Tax Podcast Archive

Federal Tax Podcast (1/14/2019)
Length: 00:31:55 minutes
File size: 30.7 MB

This week we cover the following developments:

IRS reopens IVES and user-fees based programs

Advisers need to be sure to check syndicate rules to assure entity not subject to §163(j) rules

Treat of Realtors revised in the second draft version of a portion of Publication 535

Filing season to start January 28, refunds are going to be issued

Address to file gift tax returns has changed, estate tax return address to change in Jul

Federal Tax Podcast (1/7/2019)
Length: 00:19:35 minutes
File size: 18.8 MB

This week's developments (not a lot):

IRS Notice gives guidance to tax-exempt organizations on excess compensation tax

Outgoing W&M Chairman publishes discussion paper on TCJA technical corrections

§199A final regulations still sitting at OIRA

Federal Tax Podcast (12/31/2018)
Length: 00:35:10 minutes
File size: 33.8 MB

This week we look at:

Loan Adviser Found Not Liable to Repay in FINRA Treated as Ordinary Income from Debt Forgiveness

IRS Raises Values Dramatically on Vehicles Eligible for Cents-Per-Mile and Fleet-Average Valuation Rules

Safe Harbor Issued on Charitable Contribution Credits Related to a Trade or Business

Revenue Procedure Issued to Deal with ADS Issues for Electing Farm and Real Property Businesses

IRS Publication Indicates Real Estate Agents/Brokers and Insurance Agents/Brokers are in a Specified Service Trade or Business

Proposed Regulations on Treating Sale of Partnership Interest as Effectively Connected to US Trade or Business

IRS Announces Plan to Issue Regulations on Two Special Enforcement Matters Under CPAR, as Well as CPAR Final Regulations

Annual Disclosure Revenue Procedure Updated by IRS

Federal Tax Podcast (12/17/2018)
Length: 00:36:12 minutes
File size: 34.8 MB

This week we look at:

IRS releases more proposed regulations

Lack of documentation dooms deduction for taxpayers

§199A final regulations sent to OIRA for review

Guidance issued on valuing employer-provided parking for parking lot tax

Relief given for some tax-exempt organizations first filing Form 990-T to pay parking lot tax

Taxpayers who were out of the country for much of the period of nonpayment still found to be responsible persons

Federal Tax Podcast (12/10/2018)
Length: 00:28:15 minutes
File size: 27.1 MB

This week we look at the following items:

Wisconsin passes its version of an optional passthrough tax to get around SALT limits, but with a twist

Guidance released on Section 81(i) stock elections

Taxpayer finds you still need some documentation to claim cellular phone expenses

IRS fails to persuade Court that a taxpayer had changed its accounting method

A brief revisit to the Section 451(b) automatic change revenue procedure

Taxpayer warned about filing Tax Court petition primarily to delay collection

Federal Tax Podcast (12/3/2018)
Length: 00:34:09 minutes
File size: 32.8 MB

This week we look at the following items:

IRS releases the 163(j) interest deduction limitation proposed regulations

Special real property election for infrastructure maintenance company Revenue Procedure released

IRS memorandum describes what the IRS can question when an employer excludes meals from employee’s wages under §119

Foreign tax credit proposed regulations issued

Automatic accounting method change procedures issued for §451(b) revenue conformity

Federal Tax Podcast (11/26/2018)
Length: 00:21:51 minutes
File size: 52.5 MB

This week we look at the following:

Proposed anti-clawback regulations issued

Final §263A negative amount regulations issued

§163(j) proposed regulations leave OIRA (finally), last step before publication

Federal Tax Podcast (11/20/2018)
Length: 00:28:56 minutes
File size: 23.0 MB

This week we look at the following items:

IRS publishes 2019 inflation adjusted figures

IRS notes increase in breaches of systems of tax return preparers in 2018

Filing and deposit date relief announced for victims of California wildfires

IRS email discusses application of due diligence preparer penalties

Federal Tax Podcast (11/12/2018)
Length: 00:34:29 minutes
File size: 26.4 MB

This week we look at the following items:

§163(j) proposed regulations due this week

IRS releases final TCJA due diligence regulations

Country singer found not to operate night club for a profit

Foreign earned income denied when taxpayer did not show his abode was outside the United States

