax Update Podcast ·

2023/06/05

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

01:13:01

2023-05-30 Failure to File Claim Via Certified Mail...

Federal Tax Update Podcast ·

2023/05/29

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

52:44

2023-05-22 Supreme Court and IRS Giving Notice of...

Federal Tax Update Podcast ·

2023/05/21

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

33:47

2023-05-15 The PEO and Your ERC Refund

Federal Tax Update Podcast ·

2023/05/14

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

01:02:39

2023-05-08 Time Zones and Timely Electronic Filings

Federal Tax Update Podcast ·

2023/05/07

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 Copyright, Kaplan, Inc.

52:01

2023-04-23 Catching Up After Tax Season

Federal Tax Update Podcast ·

2023/04/23

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 Copyright, Kaplan, Inc.

52:26

2023-04-02 EV Battery Rules Released

Federal Tax Update Podcast ·

2023/04/02

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 Copyright, Kaplan, Inc.

46:35

2023-03-26 ERC Scams Lead the Dirty Dozen

Federal Tax Update Podcast ·

2023/03/26

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

51:31

2023-03-20 Taxes and Medical Expenses

Federal Tax Update Podcast ·

2023/03/19

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

54:43

2023-03-13 Seaview Trading Reversed in Ninth Circuit

Federal Tax Update Podcast ·

2023/03/12

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

39:23

2023-03-06 Non Willful FBAR Penalty is on a Per Form...

Federal Tax Update Podcast ·

2023/03/04

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

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