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Federal Tax Update Podcast

The Ohio Society of CPAs

Federal Tax Update Podcast Series

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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

41:32

2024-02-26 More BOI Information from an Insurer

Federal Tax Update Podcast ·

2024/02/25

This week we look at: More BOI resources from CAMICO made available by NJCPA District Court refuses to stay FBAR proceeding to await Tax Court result partially due to the age of the taxpayer IRS announces program to go after corporate jet personal usage The state of Arizona sues the IRS over tax status of state tax rebate.

01:01:28

2024-02-19 Insurers Update BOI Guidance

Federal Tax Update Podcast ·

2024/02/18

This week we look at: Insurers updating their advice on BOI engagements SALT cap 2023 increase bill fails on a procedural vote in the House Jury finds taxpayer did not willfully fail to file FBAR reports IRS takes position third party payors liable for ERC refund repayment in addition to common law employers IRS sending out CP271 “soft letters” to those with open ERC refund claims S corporation has a failure of 9 trusts receiving shares from decedent Taxpayer unsuccessfully argues she only should

01:14:14

2024-02-12 Are You Giving Bad Advice on Electronic...

Federal Tax Update Podcast ·

2024/02/10

This week we look at No movement on tax bills this week - nor is final action at all likely to take place before March E-Filing returns - good or bad idea? Two competing articles published this week Taxpayer owes tax on IRA forfeited to government as part of criminal conviction IRS discusses when CID voluntary disclosure program should be used instead of ERC voluntary disclosure program IRS warns about EFIN scam emails Taxpayer found to have submitted a late new refund claim rather than a revision

48:55

2024-02-05 More Movement on Proposed Retroactive Tax...

Federal Tax Update Podcast ·

2024/02/04

This week we look at: Bipartisan extender bill is passed by the House, but faces uncertain future in the Senate A limited, single-year SALT cap relief bill will be brought to the House floor as part of the compromise to pass the bipartisan bill Tax filing season for 2023 return begins this week A cautionary tale about phishing being used to obtain client tax information

57:33

2024-01-29 Bipartisan Retroactive Tax Bill Clears...

Federal Tax Update Podcast ·

2024/01/27

35:56

2024-01-16 Form 8308 Relief

Federal Tax Update Podcast ·

2024/01/14

This week we look at: Talks continue on proposed tax bill IRS provides guidance on Pension-Linked Emergency Savings Account anti-abuse provisions Relief granted for filing information found in Part IV of Form 8308 for 2023 returns IRS updates Notice describing how to obtain certain exemptions from the required electronic filing of certain entity information and tax returns

40:23

2024-01-08 IRS Mistake Stands as Taxpayer Benefits

Federal Tax Update Podcast ·

2024/01/06

This week we look at: New work in progress to try and obtain a bipartisan tax bill IRS gives car dealers a brief extension to file time-of-sale reports IRS reverses direction on treatment of impact of adding a tax reimbursement clause to an IDGT Taxpayer can rely upon date IRS places in Notice of Deficiency as the last day to file a Tax Court petition

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