Federal Tax Podcasts (11/5/2018)
Length: 00:31:30 minutes
File size: 75.6 MB

This week we look at the following items:

Inflation-adjusted retirement plan numbers for 2019 released

IRS publishes draft Form 990-T and instructions with details on the parking lot tax

Students lose at DC Circuit in attempt to claim travel deductions

A Blue Book on TCJA may be coming soon

A taxpayer is denied relief from liability for tax due on a joint return the court finds she didn’t file

Federal Tax Podcasts (10/29/2018)
Length: 00:32:00 minutes
File size: 25.1 MB

This week we look at the following items:

Court finds IRA and plan balance received in divorce not protected in bankruptcy

Interest limitation proposed regulations (except for passthroughs) heads to OMB

Connecticut crumbling foundation relief clarified to also create NOLs that can be carried back in 2018

PTIN renewal opened up by the IRS

OMB announces plans for guidance on TCJA loss limitation rules--but not planned to be out until June 2019

Taxpayer denied innocent spouse relief.

Federal Tax Podcast (10/22/2018)
Length: 00:38:21 minutes
File size: 92.1 MB

This week's podcast includes:

Pastoral Offerings Were Taxable Compensation to Pastor Despite Not Requesting Such Contributions

IRS Grants Filing Relief Related to Hurricane Michael

Taxpayers Could Not Designate Application of Payment Where Check Bounced Due to IRS Levy Days Before Check Received

Proposed Regulations Issued by IRS on Issues Arising Under TCJA’s Qualified Opportunity Fund Provisions

Federal Tax Podcast (10/8/2018)
Length: 00:31:20 minutes
File size: 75.2 MB

This week we look at the following items:

IRS issues SIFL rates for second half of 2018

Information letter discusses more issues with the SALT workaround regulations

Business meals will remain 50% deductible despite TCJA law changes

ECPRS program updated by the IRS Market discount not subject to TCJA revenue conformity rule

§457 plan not required to offer hurricane relief distributions

Federal Tax Podcast (10/1/2018)
Length: 00:28:44 minutes
File size: 69.0 MB

This week we look at the following items:

Wall Street Journal reports IRS will issue guidance allowing 50% deduction for business meals

IRS issues guidance on credit for paying employees on FMLA leave

Moving expenses incurred in 2017 but reimbursed in 2018 ruled to be excludable from the employee’s income

Special per diem rules, including high/low amounts, updated by the IRS

IRS agent found to qualify as an innocent spouse when given what turned out to be a misleading response by soon to be ex-spouse

Federal Tax Podcast (9/24/2018)
Length: 00:27:59 minutes
File size: 67.2 MB

This week we look at the following items:

Tax Court allows a taxpayer to try and prove reasonable reliance on indirect legal advice

Updated safe harbor explanations for plan distributions issued by IRS

IRS delays major revision to Form W-4 to 2020

Relief announced for victims of Hurricane Florence

Federal Tax Podcast (9/17/2018)
Length: 00:28:15 minutes
File size: 67.8 MB

This week we look at the following items:

South Dakota enacts remote seller law to implement Wayfair decision beginning November 30

Colorado tests the limits of Justice Kennedy’s holdings in Wayfair

Even though records were imperfect, Tax Court finds taxpayer was a real estate professional

Opportunity Zone regulations at OMB, expected out around end of the month

IRS rules math error procedures can be used even after refunds are issued

Federal Tax Podcast (9/10/2018)
Length: 00:38:50 minutes
File size: 93.2 MB

This week we look at the following items:

South Dakota to hold a special session so the state can begin to take advantage of their victory in the Wayfair case

Taxpayer who withdrew IRA funds based on a notice of intent to levy cannot escape 10% additional tax

IRS clarifies the application of the proposed SALT regulations leading to a bevy of questions

IRS memorandum concludes seismic fees for offshore drilling must be amortized and cannot be treated as intangible drilling costs

President issues an Executive Order for DOL and Treasury to consider certain changes to retirement plans

Tax Court disagrees with the IRS’s view on how §1291(c) gains interact with six year statute

