Podcasts by Federal Tax Update Podcast

Federal Tax Update Podcast

Federal Tax Update Podcast Series

Further podcasts by The Ohio Society of CPAs

Podcast on the topic Wirtschaftsnachrichten

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Federal Tax Update Podcast
2023-12-11 First ERC Challenge in Court from 2023-12-10T22:21

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
  • Listen
Federal Tax Update Podcast
2023-12-04 State Law Limited Partners and Self-Employment Tax from 2023-12-03T21:20

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 au...

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Federal Tax Update Podcast
2023-11-20 FinCEN FAQ Update for BOI Reporting from 2023-11-18T23:02

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 inform...

    Listen
Federal Tax Update Podcast
2023-11-13 IRS Completes Inflation Adjusted Number Lists for 2024 from 2023-11-11T19:31

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...

    Listen
Federal Tax Update Podcast
2023-11-06 Retirement Plan Numbers Released for 2024 from 2023-11-04T20:28

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 ...

    Listen
Federal Tax Update Podcast
2023-10-30 Boyle Decision Applies to Electronic Filing from 2023-10-29T22:56

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 o...

    Listen
Federal Tax Update Podcast
2023-10-21 An Offer the Actor Should Have Refused from 2023-10-21T18:58

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 ...

    Listen
Federal Tax Update Podcast
2023-10-09 EV Credit Transfer to Dealer Guidance Issued from 2023-10-08T16:25

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 taxpaye...

    Listen
Federal Tax Update Podcast
2023-10-02 Limited Delay in Some CTA BOI Initial Report Filing Dates from 2023-09-30T20:39

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 capabiliti...

    Listen
Federal Tax Update Podcast
2023-09-25 FinCEN Issues Guide for Small Business CTA BOI Reporting from 2023-09-23T21:37

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 ...

    Listen
Federal Tax Update Podcast
2023-09-18 Halt in ERC Claim Processing for New Claims from 2023-09-16T20:48

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...

    Listen
Federal Tax Update Podcast
2023-09-11 Better Late Than Never Section 174 Guidance Arrives from 2023-09-10T22:11

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 ...

    Listen
Federal Tax Update Podcast
2023-09-05 Electronic Filing of Information Return Mandate Issues from 2023-09-02T19:10

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...

    Listen
Federal Tax Update Podcast
2023-08-28 Week of IRS Delaying Requirements from 2023-08-27T22:42

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 ...

    Listen
Federal Tax Update Podcast
2023-08-21 Renting the Owner's Homes to Their Business Didn't Work as Well as Expected from 2023-08-20T22:27

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...

    Listen
Federal Tax Update Podcast
2023-08-14 IRS Issues Warning for Certain ESOP Programs from 2023-08-12T23:39

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 professional...

Listen
Federal Tax Update Podcast
2023-08-07 IRS Finally Tells Us Their Position on Staking Rewards from 2023-08-05T23:07

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 cred...

    Listen
Federal Tax Update Podcast
2023-07-31 The ERC Hearing Before Congress Left for the August Recess from 2023-07-30T22:07

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 re...

    Listen
Federal Tax Update Podcast
2023-07-24 IRS Makes Clear Its Position on Extended Supply Chain ERC Claims from 2023-07-23T23:52

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...

    Listen
Federal Tax Update Podcast
2023-07-17 IRS Extends RMD Relief by One Year from 2023-07-16T23:11

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<...

    Listen
Federal Tax Update Podcast
2023-07-10 Research Credit Blues from 2023-07-09T23:55

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 ...

    Listen
Federal Tax Update Podcast
2023-07-03 Supreme Court, Protective Claims and 965 Transition Tax from 2023-07-03T17:42

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...

    Listen
Federal Tax Update Podcast
2023-06-26 Sherlock Holmes and Tax Research from 2023-06-25T23:41

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...

    Listen
Federal Tax Update Podcast
2023-06-19 What Could Be the Harm of Filing an ERC Claim? from 2023-06-22T21:27

This week we look at

  • OIRA is no longer going to review IRS regulations before issuance

  • IRS updates list of a...

    Listen
Federal Tax Update Podcast
2023-06-12 Opening Offer in Negotiations for 2023 Tax Package from 2023-06-12T00:04

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...

    Listen
Federal Tax Update Podcast
2023-06-05 Hobby Losses Expenses Effectively Nondeductible from 2023-06-05T00:45

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 re...

    Listen
Federal Tax Update Podcast
2023-05-30 Failure to File Claim Via Certified Mail Was a Bad Idea from 2023-05-29T22:39

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 w...

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Federal Tax Update Podcast
2023-05-22 Supreme Court and IRS Giving Notice of Summons from 2023-05-21T23:14

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 ...

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Federal Tax Update Podcast
2023-05-15 The PEO and Your ERC Refund from 2023-05-14T21:31

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 tha...

    Listen
Federal Tax Update Podcast
2023-05-08 Time Zones and Timely Electronic Filings from 2023-05-07T23:04

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 gambli...

    Listen
Federal Tax Update Podcast
2023-04-23 Catching Up After Tax Season from 2023-04-23T21:35

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
  • Listen
Federal Tax Update Podcast
2023-04-02 EV Battery Rules Released from 2023-04-02T23:02

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 ...

    Listen
Federal Tax Update Podcast
2023-03-26 ERC Scams Lead the Dirty Dozen from 2023-03-26T22:03

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 colle...

    Listen
Federal Tax Update Podcast
2023-03-20 Taxes and Medical Expenses from 2023-03-19T22:57

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 wh...

    Listen
Federal Tax Update Podcast
2023-03-13 Seaview Trading Reversed in Ninth Circuit from 2023-03-12T22:21

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, part...

    Listen
Federal Tax Update Podcast
2023-03-06 Non Willful FBAR Penalty is on a Per Form Basis from 2023-03-04T22:12

This week we look at:

  • Deposit and use by sheriff of jail meal money not found to be a mere misunderstanding
  • Amounts taxpayer expected to repay with future earnings found no...

    Listen
Federal Tax Update Podcast
2023-02-27 More Information Returns Required to be E-Filed from 2023-02-26T22:55

This week we look at:

  • Proposed regulations issued for retirement plan forfeitures
  • OIRA completes review of crypto broker proposed regulations, expected to be issued shortly...

    Listen
Federal Tax Update Podcast
2023-02-20 IRS Starts Allow Some Online Upload of Documents for Notices from 2023-02-19T23:57

This week we look at

  • IRS announces program to accept upload of documents in response to some, but not all, notices to taxpayers
  • SECURE 2.0 Section 603 drafting glitch puts ...

    Listen
Federal Tax Update Podcast
2023-02-13 State Payment Relief for Taxpayers from 2023-02-11T22:57

This week we look at:

  • IRS relents to pressure, releases guidance on state payment programs’ taxability (generally it’s good news)
  • IRS begins offering direct deposit for For...

    Listen
Federal Tax Update Podcast
2023-02-06 Reconsidering EV SUVs from 2023-02-05T22:37

This week we look at:

  • IRS revises classification of clean vehicles for purposes of determining vehicles subject to $80,000 MSRP limit
  • Proposed revenue procedure published t...

    Listen
Federal Tax Update Podcast
2023-01-30 Welcome to IRIS from 2023-01-30T00:26

This week we look at:

  • IRS begins accepting 2022 income tax returns 
  • Listen
Federal Tax Update Podcast
2023-01-23 IRS Says Phones Are Improving from 2023-01-22T23:22

This week we look at:

  • IRS provides an extended due date for some in Alabama and Georgia impacted by storms
  • IRS announces 10 minute response time on Practitioner Priority Li...

