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Federal Tax Update Podcast

The Ohio Society of CPAs

Federal Tax Update Podcast Series

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32:58

2024-01-02 FinCEN Welcomes 2024 By Opening BOI Filing...

Federal Tax Update Podcast ·

2024/01/01

This week, we look at FinCEN's release of the BOI E-Filing site on January 1, 2024.

53:05

2023-12-26 IRS Plays Santa With Two Relief Programs

Federal Tax Update Podcast ·

2023/12/24

This week we look at: IRS announces a three month Employee Retention Credit Voluntary Disclosure Program IRS provides relief from failure-to-pay penalties for 2021 and 2020 taxes for certain situations Taxpayer uses the wrong FedEx service, therefore his Tax Court petition was not filed on time

45:05

2023-12-18 FinCEN BOI Week

Federal Tax Update Podcast ·

2023/12/17

This week we look at: FinCEN adds more information to FAQ page, including information on PDF form Bill passes House that would give a limited extension of time for some initial BOI reports to be filed IRS releases mileage rates for 2024 Supreme Court agrees to hear estate tax valuation case to resolve split in the Circuits

43:28

2023-12-11 First ERC Challenge in Court

Federal Tax Update Podcast ·

2023/12/10

This week we look at: IRS sends out a batch of 20,000 ERC rejection letters Employer files suit claiming IRS ERC guidance violated the Administrative Procedures Act SCOTUS hears oral arguments in the Moore case Draft K-2/K-3 instructions are published with no major changes to the domestic filing exception for 2023

46:54

2023-12-04 State Law Limited Partners and...

Federal Tax Update Podcast ·

2023/12/03

This week we look at: FinCEN finalizes extension of due date for initial BOI reports for entities created in 2024 Tax Court rules that a state law limited partner is not automatically covered by IRC §1402(a)(13) self-employment tax exemption OPR due diligence alert on FBAR Annual business MeF shutdown date announced IRS denies request for automatic accounting method change late election relief Tax Court finds that if date to file a Tax Court petition falls on a date that the clerk’s office is

39:47

2023-11-20 FinCEN FAQ Update for BOI Reporting

Federal Tax Update Podcast ·

2023/11/18

This week we look at: IRS clarified FAQ on §139A and backpay for wrongfully incarcerated members of the armed services FinCEN adds to the FAQ on beneficial ownership information reporting

59:57

2023-11-13 IRS Completes Inflation Adjusted Number...

Federal Tax Update Podcast ·

2023/11/11

This week we look at: Inflation adjusted numbers for 2024 issued by the IRS Minor revisions made in final BOI FinCEN Identifier rules The IRS issues its second ERC-related GLAM, this time taking aim at OSHA related partial shutdown theories If a Notice isn’t binding on the courts, does that mean we can just pretend it doesn’t exist when advising our clients?

51:34

2023-11-06 Retirement Plan Numbers Released for 2024

Federal Tax Update Podcast ·

2023/11/04

This week we look at: 2024 inflation adjusted retirement numbers released by the IRS MeF 1040 shutdown date announced by the IRS Trust found liable for transferee tax in failed Son-of-BOSS shelter to offset stock sale gain IRC §41 refund claim grace period extended for yet another year Tax Court refuses to expand equitable relief for missing 90-day deadline to file petition

38:23

2023-10-30 Boyle Decision Applies to Electronic Filing

Federal Tax Update Podcast ·

2023/10/29

This week we look at Taxpayers can’t rely on paid preparer as reasonable cause for late filing, even when using electronic filing IRS could assert negligence penalty (and obtain supervisory approval) after failing to obtain approval for substantial underpayment penalty IRS makes “temporary” electronic signature program permanent by moving it into the Internal Revenue Manual

22:31

2023-10-21 An Offer the Actor Should Have Refused

Federal Tax Update Podcast ·

2023/10/21

This week we look at PTIN renewals are now open for 2024 IRS announces program to allow for withdraw of ERC claims Actor’s estate loses in attempt to claim he had validly rolled over a non-traditional investment held in his IRA

44:26

2023-10-09 EV Credit Transfer to Dealer Guidance Issued

Federal Tax Update Podcast ·

2023/10/08

This week we look at Sloppy records cost CPA the vast majority of his business deductions IRS issues warning about art deduction tax promotions aimed at high-income taxpayers IRS gives details on transfers of electrical vehicle credits to dealers beginning in 2024 Copyright 2023, Kaplan, Inc.

