FICPA Podcasts

FICPA Podcasts

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FICPA Podcasts episodes

  • Federal Tax Update: IRS Warning for Certain ESOP Porgrams

    https://vimeo.com/854043438?share=copy

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/8/12/2023-08-14-irs-issues-warning-for-certain-esop-programs

     

    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
    • 51 min
  • Federal Tax Update: IRS Finally Tells Us Their Position on Staking Rewards

    https://vimeo.com/851961204

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/8/5/2023-08-07-irs-finally-tells-us-their-position-on-staking-rewards

     

    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
    • 1 hr 1 min
  • Federal Tax Update: The ERC Hearing Before Congress Left for the August Recess

    https://vimeo.com/849978426

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/7/30/2023-07-31-the-erc-hearing-before-congress-left-for-the-august-recess

     

    This week we look at:

    • Oversight Committee 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 a tax consequence when you borrow against your life insurance policy and then let the policy lapse
    • 1 hr 4 min
  • Federal Tax Update: IRS Extrnds RMD Refief by One Year

    https://vimeo.com/845765541?share=copy

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/7/16/2023-07-17-irs-extends-rmd-relief-by-one-year

     

    This week we look 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.
  • Failure to attach simple election leads to requesting (and paying for) 11 separate private letter rulings
    • 47 min
  • Federal Tax Update: Research Credit Blues

    https://vimeo.com/843721129

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/7/9/2023-07-10-research-credit-blues

     

    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 an organization formed to raise funds for one person’s medical bills
  • Discussion of tax research hierarchy in this short week
    • 1 hr 6 min
  • Federal Tax Update: Supreme Court Protective Claims and 965 Transition Tax

    https://vimeo.com/841939508

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/7/3/2023-07-03-supreme-court-protective-claims-and-965-transition-tax

     

    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 complaint settlement was not excludable from income
    • 1 hr 5 min
  • Federal Tax Update: Sherlock Holmes and Tax Research

    https://vimeo.com/837414420

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/6/25/2023-06-26-sherlock-holmes-and-tax-research

     

    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 who filed Tax Court petition 11 seconds too late due to technology challenges has petition dismissed

    • Sherlock Holmes on tax research

    1 hr 4 min
  • Federal Tax Update: What Could Be the Harm of Filing an ERC Claim

    https://vimeo.com/837414420

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/6/18/2023-06-19-what-could-be-the-harm-of-filing-an-erc-claim

     

    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 DirectPay for certain credits
  • What can go wrong with an employee retention credit refund claim?
    • 47 min
  • Federal Tax Update: Opening Offer in Negotiations for 2023 Tax Package

    https://vimeo.com/835260362

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/6/11/2023-06-12-opening-offer-in-negotiations-for-2023-tax-package

     

    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 claiming bonus depreciation when partnership discovers claiming bonus is bad news at the state level for certain partners
    • 56 min
  • Federal Tax Update: Hobby Losses Expenses Effectively Nondeductible

    https://vimeo.com/833146017

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/6/4/2023-06-05-hobby-losses-expenses-effectively-nondeductible

     

    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 under §183 are miscellaneous itemized deductions
  • Elderly attorney had reasonable cause for failure to file payroll tax returns and timely pay payroll tax liabilities
    • 1 hr 8 min

About FICPA Podcasts

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The FICPA podcast is to inform and educate our members & the CPA community with today’s hottest issues. Our mission is to serve our members, enhance their competency & professionalism, support…