    Listen
Federal Tax Update Podcast
2023-01-16 The IRS Memos on Cryptocurrency from 2023-01-15T14:13

This week we look at:

  • IRS begins accepting returns on January 23
  • California taxpayers get due dates delayed until May 15
  • Amended return research credit additional ...

    Listen
Federal Tax Update Podcast
2023-01-09 S Corporation Warts Review from 2023-01-09T00:15

This week we look at issues that arise with S corporations.

Listen
Federal Tax Update Podcast
SECURE 2.0 Act of 2022: A Quick Summary from 2023-01-02T19:12

Congress passed the SECURE 2.0 Act of 2022 that was signed into law on December 29, 2022. This program gives a brief overview of the provisions of this Act that will help tax professionals advis...

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Federal Tax Update Podcast
2023-01-03 Vehicle Credit Guidance End of Year Extravaganza from 2023-01-02T16:06

This week we look at:

  • IRS to issue regulations for definitions for new clean vehicle credit
  • List published on IRS website to assist in determining if a vehicle could qualif...

    Listen
Federal Tax Update Podcast
2022-12-27 IRS Delays Expanded Form 1099 K Reporting Requirements from 2022-12-26T17:44

This week we look at:

  • Congress passes spending bill which included SECURE 2.0 Act of 2022
  • Final Schedules K-2 and K-3 instructions issued for Form 1120S
  • IRS delays...

    Listen
Federal Tax Update Podcast
2022-12-19 IRS Looks at Plan That Claims to Defer Recognition of Legal Fee Income from 2022-12-19T00:07

This week we look at:

IRS memorandum looks at marketed program to defer recognition of legal fees

Automatic change of accounting method procedure released by the IRS

IRS pub...

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Federal Tax Update Podcast
2022-12-12 Try Two on K-2 and K-3 Instructions from 2022-12-11T22:43

This week we look at:

  • IRS releases second draft of instructions for preparing 2022 Schedules K-2 and K-3 for partnerships and S corporations
  • IRS begins issuing proposed reg...

    Listen
Federal Tax Update Podcast
2022-12-05 So Many Ways to Entirely Lose a Loss Deduction from 2022-12-04T19:36

This week we look at:

  • IRA 2022 prevailing wage and apprenticeship requirement guidance issued by the IRS
  • Taxpayers denied partnership loss due to a large number of issues, ...

    Listen
Federal Tax Update Podcast
2022-11-28 Difficulties Using LLC as Legal Entity for S Corporation from 2022-11-27T19:56

This week we look at:

  • Damage award found to not be for physical injuries, entire amount taxable
  • Partnership language in LLC operating agreement revision terminated S corpor...

    Listen
Federal Tax Update Podcast
2022-11-21 IRS News Releases from 2022-11-20T23:24

This week we look at:

  • IRS news releases this week on:
    • Qualified charitable distributions
    • Seventh Annual National Tax Security Awareness Week
...

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Federal Tax Update Podcast
2022-11-14 Impacts of the Election on Tax from 2022-11-13T20:49

This week we look at:

  • Tax Court finds that adding to listed transactions requires IRS to comply with Administrative Procedures Act
  • Election results and likely tax actions i...

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Federal Tax Update Podcast
2022-11-06 S Corporation Schedule K-2 and K-3 Draft Instructions Also Released from 2022-11-06T15:45

This week we look at:

  • IRS releases Form 1120-S Schedule K-2 and K-3 draft instructions with similar exceptions to Form 1065 version
  • <...

    Listen
Federal Tax Update Podcast
2022-10-31 Partnership Schedule K-2 Draft Instructions Issued from 2022-10-30T13:49

This week we look at:

  • It’s PTIN renewal time again and the IRS has released a news release announcing the fact
  • IRS publishes draft 2022 Form 1065 Schedules K-2 and K-3 inst...

    Listen
Federal Tax Update Podcast
2022-10-24 Two Sets of Inflation Adjusted Numbers Released by IRS from 2022-10-22T17:37

This week we look at:

  • IRS announces and appears to roll out pilot program to block automated calling systems
  • 2023 inflation adjusted general tax amounts released by the IRS...

    Listen
Federal Tax Update Podcast
2022-10-10 SECURE Required Minimum Distribution Relief from 2022-10-08T20:56

This week we look at

  • AICPA writes the IRS again on issues with PTET taxes
  • SECURE Act Proposed Regulations RMD rules for inherited accounts in pay status effective date dela...

    Listen
Federal Tax Update Podcast
2022-10-02 Beneficial Owner Reporting Requirement Coming in 2024 from 2022-10-02T21:10

This week we look at:

  • FinCEN releases final regulations that will require beneficial owner reporting for small LLCs and corporations
  • IRS updates FAQ for state and local fis...

    Listen
Federal Tax Update Podcast
2022-09-26 IRS News Releases Emphasizing Recent Guidance from 2022-09-24T21:35:31

This week we look at:

  • IRS issues reminder on penalty relief deadline that makes some modifications
  • IRS publishes another news release pushing the CCA on improper PPP loan f...

    Listen
Federal Tax Update Podcast
2022-09-19 New PPP Loan Tax Guidance Appears from 2022-09-18T20:35:59

This week we look at:

  • IRS memorandum states that PPP loan forgiveness is taxable if taxpayer did not actually qualify for forgiveness granted
  • AICPA adds to items requested ...

    Listen
Federal Tax Update Podcast
2022 09 11 Proposed EARN Act from 2022-09-11T19:55:27

This week we look at:

  • Chair and Ranking Member of the Senate Finance Committee send Enhancing American Retirement Now (EARN) Act to the Senate floor
  • IRS inadvertently makes...

    Listen
Federal Tax Update Podcast
2022-08-29 IRS Releases Penalty Relief from 2022-08-28T21:35:33

This week we look at:

  • Trust terms mean estate gets no deduction for marital or charitable contribution for specified payment value
  • IRS provides for broad penalty relief for...

    Listen
Federal Tax Update Podcast
2022-08-22 First IRA 2022 Guidance Released from 2022-08-21T21:48:41

This week we look at

  • Inflation Reduction Act of 2022 signed into law on August 16, 2022
  • Listen
Federal Tax Update Podcast
2022-08-14 Highlights of the Inflation Reduction Act of 2022 from 2022-08-14T22:08:04

The House and Senate pass the Inflation Adjustment Act of 2022 and we look at some key provisions:

  • Increase in funding at the IRS
  • Continuation of 2021-2022 Premium Tax Cred...

    Listen
Federal Tax Update Podcast
2022-08-08 Revised Virtual Asset Question for 2022 Form 1040 from 2022-08-08T00:48

This week we look at:

  • IRA 2022 passes the Senate with revisions, House to take it up this week and may vote on Friday
  • Listen
Federal Tax Update Podcast
2022-08-01 IRA of 2022 - Will It Pass and What Is In It from 2022-08-01T00:56:44

This week we look at:

  • Proposed Inflation Reduction Act of 2022 - will it pass and what’s in it?
  • Taxpa...

    Listen
Federal Tax Update Podcast
2022-07-25 You Can't Rely on Your Accountant Spouse from 2022-07-24T23:17:58

This week we look at:

  • IRS wants preparers to advise clients to opt-in to IP-PIN program.
  • TAM holds that an activity that is treated as a material participation activity for...