Federal Tax Podcast (9/4/2018)
Length: 00:26:45 minutes
File size: 64.2 MB

This week we look at the following items:

IRS warns tax professionals about FTC’s Safeguards Rule for confidential data

Clarification of how change in exemption amounts will apply to items tied to exemption amounts

Lessee is not able to claim conservation deduction for facade easement

Letter ruling approves program where employer makes plan contribution for employees who pay on their student loans

Taxpayer allowed extra time for late rollover where she had relied on spouse for tax and financial matters when couple separated while rollover was pending

Federal Tax Podcast (8/27/2018)
Length: 00:31:30 minutes
File size: 75.6 MB

This week we look at the following items:

Taxpayers creating multiple entities to try and avoid double taxation of C corporation income find their plan fails

IRS issues SALT workaround regulations and affect both new and pre-existing state tax credit programs

Modifications made to automatic accounting method revenue procedure to deal with S corporation revocations under special TCJA rule

Guidance provided on applying the rules to compute UBTI separately for each trade or business

Federal Tax Podcast (8/20/2018)
Length: 00:30:55 minutes
File size: 74.2 MB

This week we look at the following items:

Oregon Supreme Court rules no physical presence required to be subject to corporate income tax

Idaho sends out notices to retailers that it’s moving forward with affiliate rule for collecting sales tax

IRS prevails over AICPA on question of issuing credential for unenrolled tax preparers

AICPA sends comments to the IRS and Treasury on S corporation and Section 461(l) issues following TCJA

Federal Tax Podcast (8/13/2018)
Length: 00:52:30 minutes
File size: 126.0 MB

This week we look at the following items:

North Carolina announces out of state sellers required to begin collection of sales tax on November 1, 2018

Legal fees were not from a trade or business and were not expenses of the S corporation

IRS releases much anticipated proposed regulations on the 199A deductiton including guidance on

Aggregation into a single trade or business

Definitions of specified service activities

Various anti-abuse rules

Federal Tax Podcast (8/6/2018)
Length: 00:36:40 minutes
File size: 88.0 MB

This week we look at the following items:

Proposed regulations for 965 are issued, others on state and local tax workarounds submitted to OMB

Majority of states that impose a sales tax now have published post-Wayfair remote seller collection requirements and start dates

Proposed regulations on which taxpayers may rely issued on bonus depreciation

Automatic accounting method change guidance issued for TCJA small business accounting methods

529 plan revised guidance to deal with TCJA and other recent changes

Guidance issued on additional contributions allowed to ABLE accounts by TCJA changes

Federal Tax Podcast (7/30/2018)
Length: 00:31:09 minutes
File size: 74.8 MB

This week we look at the following items:

First 199A regulations are sent to OMB for review

Minnesota tests whether lower limits than South Dakota will work under Wayfair

Utah enacts South Dakota limits for remote sellers

Another US District Court agrees that the IRS’s own regulations limit the FBAR willfulness penalty amount

Taxpayer stuck with transferee liability after entering into transaction to sell corporation

Federal Tax Podcast (7/23/2018)
Length: 00:35:50 minutes
File size: 28.9 MB

This week we look at the following items:

Two state supreme courts restrict their states’ ability to tax trusts

IRS issued PMTA on willfulness for FBAR penalty

Forfeitures now can be used to fund QMACs and QNECs

IRS discusses the impact on taxable wages of a payroll tax examination

Many exempt organizations will no longer have to file Schedule B with Form 990

Proposed regulations issued on due diligence expansion to head of household status added by TCJA

Federal Tax Podcast (7/16/2018)
Length: 00:37:55 minutes
File size: 91.0 MB

This week we look at:

More Wayfair fallout

North Dakota out of state seller collections required beginning October 1

South Carolina to use South Dakota minimums for out of state sellers

Wisconsin will use the South Dakota minimums for the October 1 out of state seller start

IRS updates security guidance for tax professionals

Trusts and Estates will get to deduct trustee fees and other Section 67(e) expenses following TCJA

IRS sticks to its position on prepaid real estate taxes when questioned by NJ Attorney General

IRS employee indicates the agency accepts that the back door Roth contribution is legal

Federal Tax Podcast (7/9/2018)
Length: 00:32:44 minutes
File size: 78.6 MB

This week we look at the following items:

