Federal Tax Update Podcast

Nov 15 2024 100 ep. 46 mins 112

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Federal Tax Update Podcast Series

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2024-11-18 End of Partnership Suspense Account at the IRS

Nov 15 2024 58 mins

This week we look at: IRS may stop putting “taxpayer may rely” statements on proposed regulations Tax Court rules partnership basis calculations are cumulative in nature and not stand-alone annual calculations under IRC §705 Latest speculations on what will get through Congress in 2025 - if anything

2024-11-11 Post Election Issue on Tax Bills and the Reconciliation Process

Nov 09 2024 57 mins

This week we look at the rules involving the reconciliation process in Congress, the path that it appears most likely any tax bill enacted to deal with the expiration of many TCJA provisions at the end of 2025.

2024-11-04 Retirement Plan Inflation Numbers

Nov 04 2024 42 mins

This week we look at: Retirement plan limits announced by the IRS, basically completing the tax inflation adjustments for 2025 IRS emailed Chief Counsel Advice outlines dealing with SECA and the net investment income tax issues arising from a BBA partnership exam

2024-10-28 IRS Releases Most 2025 Inflation Adjusted Numbers

Oct 26 2024 56 mins

This week we look at: IRS releases inflation adjusted numbers for most items aside from retirement plans for 2023 IRS has more bad news for those who fail to pay over trust fund taxes to pay other expenses Another US District Court denies a preliminary injunction to bar enforcement of the BOI reporting rules

2024-10-21 Staking Returns for One More Try at Court

Oct 20 2024 30 mins

This week we look at: S corporation finds multiple ways to terminate its S status, asks IRS forgiveness which is granted IRS rules condoms are medical expenses for tax purposes IRS adds items to list of preventive care an HDHP can pay without the insured having met the annual deductible PTIN registration opens for 2025 Staking income challenge returns to court

2024-09-09 More BOI Reporting Issues

Sep 08 2024 29 mins

This week we look at: Additional BOI clarifications from online discussions regarding a CPA firm’s reporting obligations and confusions about reporting by entities that don’t register with a state for formation but which do file tax returns

2024-09-03 BOI Review Time

Sep 02 2024 58 mins

This week we look at: DOJ has scheduled a December 2 hearing on the proposed rule to reschedule marijuana BOI reporting confusions that keep coming up as questions in online discussions - time to review

2024-08-26 IRS ERC Notices of Denial-Comments of the Taxpayer Advocate

Aug 24 2024 63 mins

This week we look at: IRS announces the reopening of the ERC Voluntary Disclosure Program on somewhat less generous terms then the first program provided National Taxpayer Adviser discusses issues related to ERC Notices of Disallowance issued by the IRS Copyright 2024, Kaplan, Inc.

2024-08-05 House Passed Tax Bill Fails to Clear Cloture Vote in the Senate

Aug 04 2024 57 mins

This week we look at: Tax bill fails to clear a procedural vote in the Senate, reducing the likelihood we’ll see the bill enacted before this Congress leaves office US District Court declines to issue preliminary injunction requiring the IRS to terminate the ERC claim moratorium, but finds much the court liked in the plaintiff’s arguments.

2024-07-29 More IRS ERC Guidance

Jul 28 2024 67 mins

This week we look at: FinCEN adds two more questions to BOI FAQ page IRS adds five new warning signs for problematic ERC claims and announces new developments coming in ERC enforcement Chief Counsel Memorandum outlines position on tax exempt organizations dealing with §52 provisions for ERC