    Listen
Federal Tax Update Podcast
2022-07-18 Lack of a 1099 and Reasonable Cause from 2022-07-17T20:28:28

This week we look at:

  • Reconciliation bill talks stall in Congress
  • Taxpayer loses on charitable contribution deduction due to failure to give entire interest and lacking pro...

    Listen
Federal Tax Update Podcast
2022-07-11 IRS Liberalizes Late Portability Election Relief from 2022-07-10T23:19:35

This week we look at:

  • Discussions start up again for reconciliation bill.
  • IRS extends automatic late portability election relief to five years
  • Federal tax lien att...

    Listen
Federal Tax Update Podcast
2022-07-05 TAS Starts Accepting Referrals from Congress from 2022-07-04T18:58:23

This week we look at:

  • Taxpayer Advocate Service begins accepting referrals on 2021 and earlier original & amended returns from Congressional offices
  • Car dealer had more tha...

    Listen
Federal Tax Update Podcast
2022-06-27 IRS Falling Further Behind Dealing with Paper from 2022-06-26T20:22:46

This week we look at:

  • Senate Finance Committee takes action on retirement bill
  • IRS and National Taxpayer Advocate release information on processing paper tax returns
  • <...

    Listen
Federal Tax Update Podcast
2022-06-18 Innocent Spouse Does Not Work for Payroll Tax Issues from 2022-06-18T16:29:32

This week we look at:

  • Foreclosure proceeds could have paid interest on second mortgage, but taxpayer unable to show it was so applied Listen

Federal Tax Update Podcast
2022-06-13 Car Mileage Rate Increases from 2022-06-12T23:22:46

This week we look at:

  • IRS increases mileage rates effective July 1, 2022
  • Taxpayer unsuccessfully asks for relief for failing to file Form 3115

Listen
Federal Tax Update Podcast
2022-06-06 Importance of Keeping Records from 2022-06-06T01:07:16

This week we look at:

  • AICPA letter on Section 174 guidance from the IRS - TCJA changes
  • Form 7203 - impact on tax season and dealing with lack of basis records

Copyri...

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Federal Tax Update Podcast
2022-05-31 Importance of Strict Compliance With Contribution Documentation Rules from 2022-05-30T16:52:26

This week we look at:

  • Taxpayer discovers her documentation for a charitable contributions did not meet the IRC requirements
  • Listen
Federal Tax Update Podcast
2022-05-22 What Qualifies as Alimony from 2022-05-23T11:55:48

This week we look at:

  • Physician’s payments are found not to be deductible alimony under pre-TCJA divorce agreement
  • IRS announces option for employer leave-based donation pr...

    Listen
Federal Tax Update Podcast
2022-05-02 A Problem with Management Fees from 2022-04-30T23:32:14

This week we look at:

  • Special rules under IRC §104 for military disability and retirement income
  • Expenses claimed as management fees treated as distributions to owners
  • ...

    Listen
Federal Tax Update Podcast
2022-04-25 Taxing Times for Retired Airline Pilot from 2022-04-23T17:03:32

This week we look at:

  • Tax rules for no-additional cost services
  • Listen
Federal Tax Update Podcast
2022-04-03 SECURE Act Second Version Passes House from 2022-04-03T22:39:48

This week we look at:

  • IRS Suspends Mailing More Notices - This Time Related to Exempt Organizations
  • Tax Court Affirms IRS Denial of Interest Abatement
  • Securing a Strong R...

    Listen
Federal Tax Update Podcast
2022-03-21 Limits for Vehicle Depreciation for 2022 from 2022-03-20T21:53:36

This week we look at:

  • IRS releases revised depreciation limits for 2022 for autos under IRC §280F
  • Lawmakers send yet another letter to the IRS regarding stopping the sendin...

    Listen
Federal Tax Update Podcast
2022-03-14 Personal vs Business Expenses from 2022-03-13T22:08:05

This week we look at:

  • Department of Labor warns §401(k) plan administrators regarding offer digital asset i...

    Listen
Federal Tax Update Podcast
2022-03-07 Farmer and Fisherman Tax Software Relief from 2022-03-06T19:12:18

This week we look at:

  • IRS looks to increase EA user fees by over 100%
  • Justice Department files motion to have staking case dismissed as moot
  • IRS to grant relief to...

    Listen
Federal Tax Update Podcast
2022-02-28 At Least One Couple Were Not Tax People from 2022-02-28T00:52:17

This week we look at:

  • Proposed regulations on required minimum distributions
  • AICPA and state societies letter on delay for K-2 and K-3 filings
  • Data entry error did...

    Listen
Federal Tax Update Podcast
2022-02-21 IRS Issues Additional K-2 and K-3 Filing Relief - How Much Does It Help? from 2022-02-20T15:23:24

This week we look at the IRS's newly issued 2021 Schedule K-2 and K-3 filing relief. How much does the option added in Question 15 of the newly released FAQ on K-2 and K-3 issues really help par...

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Federal Tax Update Podcast
2022-02-14 IRS Suspends Issuing More Notice Types from 2022-02-13T15:39:30

This week we look at:

  • IRS adds more information on research credit claims issues
  • LB&I announces new partner basis campaign
  • IRS expands list of notices being tempor...

    Listen
Federal Tax Update Podcast
2022-02-07 TaxPros Account Improvements Coming from 2022-02-06T19:32:50

This week we look at:

  • Continuing saga of the K-2 and K-3 filing issues, including an extreme delay in accepting them electronically.
  • Consider interim filing method to elect...

    Listen
Federal Tax Update Podcast
2022-01-31 There Are K-2s and K-3s in Your Future from 2022-01-29T23:32:12

  • This week we look at: IRS revises instructions for Schedule K-2 and K-3 and points taxpayers to fact more may need to file this than might have thought they would
  • IRS stops issuin...

    Listen
Federal Tax Update Podcast
2022-01-24 Forms and Instructions Week from 2022-01-23T14:09:43

This week we look at

  • IRS issues updated substantially equal payment guidance
  • Final version of basis reporting form for S corporation shareholders issued by IRS
  • IRS...

    Listen
Federal Tax Update Podcast
2022-01-17 IRS Pressured to Grant Broad Relief for Automated Notice Issues from 2022-01-16T18:56:14

This week we look at:

  • Form 1024 joins Form 1023 in becoming online only filings
  • Pressure builds on the IRS to pause automated notices in light of inability to handle corres...

    Listen
Federal Tax Update Podcast
2022-01-10 Expenses Used for PPP Forgiveness and S Corporations from 2022-01-08T23:24:30

This week we look at:

  • IRS publishes detail on changes for amended returns and research credits
  • Taxpayers do not have to pay in tax IRS undercomputed when adjusting for unem...

    Listen
Federal Tax Update Podcast
2021-01-03 IRS Quietly Changes Web Guidance from 2022-01-01T01:15:39

This week we look at:

  • IRS quietly revises Ida relief revision
  • Reagan-era regulations on conservation ...

    Listen
Federal Tax Update Podcast
2021-12-27 Day After Boxing Day Edition from 2021-12-25T17:49:21

This week we look at:

  • IRS/Malta look to shut down promoted tax shelter
  • Lenders instructed not to issu...

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Federal Tax Update Podcast
2021-12-20 BBBA Is Not Coming Soon from 2021-12-19T22:58:24

This week we look at:

  • BBBA fails to clear Congress before adjourning for the year and Senator Manchin states h...

