Tax Podcast Archive

Federal Tax Podcast (9/16/2019)
Length: 00:40:59 minutes
File size: 59.0 MB

This week we look at:

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

Proposed regulations issued for advance payments under TCJA §451(c)

Proposed regulations issued for §451(b) revenue conformity added by TCJA


Federal Tax Podcast (9/9/2019)
Length: 00:38:16 minutes
File size: 55.1 MB

This week we look at:

IRS release instructions to 2019 §199A simple deduction form with additional informal guidance

Memorandum discusses what does and does not qualify asmade a payment to a retirement plan

Relief granted to file the second copy of the Form 3115 late for an automatic method change, but at a cost

Activities failed to count as rentals, could not be combined into rental activity by real estate professional

A flawed S election uncovered during due diligence for sale of the corporation


Federal Tax Podcast (9/3/2019)
Length: 00:36:49 minutes
File size: 53.0 MB

Issues for this week:

Tax Court finds that taxpayer did not have a trade or business of raising/showing horses since she didn’t have a horse

Tax Court rejects IRS’s “step in the shoes” theory for gifted partnership interest with interest from debt-financed distribution received by donor

IRS accepts court’s revision of IRA beneficiary, surviving spouse allowed to treat IRA as her own

Coffeehouse was not a §501(c)(3) charitable organization

Notice of deficiency sent to addresses used on returns found to be sent to last known address


Federal Tax Podcasts (8/26/2019)
Length: 00:38:45 minutes
File size: 55.8 MB

This week we look at:

Taxpayer found both to have chosen the accrual method and to be required to use it as well

§451 proposed regulations exit OIRA review

Taxpayers records found to overstate hours by 150 hours, not qualified as a real estate professional

IRS issues formal memo changing position on ability to claim foreign tax credit on certain French taxes


Federal Tax Podcasts (8/19/2019)
Length: 00:35:13 minutes
File size: 50.7 MB

This week we look at:

Taxpayer “wins” on a Cohan style case, but things don’t really go well

Qualified plan distribution is part of taxable income for the taxpayer even if the taxpayer doesn’t cash the check

An estate cannot avail itself of the economic disability tolling of the statute of limitations (and it wouldn’t have mattered anyway).

IRS to send out estimated tax penalty refund checks to 400,000 taxpayers


Federal Tax Podcast (8/12/2019)
Length: 009:31:22 minutes
File size: 45.2 MB

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 loss of all credit for following two years

Tennessee court finds that Boyle rule still applies, taxpayer cannot rely on preparer to efile extension

New online tax withholding estimator released by IRS, second revised Form W-4 follows shortly after

Revised third-party contact rules released prior to Taxpayer First Rule change that takes effect August 15, 2019


Federal Tax Podcasts (8/5/2019)
Length: 00:38:14 minutes
File size: 55.1 MB

This week we look at:

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

Relief granted on three bonus depreciation elections for year that includes September 28, 2017

Draft Schedule K-1 for Form 1120S revised to change §199A information reporting

Letter ruling holds a partial deduction allowed for DNA tests requested by an individual

Organization not operated exclusively for charitable purpose, §501(c)(3) status revoked retroactively


Federal Tax Podcasts (7/29/2019)
Length: 00:37:45 minutes
File size: 54.4 MB

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

IRS releases final regulations on §501(c)(4) notice

Taxpayers who paid certain French taxes may have refund opportunities

Six new compliance initiatives announced by IRS

Minor relief granted to file superseding returns to some CPAR covered partnerships

IRS releases a new draft version of Form 1099-NEC for the first time in 38 years


Federal Tax Podcasts (7/22/2019)
Length: 00:41:01 minutes
File size: 59.1 MB

Here is the podcast for the week of July 22, 2019

Taxpayer who failed to file a signed Form 8332 with his return was denied the dependency exemption even though he eventually got a signed form

IRS updates list of allowed preventive care for high deductible health plans

IRS debuts new Form 1040-SR and revises Form 1040 to get rid of the postcard on draft 2019 forms the agency released


Federal Tax Podcasts (7/15/2019)
Length: 00:40:07 minutes
File size: 38.5 MB

Current Federal Tax Developments for the week of July 15, 2019: Typos are Hard to Catch

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

Tax Court found that taxpayer was victim of a bookkeeping error and had sent IRA rollover contribution to custodian, late rollover allowed

IRS discovers 31 years after the fact that a typo fix never was picked up in the Code of Federal Regulations

Frequently asked questions page issued to explain TCJA change to §704(d) partner basis limits on charitable deductions and foreign taxes


Federal Tax Podcasts (7/8/2019)
Length: 00:40:27 minutes
File size: 31.9 MB

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

The Supreme Court decides one trust due process case is enough for a single term

IRS proposed a change in MEP to allow a solution to the one bad apple problem

IRS goes back to issuing guidance via website FAQs, this time for QOFs

Employers will be able to truncate SSNs on W-2s given to employees--but not right away

IRS finalizes regulations barring partnerships from using disregarded entities to put partners on the payroll


Federal Tax Podcast (7/1/2019)
Length: 00:40:15 minutes
File size: 38.6 MB

This week we look at:

