FICPA Podcasts

FICPA Podcasts

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FICPA Podcasts episodes

  • Federal Tax Update: Meals and Entertainment Guidance

    https://vimeo.com/393313976

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/2/23/2020-02-24-2020-02-24-meals-and-entertainment-guidance 

     

    This week we look at:

    • Proposed regulations can be relied upon in the interim, as well as continued reliance on Notice 2018-76
  • Separate invoicing rule for food/beverage first released in Notice 2018-76 is also in the proposed regulations
  • Definition of entertainment stays similar to older definition, but does not include business meals
  • Adopts Notice 2018-76 rules for business meals
  • Detailed guidance on meals related exceptions to 50% disallowance found at §274(e)
    • 52 min
  • Federal Tax Update: The Week of Fortnite and Schedule 1

    https://vimeo.com/391811474

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/2/16/2020-02-17-the-week-of-fortnite-and-schedule-1  

     

    Current Federal Tax Developments for the week of February 17, 2020: The Week of Fortnite and Schedule 1

    • IRS urges tax professionals to make use of multi-factor authentication
  • V-bucks and Roblox removed from list of convertible virtual currencies on FAQ
  • Challenge to validity of regulations on disclosing basis in appraisal found wanting by the Tax Court

    •  

    40 min
  • Federal Tax Update: Western Wisconsin Week

    https://vimeo.com/388726525

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/2/1/2020-02-03-western-wisconsin-week  

     

    This week we look at:

    • Special agent in charge of Los Angeles CID talks about their potential use of the virtual currency question on Schedule 1, Form 1040.
  • Taxpayer wins on claim LLC was not a sham, but finds the result is actually worse when court rules amounts paid to law firm were start-up expenses under §195 TAM rules that taxpayer did not have an intangible related to synergistic benefits that could be written off.
  • Taxpayer could not use claim of right provision under §1341(a) to claim a deduction related to gain recognized in prior year when trustee of grantor sold stock that trustee was barred from selling by the trust agreement.
  • IRS and taxpayer agree that a regulation on the books since 2001 mandates a result different from what the court had arrived at when agreeing with IRS position on §7502(a) and late filed returns asserted originally in the case.
    • 42 min
  • Federal Tax Update: Real Soon Now

    https://vimeo.com/387154894

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/1/25/2020-01-27-real-soon-now

     

    This week we look at:

    • IRS can use sample of transactions to carry burden for §165(c) kickbacks/bribery issues per CCA
  • IRS gives IRA custodians relief on RMD notices for 2020--but it means IRA owners may get bad advice about required distributions
  • Treasury indicates that guidance on excess distributions on termination deduction is “just around the corner.”
  • Microsoft denied assertion of privilege for most documents prepared by outside accounting firm in transfer pricing case
    • 41 min
  • Federal Tax Update: Relief Week

    https://vimeo.com/385818129

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/1/19/2020-01-20-relief-week

     

    This week we look at:

    • IRS expands rules excluding from income discharge of certain student loan debt
  • Did the IRS just endorse a SALT workaround? Or maybe not…
  • Small partnership late filing relief revenue procedure still in effect despite repeal of TEFRA provision
  • Tax Court found taxpayer’s petition was more likely than not filed timely.
    • 43 min
  • Federal Tax Update: When Bad Things Happen Penalties & Disqualifications

    https://vimeo.com/384381807

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/1/12/2020-10-13-when-bad-things-happen-penalties-and-disqualification  

     

    This week we look at:

    • A look at the interaction of qualified plans and post-70 ½ deductible IRA contributions under the SECURE Act.
  • A date change in the final version of the SECURE Act related to the kiddie tax.
  • An ESOP is found to be disqualified from inception due to both issues in its plan document and in operation of the plan.
  • IRS announces e-file start dates, with business returns now being accepted.
  • Two cases look at the timing of the required IRS supervisor review of proposed penalties in an exam.
    • 48 min
  • Federal Tax Update: Beginning a New Decade

    https://vimeo.com/382801429

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/1/4/2020-01-06-beginning-a-new-decade

     

    This week we look at:

    • Case from the Archive: Taxpayer Shows How to Win When the IRS Claims Your Business is a Hobby
  • Taxpayers who have SFR prepared won’t see a §199A deduction in the SFR
  • 2020 auto mileage rates issued at the last minute
  • Charitable contributions of virtual currency guidance issued by IRS in FAQ
  • Taxpayers can’t raise substance over form argument since the taxpayer picked the form
  • Final Qualified Opportunity Fund regulations issued by the IRS
  • IRS issues updated guidance on withholding on pensions
    • 49 min
  • Federal Tax Update: The Year's Big Tax Developments

    https://vimeo.com/381935278

    https://www.currentfederaltaxdevelopments.com/podcasts/2019/12/29/2019-12-30-the-years-big-tax-developments 

     

    This week we look at the big developments in taxes for 2019 as we come to the end of the year:

    • 199A final regulations – a pre-tax season package that had to be quickly understood
  • 2019’s year end tax bills – comes in three parts, along with a good portion of the government’s full appropriations package
  • The IRS’s fascination with tax basis capital, and the profession’s reaction to the same
  • 199A FAQ – so we’ll have fewer sub-regulatory guidance items, but that doesn’t mean it all gets reviewed like regulations. Or, perhaps, be careful what you wish for…
  • States looking to extend their tax reach, but in a case with limited application SCOTUS did find there are some limits
  • Additional items beyond the top five…
    • 54 min
  • Federal Tax Update: A Tax Bill for the Holidays

    https://vimeo.com/381030981

    https://www.currentfederaltaxdevelopments.com/blog/2019/12/22/secure-act-extenders-and-repeal-of-certain-aca-taxes-enacted-as-part-of-year-end-appropriations-act  

     

    This week we look at:

     Further Consolidated Appropriations Act, 2020 signed into law on December 20, 2019

    • SECURE Act
    • The good: Delay in required beginning date for plan distributions, later plan adoption date, etc.
  • The bad: Death of the stretch IRA
  • Extenders apply retroactively - so there are some amended returns that will be needed
  • Tax-exempt version of the parking lot tax is gone, but the for profit version is still around
    • 44 min

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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…