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Federal Tax Update Podcast
2021-12-13 Quarter 4 ERC Guidance from 2021-12-11T21:19:45

This week we look at:

  • BBBA process continues but no Senate text yet available
  • Taxpayer discovers she needs to report K-1 income in year of divorce
  • IRS gives guidan...

    Listen
Federal Tax Update Podcast
2021-12-05 BBA Email Week from 2021-12-05T22:00:26

This week we look at:

  • Tacit consent given for filing of joint tax return
  • “Money number” adjustments related to partnership items give rise to positive imputed adjustment Listen
Federal Tax Update Podcast
2021-11-29 ERC Developments Return from 2021-11-26T21:34:31

This week we look at:

  • IRS modifies 2021 Form 1065 draft instructions to add self-employment income information
  • Listen
Federal Tax Update Podcast
2021-11-22 Self-Directed IRA Problems from 2021-11-21T19:25:50

This week we look at:

  • House passes BBBA, but not clear what the Senate will do
  • IRS clarifies 2021-2022 treatment of meals and incidentals per diem
  • Self-directed IR...

    Listen
Federal Tax Update Podcast
2021-11-15 Inflation Adjusted Tax Numbers Are Out from 2021-11-14T00:01:17

This week we look at:

  • TAS will not intervene in amended return delayed processing cases
  • Listen
Federal Tax Update Podcast
2021-11-08 Tax Provisions in the Infrastructure Investment and Jobs Act.aup3 from 2021-11-07T15:12:10

This week we look at:

  • IRS announces retirement plan inflation adjusted numbers for 2022
  • Congress pass...

    Listen
Federal Tax Update Podcast
2021-11-01 Build Back Better Act Draft - Tax Provisions from 2021-11-01T01:42:09

This week we look at

  • The Build Back Better Act draft’s tax provisions (some)

  • What’s not in the bill

    Listen
Federal Tax Update Podcast
2021-10-25 S Corporation Basis Reporting on Form 1040 from 2021-10-24T12:29:39

This week we look up:

  • More talking but no action in DC on pending legislation 
  • Rehiring retired emplo...

    Listen
Federal Tax Update Podcast
2021-10-18 Can You Rely on IRS FAQs? from 2021-10-17T14:57:40

This week we look at:

  • Two weeks later, Congress is still working on the infrastructure and reconciliation bills
  • IRS outlines information requirements for §41 refund claims<...

    Listen
Federal Tax Update Podcast
2021-10-04 Hobby Loss Deduction Problem from 2021-10-03T14:08:33

This week we look at:

  • Congress is still working on the infrastructure and reconciliation bills
  • We get the Tax Court on record for the proper treatment of hobby loss deducti...

    Listen
Federal Tax Update Podcast
2021-09-27 Issues with Buy Sell Agreement from 2021-09-26T23:53:55

This week we look at:

  • Taxpayer has issues with auto expenses, retirement plan contributions and demolition expenses in Tax Court
  • Buy-sell agreement that wasn’t followed and...

    Listen
Federal Tax Update Podcast
2021-09-20 Reasonable Cause to Avoid Negligence Penalty from 2021-09-19T20:40:13

This week we look at:

  • Ways and Means Committee finishes markup of proposed new tax bill.
  • Language of legal settlement made all of the settlement amount taxable to taxpayer ...

    Listen
Federal Tax Update Podcast
2021-09-13 Is An Amended Return Required? from 2021-09-12T21:29:18

This week we look at:

  • High low per diem and related guidance for FY 2021/2022 released
  • Rules for reporting COVID-19 credit related leave on Forms W-2 for 2021
  • Is t...

    Listen
Federal Tax Update Podcast
2021-09-05 E Signature for Some Paper Forms Made Permanent from 2021-09-06T15:44:49

This weeks we look at:

  • IRS makes permanent its limited e-signature program initiated last year
  • Unambiguous plain text in the IRC vs. Congressional intent: how that impacts ...

    Listen
Federal Tax Update Podcast
2021-08-30 Looking for a Business is Not a Business from 2021-08-29T22:22:08

This week we look at:

  • Looking for a trade or business is not itself a trade or business.
  • IRS describes a harsh result for taxpayers that make a late deposit of deferred CAR...

    Listen
Federal Tax Update Podcast
2021-08-16 More Grief Over Timely Filing Rule from 2021-08-15T14:14

This week we look at:

  • Safe harbor guidance for PPP forgiveness and certain grants for reduction in revenue test for ERC
  • Auto depreciation limits announced for 2021
  • Listen
Federal Tax Update Podcast
2021-08-09 We Were Right in April Unfortunately from 2021-08-07T12:51:58

This week we look at:

  • This week we look at: IRS issues ERC guidance for 3rd/4th quarter and adds to other guidance - confirms issue for majority shareholders IRS memorandum pushes Listen
Federal Tax Update Podcast
2021-08-02 PPP Loan Program Changes Return from 2021-07-31T18:56:59

This week we look at:

  • What we know about tax matters in the bipartisan infrastructure bill
  • SBA announces direct forgiveness application platform, more PPP changes
  • ...

    Listen
Federal Tax Update Podcast
Ninth Sunday After Pentecost from 2021-07-25T18:45:27

This week's sermon is given by Pastor Paul Nelson

The reading for this week is Ephesians 3:14-21.

The Gospel for this week is Mark 6:30-34, 53-56.

Prince of Peace Lutheran C...

Listen
Federal Tax Update Podcast
2021-07-26 Proposed S Corporation Form from 2021-07-25T01:33:12

This week we look at:

  • Taxpayer fails in attempt to use Cohan...

    Listen
Federal Tax Update Podcast
2021-07-19 Tax Practice Issues Week from 2021-07-18T20:59:24

This week we look at:

  • AICPA reports lenders told to stop pre-forgiveness necessity inquiries
  • Digitally signed amended return rejected as not properly filed
  • No reas...

    Listen
Federal Tax Update Podcast
2021-07-12 Information Letter Week from 2021-07-11T14:59:51

This week we look at:

  • TAS declines to accept stand-along advance child tax credit cases
  • IRS agent’s tax home remained at his assigned office
  • FSA participants requi...

    Listen
Federal Tax Update Podcast
2021-07-05 Supreme Court Declines to Hear Dispute Over State Taxation of Nonresidents from 2021-07-05T18:13:06

This week we look at:

  • IRS extends special treatment of employee leave donation for COVID-19 relief
  • Guidance published on making farm NOL elections
  • Penalty relief f...

    Listen
Federal Tax Update Podcast
2021-06-28 Is the PPP Questionnaire Going Away? from 2021-06-28T17:24:30

This week we look at:

  • SBA reported to be withdrawing PPP loan questionnaires
  • Court finds not clear if taxpayer qualifies for home gain exclusion due to unforeseen circumsta...

    Listen
Federal Tax Update Podcast
2021-06-21 ACA Survives Another Trip to SCOTUS from 2021-06-20T22:09:35

Supreme Court finds no status for challenging ACA due to TCJA changes

IRS backlog was huge at May 1 which causes two...

Listen
Federal Tax Update Podcast
2021-06-14 Tax Status of Legal Settlements from 2021-06-13T22:44:59

This week we look at:

  • IRS publishes Q & A on 2021’s enhanced child and dependent care credit on website
  • Malpractice settlement related to taxpayer’s divorce was taxable to ...

    Listen
Federal Tax Update Podcast
2021-06-07 Perhaps Tax Instructions Aren't Just for Attorneys from 2021-06-07T00:54:10

This week we look at:

  • Senate Parliamentarian’s second opinion on reconciliation limits practical use of revision of reconciliation inst...

