By The Ohio Society of CPAs
Federal Tax Update Podcast Series
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...
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...
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...
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...
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...
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...
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...
This week we look at a proposed tax bill that has advanced out of the House Ways & Means Committee. Copyright 2024, Kaplan, Inc.
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...
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...
This week, we look at FinCEN's release of the BOI E-Filing site on January 1, 2024.
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...
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...
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...
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...
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
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...
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...
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...
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...
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...
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...
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...
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...
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.
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...
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...
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...
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)...
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...
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...
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...
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....
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