States take various actions regarding forcing out of state sellers to collect tax

Louisiana looks to adopt its law to fit within Justice Kennedy’s outline of acceptable protections for interstate commerce

Alabama, though not a member of SSUTA, will begin requiring collection on October 1

Wisconsin, an SSUTA member but without a de minimis limit, will also want collections on October 1

New Jersey adopts a law that duplicates South Dakota and adds marketplace provisions

IRS LB&I Division announces five new compliance campaigns

IRS agent wonders if a preparer penalty could be assessed directly against an equity holder who did not otherwise violate Section 6694

Federal Tax Podcast (7/2/2018)
Length: 00:31:20 minutes
File size: 24.8 MB

This week we look at the following items:

IRS releases a new “postcard” dratt for Form 1040 along with 6 schedules

CPA who advised on ESOP and prepared 5500s was still found to be an independent appraiser on third time to court

IRS publishes the list of qualified opportunity zones under TCJA’s Section 1400Z-1

A amendment of a return with fraudulent positions does not reduce the fraud penalty

Taxpayer discovers IRS had not agreed to waive all penalties when taxpayer agreed to exam changes

Federal Tax Podcast (6/25/2018)
Length: 00:40:26 minutes
File size: 33.2 MB

This week the podcast is devoted to a look at the Supreme Court's decision in "South Dakota v. Wayfair."

Federal Tax Podcast (6/18/2018)
Length: 00:31:50 minutes
File size: 26.4 MB

This week we look at the following items:

IRS indicates that TCJA UBIT provisions may be delayed, but no specific commitment

Physician’s attempt to claim that social security disability is not taxable fails

Taxpayer found to be solely in the business of selling controlled substances

Shareholder barred from unilaterally changing S corporation’s election not to claim FICA credit

Taxpayer who relied on two IRS employees for last date to file Tax Court petition finds herself without access to the court

Federal Tax Podcast (6/11/2018)
Length: 00:35:36 minutes
File size: 29.4 MB

This week we look at the following items:

Updated timeline for some TCJA guidance

Court accepted father’s testimony for where son lived during tax year

Dad denied deduction for payments related to revenue collected for son who lacked a general contractor’s license

The IRS grants some relief for §965 transition tax payments

Memo deals with confusion that arose due to special meaning certain words have in a tax context

Federal Tax Podcast (6/4/2018)
Length: 00:28:25 minutes
File size: 54.6 MB

This week we look at the following items:

Fact sheet on how the IRS contacts taxpayers--and how it doesn’t

Ruling issued on how funds sent to state under abandoned property laws is treated for withholding and reporting purposes

Taxpayer was found to be a statutory employee, deductions allowed above the line

IRS issues proposed regulations that would increase number of taxpayers that must electronically file all information returns

Federal Tax Podcast (5/29/2018)
Length: 00:32:24 minutes
File size: 62.2 MB

This week we look at the following items:

FBAR penalty limited to lower amount in old regulation

Taxpayer had not started a business yet, so no current deduction allowed for expenses incurred

IRS to issue regulations on SALT/charity workarounds, raises substance over form issue

DC Circuit agrees with Ninth Circuit that partnerships with disregarded entity partners are subject to TEFRA (and presumably subject to CPAR) audits

Federal Tax Podcast (5/21/2018)
Length: 00:39:15 minutes
File size: 75.4 MB

This week we look at the following items:

Update on TCJA guidance from the ABA Tax Section Meeting

Tax due on tuition waiver received as part of severance package when used by daughter 22 years later

Connecticut becomes the next state to adopt SALT workarounds

IRS updates revenue procedure for use of information on status of charity

Taxpayer reliance on advice from one adviser could not be in good faith and received no advice from other

Federal Tax Podcast (5/14/2018)
Length: 00:37:25 minutes
File size: 71.9 MB

This week we look at the following items:

Taxpayer had to include son’s savings account in determination of solvency

2019 HRA amounts announced by the IRS

IRS changes Section 382 recognized built-in gain/loss safe harbors due to changes made by TCJA

Revenue procedure issued to deal with requests to change accounting methods due to ASC 606 adoption for financial statements