    Listen
Federal Tax Update Podcast
2021-06-01 Is It Already Too Late to Sell to Get Long Term Capital Gain Rates from 2021-05-31T19:21:30

This week we look at:

  • Green Book issued to explain administration’s revenue proposals
  • Whether or not a 1099 must be issued, income still must be reported
  • IRS gives...

    Listen
Federal Tax Update Podcast
2021-05-24 ARPA COBRA Premium Assistance Questions and Answers from 2021-05-24T19:17:56

This week we look at:

  • IRS will begin sending out advance child tax credit payments on July 15
  • IRS announces simplified method to file a return for those not required to fil...

    Listen
Federal Tax Update Podcast
2021-05-16 Direct Submission to CAF Coming from 2021-05-16T23:45:10

This week we look at:

  • IRS begins revising returns that reported taxable unemployment and excess APTC
  • HSA and HDHP numbers for 2022 released
  • Census will not change ...

    Listen
Federal Tax Update Podcast
2021-05-10 Summons and Cryptocurrency Exchanges from 2021-05-09T20:11:42

This week we look at:

  • IRS looks at issues for use of an aircraft by a sole proprietor
  • Dividends from controlled C corporation are still part of net investment income under ...

    Listen
Federal Tax Update Podcast
2021-04-26 IRS Extends Deviation for Electronic Signatures from 2021-04-25T16:11:59

This week we look at:

  • A quick discussion of what know (little) and don't know (a lot) about not yet proposed changes to capital gain rates
  • IRS provides safe harbor for retu...

    Listen
Federal Tax Update Podcast
2021-04-19 Why the Federal Tax Alimony Test Still Matters from 2021-04-17T17:42:17

This week we look at:

  • Cover letter from state judge was part of the divorce documents
  • PLR discusses medical expense definition
  • IRS announces gift tax return due da...

    Listen
Federal Tax Update Podcast
2021-04-12 Overpaying on May Extensions from 2021-04-11T14:56:54

This week we look at:

  • IRS gives guidance on ARPA and the advance premium tax credit for 2020
  • CCA issued to give details on apply tax provisions to hard forks of virtual cur...

    Listen
Federal Tax Update Podcast
2021-04-05 Entering Tax Section 51 - Odd Things Happen Here from 2021-04-04T16:37:16

This year week we look at:

  • IRS gives details on automatic refunds on unemployment exclusion
  • Formal notice of extension of time to file 2020 Forms 1040 issued
  • IRS u...

    Listen
Federal Tax Update Podcast
2021-03-29 IRS Quietly Revises Unemployment Worksheet from 2021-03-27T21:23:26

This week we look at:

  • IRS makes a major change in computation of excludable ARPA unemployment
  • PPP loan program applications extended for two months - but funds only likely ...

    Listen
Federal Tax Update Podcast
2021-03-21 Tax Season for 1040s Only Goes On One More Month from 2021-03-21T16:14:21

This week we look at:

  • IRS releases instructions on reporting ARPA unemployment exclusion
  • AICPA recommends IRS issue clarification on PPP forgiveness/passthrough issues
  • ...

    Listen
Federal Tax Update Podcast
2021-03-15 American Rescue Plan Act of 2021 from 2021-03-14T20:44:40

A look at the American Rescue Plan Act of 2021

  • Unemployment exclusio...

    Listen
Federal Tax Update Podcast
2021-03-01 Will We See a New Tax Bill? from 2021-02-27T23:39:30

This week we look at:

  • Late revisions to PPP loan program
  • House passes new COVID-19 relief bill, moves on to Senate
  • Taxpayer gets out of tax on $300,000 of credit c...

    Listen
Federal Tax Update Podcast
2021-02-22 Should April 15 Be Pushed Back from 2021-02-20T23:11:32

This week we look at:

  • A §280E case with potential impact outside of the c...

    Listen
Federal Tax Update Podcast
2021-02-14 Substance Over Form for Taxpayers from 2021-02-14T21:53:47

This week we look at:

  • Taxpayer finds no relief from FBAR penalties
  • Tax Court outlines when it will allow a taxpayer to argue substance over form
  • IRS warns about a ...

    Listen
Federal Tax Update Podcast
2021-02-08 Virtual Currency Confusion from 2021-02-06T22:00:27

This week we look at:

  • Form 1040 final instructions add to virtual currency confusion
  • Listen
Federal Tax Update Podcast
2019-05-28 Another New Tax Bill? from 2021-01-31T22:10:42.023393

This week we look at:

  • Virtual currency guidance promised by IRS Commissioner

  • HSA...

    Listen
Federal Tax Update Podcast
2019-05-20 Schedule D Problem from 2021-01-31T22:10:42.023393

This week we look at:

  • Review Wolters Kluwer IRS response and other issues

  • IRS re...

    Listen
Federal Tax Update Podcast
2019-05-13 Malware, Cybersecurity and Tax Practice from 2021-01-31T22:10:42.023393

This week we look at:

  • Wolters Kluwer CCH systems suddenly taken offline due to malware issue

  • ...

    Listen
Federal Tax Update Podcast
2019-05-06 Fragile: Handle with Care - S Corporations from 2021-01-31T22:10:42.023393

Current Federal Tax Developments for the week of May 6, 2019: Fragile: Handle with Care - S Corporations

  • Taxpayer’s marriage forces rep...

    Listen
Federal Tax Update Podcast
2019-04-29 Q&A 33 - The IRS FAQ Says What? from 2021-01-31T22:10:42.023393

This week we look at:

  • Taxpayer finds expense can’t be assigned to business based on best result

  • <...

    Listen
Federal Tax Update Podcast
2019-04-22 IRS Gets Busy After Tax Season from 2021-01-31T22:10:42.023393

This week we look at the following

  • Draft forms issued to be used to report §199A deduction on 2019 returns

  • Proposed r...

    Listen
Federal Tax Update Podcast
2019-04-16 Still to Come on TCJA from 2021-01-31T22:10:42.023393

This week we review where we stand on TCJA guidance at the end of the first TCJA tax season.

  • §199A - Mainly Post-Final Regulation Issues
  • §163(j) - Proposed Regulations Out,...

    Listen
Federal Tax Update Podcast
2019-04-08 SALT and the Home Office from 2021-01-31T22:10:42.023393

Current Federal Tax Developments for the week of April 8, 2019: SALT and the Home Office

  • IRS sends proposed regulations on §199A for cooperatives to OIRA...

    Listen
Federal Tax Update Podcast
2019-04-01 Tax Benefit Rule and Refunds from 2021-01-31T22:10:42.023393

Current Federal Tax Developments for the week of April 1, 2019: Tax Benefit Rules and Refunds

  • Electric vehicle credits for GM vehicles to begin one year ...

    Listen
Federal Tax Update Podcast
2019-03-25 More Underpayment Relief from 2021-01-31T22:10:42.023393

This week we look at:

  • QBI and disallowed passive losses

  • Minister’s housing allowance ruled to be a...

    Listen
Federal Tax Update Podcast
2021-02-01 Upload Your POAs from 2021-01-30T17:40:35

This week we look at

  • IRS recommendations to those victimized by unemployment ID theft
  • Revised Form 7200 gives information on advance ERC payment
  • Interim IRS online...

    Listen
Federal Tax Update Podcast
2021-01-25 PPP and ERC Clarifications For CAA Changes from 2021-01-24T16:37:56

This week we look at:

  • Penalty relief related to partners’ tax basis capital
  • IRS provides limited option for ERC claims on 4th quarter 941
  • Revised PPP First Draw Ma...

