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Federal Tax Update Podcast

The Ohio Society of CPAs

Federal Tax Update Podcast Series

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01:03:58

2024-08-26 IRS ERC Notices of Denial-Comments of the...

Federal Tax Update Podcast ·

2024/08/24

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 Copyright 2024, Kaplan, Inc.

57:55

2024-08-05 House Passed Tax Bill Fails to Clear...

Federal Tax Update Podcast ·

2024/08/04

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.

01:07:44

2024-07-29 More IRS ERC Guidance

Federal Tax Update Podcast ·

2024/07/28

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

50:19

2024-07-22 IRA Finalizes RMD Regulations

Federal Tax Update Podcast ·

2024/07/21

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

50:25

2024-07-15 BOI Updates

Federal Tax Update Podcast ·

2024/07/14

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

56:55

2024-07-08 Supreme Court Makes It Easier to Challenge...

Federal Tax Update Podcast ·

2024/07/07

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

54:25

2024-07-01 IRS to Eventually Automate FTA Relief

Federal Tax Update Podcast ·

2024/06/30

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

59:11

2024-06-24 Supreme Court Upholds the 965 Transition Tax

Federal Tax Update Podcast ·

2024/06/23

This week we look at: 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

59:07

2024-06-17 Do Not Believe Your Chatbot on Tax Matters

Federal Tax Update Podcast ·

2024/06/16

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

52:34

2024-06-10 Estate Tax Problems for Buy Sells Funded...

Federal Tax Update Podcast ·

2024/06/09

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

51:29

2024-06-03 LLC as an S Corporation Issue

Federal Tax Update Podcast ·

2024/06/02

This week we look at: IRS announces that Direct File will continue into 2025 and be expanded while maintaining other programs 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

01:01:17

2024-05-27 Misleading Silences Are Sometimes Fine in Tax

Federal Tax Update Podcast ·

2024/05/27

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

55:09

2024-05-13 Changes to CAFs and Process for Tax Pros...

Federal Tax Update Podcast ·

2024/05/11

This week we look at: IRS gives update on final results for ERC voluntary compliance program and discusses the future Taxpayer’s contract did not make payment contingent on 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

32:09

2024-04-29 No Minimum Attention Required for...

Federal Tax Update Podcast ·

2024/04/28

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 Copyright 2024, Kaplan Financial Education

50:48

2024-04-22 IRS Extends Limited RMD Relief But Warns...

Federal Tax Update Podcast ·

2024/04/20

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 Copyright, Kaplan, Inc.

30:37

2024-04-01 Tax Court Reverses Position on Validity of...

Federal Tax Update Podcast ·

2024/03/31

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

36:41

2024-03-25 ERC Voluntary Disclosure Program Is Over -...

Federal Tax Update Podcast ·

2024/03/24

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

36:48

2024-03-18 Last Call to Enter ERC Voluntary...

Federal Tax Update Podcast ·

2024/03/17

23:51

2024-03-04 Court Questions Constitutionality of the CTA

Federal Tax Update Podcast ·

2024/03/10

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

35:53

2024-03-04 Court Questions Constitutionality of the CTA

Federal Tax Update Podcast ·

2024/03/03

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