General automatic method change revenue procedure annual update published by IRS

Taxpayer found to have no asset to sell and, due to that, income was ordinary and not capital in nature

Federal Tax Podcast (5/7/2018)
Length: 00:32:25 minutes
File size: 77.8 MB

This week we look at the following items:

Oklahoma governor vetoes an expansion of tattletale law

Small businesses warned about tax ID theft targeted at them

Organization denied exempt status, was ruled to be the organizer’s consulting business

IRS delays TCJA third party life insurance policy sale reporting rules

Taxpayer did not reasonably rely on advice in taking a tax position, penalties applied

Federal Tax Podcast (4/30/2018)
Length: 00:35:05 minutes
File size: 67.4 MB

In this week's podcast:

State Tax Initial Number of Reports "Disappointing" Under Colorado's Tattletale
Use Tax Law

State Tax Oklahoma Legislature Passes Additional Colorado Style Tattletale Use Tax

IRS Restores Maximum HSA Contribution to $6,900 for 2018, Provides Special

Cash from Tip Box Divided Between Volunteer Workers Subject to FICA Tax
in IRS's

Taxpayer Failed to Read TurboTax Notice of Rejected Return, No Relief
Granted for Failure to File Penalty

Federal Tax Podcast (4/23/2018)
Length: 00:33:00 minutes
File size: 63.4 MB

This week we look at the following items:

IRS computer system failure ends up adding one extra day to tax season

The Supreme Court hears oral arguments in the Wayfair case

IRS gives details on blended rates to be used by fiscal year C corporations

IRS issues the rates for valuing employer owned aircraft trips for the first half of 2018

The IRS clarifies how the repeal of the special alimony trust provision in TCJA will work

The AICPA asks the IRS to reconsider its position on refunds of overpayments for those with remaining 965 transition tax installments

Federal Tax Podcast (4/9/2018)
Length: 00:33:10 minutes
File size: 79.6 MB

This week we look at the following items:

Supreme Court will shortly hear oral arguments in Wayfair case

A number of states increase pressure on out of state sellers

Idaho requires collection at $10,000 of sale from any seller that the Supreme Court doesn’t tell us lacks nexus in Wayfair

Georgia adds a $200,000/200 transaction tattletale statute

Oklahoma puts a $10,000 tattletale statute in place that also impacts referrers

New York passes two TJCA SALT limitation workaround statutes - but do they work?

IRS issues guidance on three TCJA topics on Monday, including 43 pages on Section 965 transition tax

Federal Tax Podcast (4/2/2018)
Length: 00:25:49 minutes
File size: 49.6 MB

This week we look at the following items:

Accountant by day, goaltender by night in Chicago

IRS publishes statistics on exams, collections, phone wait times and more

IRS reminds and warns taxpayers about virtual currency issues

IRS recommends taxpayers have a payroll checkup

Federal Tax Podcast (3/26/2018)
Length: 00:26:05 minutes
File size: 37.6 MB

This week we look at the following items:

Grain Glitch Fixed and Partnership Audit Rules Modified in Consolidated

IRS Notes Increase in Data Breaches from Tax Professional's Offices

Business 8453 Series Forms Must Be Manually Signed

Government Must Show Intent to Obstruct Specific IRS Actions Beyond Return Processing

Federal Tax Podcast (3/19/2018)
Length: 00:35:00 minutes
File size: 67.2 MB

This week we look at the following items:

OVDP program to end on September 28, 2018

Entire cost ofinternational firm prepare returns for employees sent overseas treated as wages

Conundrum only a tax attorney could love - dealing with a sale case where the regulations don’t give guidance

Guidance given on reporting and paying Section 965 transition tax

Mansion was never actually a rental, so loss was a capital loss rather than a 1231 loss

Federal Tax Podcast (3/12/2018)
Length: 00:27:51 minutes
File size: 40.1 MB

This week we look at the following items:

Revised inflation adjusted numbers released for TCJA changes

Male sterilization/contraception no-cost benefit not allowed in HDHP policies regardless of state law

Roth IRA found not to actually own a foreign sales corporation

Taxpayers’ reconstructed records and recollections not enough to prove real estate professional status

Architect able to convince court he was a real estate professional with a single four-plex