    Listen
Federal Tax Update Podcast
2021-01-18 Hurry Up and Wait for Tax Season from 2021-01-16T23:48:35

This week we look at:

  • Amounts advanced by partner were a debt leading to income for other partners
  • Auto valuation COVID-19 relief for employers
  • Final qualified pla...

    Listen
Federal Tax Update Podcast
2021-01-11 Revised PPP Program IFRs from 2021-01-10T16:27:28

This week we look at IFRs issued for the new PPP Loan programs:

  • Interim Final Rule - Revised First Draw PPP Loan
  • Interim Final Rule - Second Draw PPP Loan Program
  • Listen
Federal Tax Update Podcast
2021-01-04 Statute of Limitations on Refunds for 2019 Returns from 2021-01-03T14:18:40

This week we look at:

  • Final small business accounting method regulations issued

  • User fee for estate tax clos...

    Listen
Federal Tax Update Podcast
2020-12-21 PPP Loans, Version 2.0 Proposal from 2020-12-19T23:33:26

This week we are looking the proposed PPP loan revisions

  • Proposed COVID-19 Relief Bill
  • Reopen and revise PPP loans
  • Create second draw need based PPP loan program Listen
Federal Tax Update Podcast
2020-12-14 Paying Tax on 1112 Payments from 2020-12-13T18:44:41

This week we look at:

  • IRS issues Q&As on CARES Act §§102 and 103
  • Tax organizations respond to IRS Commissioner on no penalty relief
  • SBA issues guidance on tax repo...

    Listen
Federal Tax Update Podcast
2020-12-07 IRS Security Week from 2020-12-06T15:16:04

This week week we look at:

  • MFA to be available for all online tax products
  • Commuter highway vehicles and COVID-19
  • Opt-in IP PIN program going nationwide
  • T...

    Listen
Federal Tax Update Podcast
2020-11-30 Being Late Proves Costly from 2020-11-27T23:30:04

This week we look at:

  • A taxpayer is denied permission to file a late mark to market election as a trader
  • Final regulations are issued related to the TCJA unrelated business...

    Listen
Federal Tax Update Podcast
2020-11-23 A Reasonable Expectation of Forgiveness from 2020-11-21T16:51:53

This week we look at:

  • IRS rules taxpayers cannot deductions expenses that qualify for PPP loan forgiveness if reasonably expect forgiveness
  • Revenue Procedure issued for tax...

    Listen
Federal Tax Update Podcast
2020-11-16 IRS Throws in the Towel on One SALT Workaround from 2020-11-15T17:49:33

This week we look at:

  • AICPA reports that the IRS is about to release what many will find is unwelcome guidance on expenses expected to be used for forgiveness under PPP loan program...

    Listen
Federal Tax Update Podcast
2020-11-09 Slowing Down RMDs - But Not Until 2022 from 2020-11-09T01:25:23

This week we look at:

  • The IRS releases revised tables to compute required minimum distributions from retirement plan accounts - but not until 2022
  • Taxpayer denied relief fr...

    Listen
Federal Tax Update Podcast
2020-11-02 SBA's Coming Questionnaire for Large PPP Loan Volume from 2020-11-01T12:35:16

This week we look at

  • IRS gives guidance to Congressional office on treatment of taxes paid on real estate cooperative
  • Guidance issued for W-2s to be issued for employers wh...

    Listen
Federal Tax Update Podcast
2020-10-26 Tax Basis Capital Accounts and the 2020 Form 1065 from 2020-10-25T16:30:44

This week we look at:

  • Fees to enter a daily fantasy sports contest is a wager in the view of the IRS
  • Taxpayers must follow all of the criteria listed in Revenue Procedure t...

    Listen
Federal Tax Update Podcast
2020-10-19 FAQs Not as Protected from Scrutiny as IRS Hoped from 2020-10-18T15:33:38

This week we look at:

  • PPP forgiveness application deadline is not October 31

  • Fax line to send in Forms 1045 ...

    Listen
Federal Tax Update Podcast
2020-10-05 PPP Loans and Change of Ownership from 2020-10-04T15:33:55

This week we look at:

  • Final regulations issued for meals and entertainment
  • Withholding on retirement and annuity distribution regulations issued
  • S Corporations get...

    Listen
Federal Tax Update Podcast
2020-09-28 Excess Deductions Will Actually Be Deductible - Final from 2020-09-26T23:31:12

This week we look at

  • IRS issues bonus depreciation final regulations
  • Excess deductions on termination final regulations are issued
  • IRS grants relief for CCH e-fili...

    Listen
Federal Tax Update Podcast
2020-09-21 Revised Forms Issued for COVID-19 Relief from 2020-09-19T16:48:20

Listen

Federal Tax Update Podcast
2020-09-14 What is Not Part of a Signature from 2020-09-13T19:30:09

This week we look at:

  • A California decisions discusses the concept of domicile for state residency status
  • IRS publishes special per diem rates for FY 2020/2021, including h...

    Listen
Federal Tax Update Podcast
2020-09-07 Remember the SECURE Act from 2020-09-05T22:29:55

This week we look at:

  • IRS loses in an attempt to challenge a contribution of closely held stock to charity

  • N...

    Listen
Federal Tax Update Podcast
2020-08-31 Excellent Guidance to Confirm Fears from 2020-08-29T19:28:31

This week we look at:

  • Crowdsourcing platform payments made in convertible virtual current for performing microtasks is taxable income
  • Payroll tax holiday guidance finally r...

    Listen
Federal Tax Update Podcast
2020-08-24 The Week of the Two Letters from 2020-08-22T18:23:35

This week we look at:

  • Qualified plan loan offset amount proposed regulations issued to deal with TCJA plan loan rollover provision
  • US Chamber of Commerce and other organiza...

    Listen
Federal Tax Update Podcast
2020-08-10 Deferring Employee FICA - Forgiveness? from 2020-08-09T13:55:48

This week we look at:

  • Summary of §163(j) final regulations SBA publishes PPP loan forgiveness FAQ
  • IRS reminds employers of ability to establish leave sharing plans for empl...

    Listen
Federal Tax Update Podcast
2020-08-02 Rise of the Syndicates from 2020-08-02T19:48:03

This week we look at:

  • IRS releases multiple regulation project texts on TCJA items
  • No syndicate relief offered for tax shelters by the IRS for small business accounting or ...

    Listen
Federal Tax Update Podcast
2020-07-27 Third Time to Court on Conservation Easement from 2020-07-26T15:53:10

This week we look at:

  • Discussions continue on fourth COVID bill in the Senate
  • SBA announces the agency will begin accepting lender's documents for PPP loan forgiveness on A...

    Listen
Federal Tax Update Podcast
2020-07-18 The Tax Court Deals with Debt Issues from 2020-07-19T14:35:50

This week we look at:

  • IRS describes letters issued for Form 7200 when various issues arrive
    Loan was nonrecourse since lender did not take route that could have lead to defici...

    Listen
Federal Tax Update Podcast
2020-07-12 BBA Audit Flowchart from 2020-07-12T22:01:28

This week we look at:

  • W2s will report FFCRA sick and FMLA pay to each employee
  • Congress extends PPP loan program through August 8, 2020
  • FAQ looks at the tax implic...