31:49

2023-10-02 Limited Delay in Some CTA BOI Initial...

Federal Tax Update Podcast ·

2023/09/30

This week we look at: IRS reduces PTIN fees substantially Wash sale rules do not apply to losses on disposition of money market funds IRS highlights new capabilities added to TaxPro accounts Employers can set up leave-based donation programs for 2023 Hawaii wildfire relief FinCEN grants 60 additional days for entities created in 2024 to file initial reports

46:02

2023-09-25 FinCEN Issues Guide for Small Business CTA...

Federal Tax Update Podcast ·

2023/09/23

This week we look at: FinCEN provides guide to small businesses for beneficial ownership reporting under the Corporate Transparency Act Taxpayer cannot rely on the mailbox rule to prove timely mailing/filing of tax return, as §7502 is the sole way of proving timely postmark and get presumption of delivery Impact of receipt of a CP2100/2100A notice on backup withholding

01:05:19

2023-09-18 Halt in ERC Claim Processing for New Claims

Federal Tax Update Podcast ·

2023/09/16

This week we look at: Just having a CPA prepare a taxpayer’s return does mean the taxpayer will get reasonable cause relief for assessments IRS announces halt to processing of new ERC claims until after 2023, will slow processing of claims currently in progress

58:40

2023-09-11 Better Late Than Never Section 174...

Federal Tax Update Podcast ·

2023/09/10

This week we look at: IRS make last minute change to K-2/K-3 FAQ for 2022 returns Preliminary guidance for §174 changes made in TCJA that took effect in 2022 issued by the IRS Copyright 2023, Kaplan, Inc.

52:56

2023-09-05 Electronic Filing of Information Return...

Federal Tax Update Podcast ·

2023/09/02

This week we look at: HHS sends letter to DEA recommending that marijuana be reclassified as a Schedule III drug General guidance issued determining tax status of 2023 state payments - and IRS asks for comments prior to giving additional guidance IRS clarifies limits of 2007 CCA on ESBTs and NOLs News release on electronic filing of Form 8300

28:40

2023-08-28 Week of IRS Delaying Requirements

Federal Tax Update Podcast ·

2023/08/27

This week we look at: Proposed regulations issued for digital asset broker reporting on Form 1099-DA IRS delays requirement for high income employees to make employer plan catch-up contribution to designated Roth accounts until plan years beginning after December 31, 2025 2024 health care premium tax credit percentages published by the IRS

55:32

2023-08-21 Renting the Owner's Homes to Their...

Federal Tax Update Podcast ·

2023/08/20

This week we look at: Limited relief likely coming for beneficial ownership reporting IRS being challenged in an attempt to treat state law limited partners as receiving SE income Rent your home to your business for 13 days each year plan mainly failed Advance memo states IRS objection to a marketed trust tax avoidance plan IRS memo explains credit unions can only claim COVID ERC on 2021 wages

50:20

2023-08-14 IRS Issues Warning for Certain ESOP Programs

Federal Tax Update Podcast ·

2023/08/12

This week we look at: Deduction for non-qualified deferred compensation not accelerated for the seller when the liability is transferred to the buyer of a business Tax professionals and taxpayers warned about issues with certain employee stock ownership plan (ESOP) arrangements Reduction of non-recourse debt amount was added to sales proceeds, not a cancellation of debt so no §108 relief was available

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

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