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Federal Tax Update Podcast

The Ohio Society of CPAs

Federal Tax Update Podcast Series

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59:19

2025-02-24 BOI Developments Week

Federal Tax Update Podcast ·

2025/02/23

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

01:10:52

2025-02-17 A Week of Lost Losses

Federal Tax Update Podcast ·

2025/02/16

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

01:14:55

2025-02-10 New Administration Pushes Foward with the CTA

Federal Tax Update Podcast ·

2025/02/08

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

01:17:04

2025-02-03 A Week of Tax Court Rulings

Federal Tax Update Podcast ·

2025/02/02

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

01:13:25

2025-01-27 BOI Sees Supreme Court Action But There a...

Federal Tax Update Podcast ·

2025/01/26

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

01:02:42

2025-01-20 SECURE 2.0 Act Proposed Guidance

Federal Tax Update Podcast ·

2025/01/19

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

01:21:15

2025-01-13 Tax Filing and Payment Relief for...

Federal Tax Update Podcast ·

2025/01/12

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

53:56

2025-01-06 Digital Assets, BOI, Conservation...

Federal Tax Update Podcast ·

2025/01/05

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

54:31

2024-12-24 IRS Proposes Significant Revisions to...

Federal Tax Update Podcast ·

2024/12/22

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

33:16

2024-12-16 IRS Expands Business Tax Accounts Features...

Federal Tax Update Podcast ·

2024/12/14

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

57:21

2024-12-09 Nationwide Injunction on BOI Reporting

Federal Tax Update Podcast ·

2024/12/08

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

34:57

2024-12-02 New Form for 83(b) Elections

Federal Tax Update Podcast ·

2024/11/30

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

48:26

2024-11-25 IP PINs, Divorced Parents and Children

Federal Tax Update Podcast ·

2024/11/24

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

58:57

2024-11-18 End of Partnership Suspense Account at the...

Federal Tax Update Podcast ·

2024/11/15

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

57:51

2024-11-11 Post Election Issue on Tax Bills and the...

Federal Tax Update Podcast ·

2024/11/09

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.

42:56

2024-11-04 Retirement Plan Inflation Numbers

Federal Tax Update Podcast ·

2024/11/04

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

56:57

2024-10-28 IRS Releases Most 2025 Inflation Adjusted...

Federal Tax Update Podcast ·

2024/10/26

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

30:54

2024-10-21 Staking Returns for One More Try at Court

Federal Tax Update Podcast ·

2024/10/20

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

29:32

2024-09-09 More BOI Reporting Issues

Federal Tax Update Podcast ·

2024/09/09

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

58:57

2024-09-03 BOI Review Time

Federal Tax Update Podcast ·

2024/09/02

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

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