    Listen
Federal Tax Update Podcast
2020-07-04 What is Not Discussed from 2020-07-04T17:43:21

This week we look at:

  • IRS updates FAQ to discuss PPPFA changes to employer payroll tax deferral rules
  • Relief granted to allow for changes to be made in 2020 to safe harbor ...

    Listen
Federal Tax Update Podcast
2020-06-27 CARES Fix for the RMDs that Aren't RMDs from 2020-06-27T23:48:02

This week we look at:

  • IRS issues clarifications on claiming the employee retention credit

  • SBA issues formal ...

    Listen
Federal Tax Update Podcast
2020-06-22 CARES Retirement Plan Rules from 2020-06-21T16:33:03

This week we look at:

  • Revised PPP forgiveness application and some rules to take into account PPPFA changes
    Relief granted for PPP loan qualification related to certain felony...

    Listen
Federal Tax Update Podcast
2020-06-15 TCJA Returns-Like Kind Exchanges from 2020-06-14T01:43:10

This week we look at:

  • SBA begins issuing revised guidance to take into account PPPFA changes to PPP loan program
  • IRS rules no inclusion in income or payroll tax liability f...

    Listen
Federal Tax Update Podcast
2020-06-08 PPPFA Becomes Law from 2020-06-07T19:16:44

This week we look at:

  • Payroll Protection Program Flexibility Act of 2020 enacted into law on June 5, 2020
  • Relief from physical presence rules given to qualified plans
  • ...

    Listen
Federal Tax Update Podcast
2020-05-30 Electronic Amended Returns Real Soon Now from 2020-05-30T21:27:54

This week we look at:

  • PPP developments - only a single FAQ change but two bills to change the program.
  • IRS releases guidance on how to deal with ATNOLs for corporations car...

    Listen
Federal Tax Update Podcast
2020-05-24 PPP Loan Forgiveness Interim Final Rules from 2020-05-25T02:14:28

The latest update on the new interim final regulations on PPP Loan Forgiveness rules.

A PDF with information on both IFRS can be downloaded below.

Listen

Federal Tax Update Podcast
2020-05-25 Just Kidding from 2020-05-25T01:07:14

This week we look at:

  • PPP guidance on foreign affiliates, §501(c)(12) utilities, the actual final extension of the PPP repayment date a...

    Listen
Federal Tax Update Podcast
2020-05-08 One More Week to Return Funds and You Get ERC from 2020-05-12T19:32:49

This week we look at:

  • IRS changes its guidance on the payment of health insurance only and qualification for the Employee Retention Cre...

    Listen
Federal Tax Update Podcast
2020-05-04 No Deduction for You from 2020-05-02T20:26:21

This week we look at:

  • PPP loan updates on corporate groups, businesses sold after February 15, 2020, loan review procedures, private companies need to show loan was necessary, treat...

    Listen
Federal Tax Update Podcast
2020-04-27 Is This Necessary from 2020-04-26T01:38:52

This week we look at:

  • PPP Loan program and EIDL Grants Get Additional Funding
  • PPP guidance raises question of false certification that loans were necessary, provides other ...

    Listen
Federal Tax Update Podcast
2020-04-20 End of First Funding Round for PPP Loans from 2020-04-18T22:57:47

This week we look at:

  • SBA issues guidance on self-employed taxpayers and partners for PPP loan program
  • Revenue Procedure issued explaining how to deal with retroactive chan...

    Listen
Federal Tax Update Podcast
2020-04-13 The IRS Returns to Issuing Guidance from 2020-04-12T16:02:17

This week we look at:

  • PPP loan program FAQ gets updated by SBA
  • IRS releases §163(j) relief for real estate and farming businesses
  • Procedures released for making el...

    Listen
Federal Tax Update Podcast
2020-04-06 CARES Act Developments This Week Through the Morning of April 5 from 2020-04-05T19:50:20

This week review the status of developing guidance on key provisions of the CARES Act:

  • Recovery Rebate for Individuals, Including Advance Payment
  • Deferral of the Required M...

    Listen
Federal Tax Update Podcast
2020-03-30 Due Dates and CARES Act from 2020-03-29T19:10:10

This week we look at:

  • Payroll tax credit starts on April 1.
  • IRS reverses courses, announces gift/GSTT returns will also be due on July 15, 2020.
  • IRS issues guidanc...

    Listen
Federal Tax Update Podcast
2020-03-23 Moving Tax Day to July 15 from 2020-03-22T18:16:40

This week we look at:

  • Congress passes payroll tax credit for newly mandated paid sick leave

  • Initial April 15...

    Listen
Federal Tax Update Podcast
2020-03-16 Waiting for Relief from 2020-03-15T18:04:25

Current Federal Tax Developments for the week of March 16, 2020: Waiting for Relief

  • President declares emergency over COVID-19, directs Treasury to provide relief--and now we are wa...

    Listen
Federal Tax Update Podcast
2020-03-09 Sometimes Too Late is Really Too Late from 2020-03-08T19:11:42

Current Federal Tax Developments for the week of March 9, 2020: Sometimes Too Late Really is Too Late:

  • IRS denies a taxpayer's request to make a late mark to market election under §...

    Listen
Federal Tax Update Podcast
2020-03-01 Late Filing Week from 2020-03-01T19:38:09

Current Federal Tax Developments for the week of March 2, 2020: Late Filing

  • Taxpayer who voluntarily exited OVDI program ended up with very poor result.
  • Illnesses of corpor...

    Listen
Federal Tax Update Podcast
2020-02-24 Current Federal Tax Developments from 2020-02-23T21:35:20

Current Federal Tax Developments for the week of February 24, 2020: Meals and Entertainment After TCJA

  • Proposed regulations can be relied upon in the interim, as well as continued r...

    Listen
Federal Tax Update Podcast
2020-02-17 The Week of Fortnite and Schedule 1 from 2020-02-16T18:38:57

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
  • <...

    Listen
Federal Tax Update Podcast
2020-02-10 Waiting on §163(j) from 2020-02-09T22:17:30

This week we look at:

  • Regulations implementing changes to FAVR and cents-per-mile methods finalized by IRS
  • OIRA finishes review of final §163(j) regulations, starts review ...

    Listen
Federal Tax Update Podcast
2020-02-03 Western Wisconsin Week from 2020-02-01T19:38:02

This week we look at:

  • Special agent in charge of Los Angeles CID talks about their potential use of the virtual currency ...

    Listen
Federal Tax Update Podcast
2020-01-27 Real Soon Now from 2020-01-25T16:08:32

Current Federal Tax Developments for the week of January 27, 2020: Real Soon Now

  • IRS can use sample of transactions to carry burden for §165(c) kickbacks/bribery issues per CCA
  • ...

    Listen
Federal Tax Update Podcast
2020-01-20 Relief Week from 2020-01-19T16:59:58

Current Federal Tax Developments for the week of January 20, 2020: Relief Week

  • IRS expands rules excluding from income discharge of certain student loan debt
  • Did the IRS ju...

    Listen
Federal Tax Update Podcast
2020-01-13 When Bad Things Happen Penalties and Disqualification from 2020-01-12T22:32:51

This week we look at:

  • A look at the interaction of qualified plans and post-70 ½ deductible IRA contributions under the SECURE Act.

    ...

    Listen
Federal Tax Update Podcast
2020-01-06 Beginning a New Decade from 2020-01-06T01:41:44

This week we look at:

  • Case from the Archive: Taxpayer Shows How to Win When the IRS Claims Your Business is a Hobby

  • Listen

Federal Tax Update Podcast
2019-12-30 The Year's Big Tax Developments from 2019-12-30T20:00:10

This week we look at:

  • §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 go...