Federal Tax Podcast (3/5/2018)
Length: 00:27:10 minutes
File size: 52.2 MB

This week we look at the following items:

Storage battery for solar system can qualify for credit - but with key conditions

Two courts disagree on whether a gravel sale is or is not exempt from tax based on two treaties

IRS issues promised guidance to attempt to block S corporation carried interest structure

Revised online Form W-4 calculator and Form W-4 issued to deal with TCJA changes

Federal Tax Podcast (2/26/2018)
Length: 00:32:54 minutes
File size: 47.4 MB

This week we look at the following items:

IRS begins to process some returns with retroactively restored provisions for 2017

IRS reminds taxpayers that a “home equity” debt can still be acquisition debt and deductible on 2018 return

AICPA sends Treasury a letter outlining areas of §199A guidance that are needed

Taxpayer ends up failing to do a tax-free division of IRA funds in a divorce

The IRS fails in its attempt to have a gain on the sale of land taxed as ordinary income

Federal Tax Podcast (2/19/2018)
Length: 00:32:05 minutes
File size: 46.2 MB

This week we look at the following items:

A method that went unchallenged in two prior audits did not fare well at all in third IRS exam

Treasury officials speak on timing of TCJA guidance, Section 199A reasonable compensation and fiduciary income tax issues at ABA Tax Section meeting

Treasury Secretary Mnuchin testifies that IRS will issue guidance to shut down S corporation carried interest structure inspired by TCJA

Odd result is nevertheless the proper result appellate court informs taxpayer

IRS to release W4 online calculator this week

Federal Tax Podcast (2/12/2018)
Length: 00:32:24 minutes
File size: 31.1 MB

This week we look at the following items:

The Bipartisan Budget Act of 2016 includes extenders and other items

IRS updates priority guidance for TCJA items, adding 18 TCJA projects

Special relief granted to those with pyrrhotite damage, allowing losses to be claimed on 2017 returns

Qualified plan and IRA 2018 inflation adjusted figures will not have to change due to TCJA

A journal entry did not create a shareholder debt, leading to a denial of multi-million dollar loss

Engineer is potentially liable for penalties if positions on cost segregation study are not justified

Federal Tax Podcast (2/5/2018)
Length: 00:26:24 minutes
File size: 38.0 MB

This week we look at the following items:

The AICPA sends a letter to Treasury regarding areas needing immediate guidance on TCJA - and the list is long

IRS issues interim Form W-4 guidance until they can update the forms for TCJA

A new proposed regulation added to the Centralized Partnership Audit Regime (CPAR) guidance

IRS updates its maybe again annual disclosure Revenue Procedure, but doesn’t really change anything

Federal Tax Podcast (1/29/2018)
Length: 00:30:20 minutes
File size: 43.7 MB

This week we look at the following items:

IRS to recompute 2018 inflation adjustment items

Priority of guidance discussed by IRS and Treasury

JCT counsel discussses impact of TCJA provisions on meals and entertainment and working condition fringe benefits

New Form 1024-A to be used by §501(c)(4) organizations seeking determination letter

Leaving return under doormat for ex-spouse to sign and mail not reasonable cause for late filing

Federal Tax Podcast (1/22/2018)
Length: 00:28:50 minutes
File size: 41.5 MB

This week we look at the following items:

IRS publishes plan for dealing with government shutdown during tax season

2017 Roth conversions can be recharacterized through October 15

Tenth Circuit limits trust’s deduction for property donation to basis in property

IRS begins sharing information with State Department for those with seriously delinquent tax debts

Federal Tax Podcast (1/15/2018)
Length: 00:24:25 minutes
File size: 35.2 MB

This week we look at the following items:

Supreme Court to take on South Dakota’s challenge to the 1992 Quill decision on nexus for sales taxes

FASB will allow private companies and not-for-profits to apply SEC Staff Accounting Bulletin 118 to deal with TCJA deferred taxes

Joint Committee on Taxation publishes its annual list of expired and expiring tax provisions, now updated for TCJA’s individual items

IRS finds a fuel reward programs where it agrees that a taxpayer can take accrued but unredeemed amounts as a current deduction

IRS publishes early percentage withholding tables for wages under TCJA

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