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Federal Tax Update Podcast
2019-12-23 A Tax Bill for the Holidays from 2019-12-22T18:53:57

Current Federal Tax Developments for the week of December 23, 2019: A Tax Bill for the Holidays

  • Further Consolidated Appropriations Act, 2020 signed into law on December 20, 2019 Listen
Federal Tax Update Podcast
2019-12-16 The Sound of Silence from 2019-12-15T00:20:17

Current Federal Tax Developments for the week of December 16, 2019: The Sound of Silence

  • IRS does not have the discretion to waive repayment of advance premium credit
  • Emplo...

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Federal Tax Update Podcast
2019-12-09 Bring on the Forms from 2019-12-08T15:18:35

Current Federal Tax Developments for the week of December 9, 2019: Bring in the Forms

  • Final version of 2020 Form W-4 released Final versions of 2019 Forms 1040, 1040-SR, Schedules 2...

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Federal Tax Update Podcast
2019-12-02 Horses and Hobbies from 2019-11-30T02:22:26

Current Federal Tax Developments for the week of December 2, 2019: Horses and Hobbies

  • Commissioner rules that insurance payments for pyrrohite damage does not require Forms 1099 Listen
Federal Tax Update Podcast
2019-11-25 Back to the FAQ from 2019-11-23T20:08:38

Current Federal Tax Developments for the week of November 25, 2019: Back to the FAQ

  • IRS discusses information security responsibilities and risks for tax professionals
  • Rent...

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Federal Tax Update Podcast
2019-11-18 Upcoming Events from 2019-11-16T19:52:38

Current Federal Tax Developments for the week of November 18, 2019: Upcoming Features

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Federal Tax Update Podcast
2019-11-11 Indexing Week from 2019-11-10T19:06:54

Current Federal Tax Developments for the week of November 11, 2019: Indexing Week

Federal Tax Update Podcast
2019-11-04 Both a Home and an Investment from 2019-11-03T23:20:26

Current Federal Tax Developments for the week of November 4, 2019 Both a Home and an Investment

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Federal Tax Update Podcast
2019-10-28 Denied Deduction Not Excessive Fine from 2019-10-26T11:57:56

This week we look at the following:

Federal Tax Update Podcast
2019-10-21 It's All in the Forms (and Instructions) from 2019-10-20T21:05:21

Current Federal Tax Developments for the week of October 21, 2019: The Details are in Forms (and Instructions)

Federal Tax Update Podcast
2019-10-14 Virtual Currency and Taxes from 2019-10-14T01:28:42

Current Federal Tax Developments for the week of October 7, 2019: Virtual Currency and Taxes

Federal Tax Update Podcast
2019-10-07 Get Ready for the 2019 Passthrough Forms from 2019-10-05T15:33:11

Current Federal Tax Developments for the week of October 7, 2019

  • Pennsylvania cites Wayfair in providing for sales only based income tax nexus
  • Taxes on investment real esta...

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Federal Tax Update Podcast
2019-09-30 Rentals and the Safe Harbor from 2019-09-28T21:45:25

Current Federal Tax Developments for the week of September 30, 2019: Rentals and the Safe Harbor

  • IRS releases final version of §199A rental safe harbor
  • Special per diem rat...

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Federal Tax Update Podcast
2019-09-23 Zombie Power of Attorney from 2019-09-21T21:34:04

Current Federal Tax Developments for the week of September 23, 2019: Zombie Power of Attorney

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Federal Tax Update Podcast
2019-09-16 Section 451 Week from 2019-09-14T17:18:57

Current Federal Tax Developments for the week of September 16, 2019: §451 Week

  • Students learns real life lesson on taxation of prizes, and we get a tax history lesson
  • Propo...

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Federal Tax Update Podcast
2019-09-08 But I Promise, Really! from 2019-09-07T17:41:17

Current Federal Tax Developments for the week of September 9, 2019: But I Promise, Really!

  • IRS release instructions to 2019 §199A simple deduction form with additional informal guid...

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Federal Tax Update Podcast
2019-09-03 No Horse, No Business from 2019-08-31T16:28:42

Current Federal Tax Developments for the week of September 3, 2019: No Horse, No Business

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Federal Tax Update Podcast
2019-08-26 Watching Paint Dry Doesn't Count from 2019-08-24T23:08:43

Current Federal Tax Developments for the week of August 26, 2019: Watching Paint Dry Doesn’t Count

  • Taxpayer found both to have chosen the accrual method and to be required to use it...

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Federal Tax Update Podcast
2019-08-19 George M Would Be Proud from 2019-08-17T17:49:51

Current Federal Tax Developments for the week of August 19, 2019: George M Would Be Proud...

  • Taxpayer “wins” on a Cohan style case, but...

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Federal Tax Update Podcast
2019-08-12 Toto Needs Sales Tax Money from 2019-08-10T16:18:22

This week we look at:

  • Kansas releases out of state seller rules that have no de minimis levels
  • Memorandum holds that partial denial of earned income tax credit can lead to ...

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Federal Tax Update Podcast
2019-08-05 About That Bitcoin from 2019-08-02T21:51:19

Current Federal Tax Developments for the week of August 5, 2019: About that Bitcoin...

  • IRS sends out 10,000 letters on cryptocurrency, including some demanding a response
  • R...

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Federal Tax Update Podcast
2019-07-29 1982 Tax Form Nostalgia Week from 2019-07-26T23:42:39

Current Federal Tax Developments for the week of July 29, 2019: 1982 Tax Form Nostalgia

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Federal Tax Update Podcast
2019-07-22 The Short Lived 1040 Postcard from 2019-07-20T00:20:30

Current Federal Tax Developments for the week of July 22, 2019: The Short-Lived 1040 Postcard

  • Taxpayer who failed to file a signed Form 8332 with his return was denied the dependenc...

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Federal Tax Update Podcast
2019-01-15 Fixing Typos Proves to Be Hard from 2019-07-15T02:19:29

This week we look at:

  • Taxes-Security-Together Checklist for tax professionals issued by the IRS

  • <...

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Federal Tax Update Podcast
2019-07-08 Congress Enacts Taxpayer First Act of 2019 from 2019-07-07T01:39:21

Update for the week of July 8, 2019. This week we look at:

  • The Taxpayer First Act of 2019, signed into law on July 1, 2019

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Federal Tax Update Podcast
2019-07-01 About That Drive from Florida to South Africa from 2019-06-30T23:31:53

Current Federal Tax Developments for the week of July 1, 2019:

  • IRS issues notice to advisers regarding what to do in the event of a data breach
  • IRS official confirms a §199...

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Federal Tax Update Podcast
2019-06-24 Supreme Court Just Says No from 2019-06-22T22:28:32

Current Federal Tax Developments for the week of June 24, 2019: SCOTUS Just Says No

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Federal Tax Update Podcast
2019-06-17: Bring on the New HRAs from 2019-06-16T21:30:33

This week we look at:

  • IRS to stop faxing transcripts, only mail them to taxpayer’s address of record

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Federal Tax Update Podcast
2019-06-10 Being Yourself in Business from 2019-06-10T04:45:26

This week we look at

  • S corporation status lost when SMLLC shareholder adds a new interest holder

  • Tax Court does not a...

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Federal Tax Update Podcast
2019-06-03 Sweating the Details (or Lose Out) from 2019-06-02T03:33:49

This week we look at

  • Evangelizing did not give rise to charitable deduction for most expenses

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