IRS issues notice to advisers regarding what to do in the event of a data breach

IRS official confirms a §199A trade or business can include both commercial and residential rental

Taxpayer found Tax Court didn't believe his vehicle logs

Transaction found to be substantially similar to a listed transaction


Federal Tax Podcast (6/24/2019)
Length: 00:34:20 minutes
File size: 33.0 MB

This week we look at:

Proposed regulations issued on qualified agricultural cooperatives

US Supreme Court rules mere residence of beneficiary not enough to all state to tax entire income of trust

Taxpayer had a proper claim of right situation when she paid ½ of wages paid back by ex-spouse

IRS finalizes non-resident alien ESBT regulations


Federal Tax Podcast (6/16/2019)
Length: 00:41:05 minutes
File size: 39.5 MB

This week we look at the following:

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

Final regulations issued for state tax credit donations and new way to report credit as tax paid

IRS finalizes regulations creating two new HRAs


Federal Tax Podcast (6/10/2019)
Length: 00:46:21 minutes
File size: 44.5 MB

This week we are looking at:

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

Tax Court does not accept author’s attempt to treat a portion of her income as not self-employment income

IRS releases employer tables and worksheets for TCJA-aware draft Form W-4

TIGTA finds that LB&I imposes accuracy-related penalties at lower rate than does SE/SE

Envelope used to file Tax Court petition lacked postmark, taxpayer could not explain delivery much later than would be expected for timely mailed document


Federal Tax Podcast (6/3/2019)
Length: 00:41:04 minutes
File size: 39.4 MB

This week we look at:

Evangelizing did not give rise to charitable deduction for most expenses

DC Circuit agrees with Tax Court that failure to disclose basis of asset doomed $33 million contribution

Taxpayers lose nearly $1 million of basis due to lack of old documents

IRS tries one more time to develop a W-4 for the TCJA era


Federal Tax Podcast (5/28/2019)
Length: 00:49:50 minutes
File size: 47.9 MB

This week we look at:

Virtual currency guidance promised by IRS Commissioner

HSA numbers for 2020 released by IRS

Auto depreciation limits for 2019 released by IRS

House passes retirement reform bill, would drastically cut back on the use of stretch IRAs

Assistant US Attorney warns preparers about criminal exposure when they don’t raise enough issues about loan


Federal Tax Podcast (5/20/2019)
Length: 00:41:21 minutes
File size: 39.7 MB

This week we look at

Review Wolters Kluwer IRS response and other issues

IRS releases a new worksheet for computing tax when there are 25% or 28% gains

Tax Court finds IRS did not have authority to find Medicare difficulty payments nontaxable in Notice 2014-7

CA10 agrees with Tax Court that S corporation cannot accrue wages on participants

Taxpayer materially participated in activity under facts and circumstances test


Federal Tax Podcast (5/13/2019)
Length: 00:43:55 minutes
File size: 42.2 MB

This week we look at:

Wolters Kluwer CCH systems suddenly taken offline due to malware issue

GAO criticizes security of e-file providers and software developers

IRS updates maximum vehicle values for cents-per-mile and FAVR

IRS clarifies redemptions treated as dividends taxation when paid during post-termination transition period

Deduction for Connecticut estate taxes must be reduced by portion allocable to state’s gift taxes added back paid in 3 prior years

My boss ordered me to do it doesn’t work for trust fund penalty even when the boss is an agent of a federal


Federal Tax Podcast (5/6/2019)
Length: 00:38:47 minutes
File size: 37.2 MB

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

Taxpayer’s marriage forces repayment of advance PTC, unfairness is not a defense

State tax refundable credit in excess of taxes is taxable income to taxpayer

IRS expands determination letter to cover a limited number of existing plans

LLC operating agreement adoption terminates S election


Federal Tax Podcast (4/29/2019)
Length: 00:39:44 minutes
File size: 38.2 MB

Current Federal Tax Developments for the week of April 29, 2019: Q&A 33 - The IRS FAQ Says What?

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

IRS greatly expands the FAQ on Section 199A, including a major surprise to many on handling S corporation shareholders

IRS updates the EPCRS program to add more self-correction options

Chief Counsel Email holds that using a PEO does not allow a partner to be treated as the employee of partnership


Federal Tax Podcast (4/22/2019)
Length: 00:34:06 minutes
File size: 32.7 MB

Current Federal Tax Developments for the week of April 22, 2019: IRS Gets Busy After Tax Season

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

Proposed regulations address NRA potential current beneficiaries of ESBTs that are also grantor trusts

Memorandum address impact of §318 attribution rules on §1372 and self-employed health insurance deduction

Second (and maybe final) set of proposed regulations on opportunity zone issues

Ninth Circuit decides IRS regulations did remove the ability to use common law mailbox rule to prove timely filing


Federal Tax Podcast (4/16/2019)
Length: 00:41:55 minutes
File size: 40.2 MB

§199A - Mainly Post-Final Regulation Issues

§163(j) - Proposed Regulations Out, Awaiting Final Regulations

Depreciation - Will the Retail Glitch Get Fixed? And When?

SALT - Soon to be released final regulations on state tax credits and then what

§461(j) - Limit on business losses - where’s the guidance

Other areas
This week is a break from the regular updates. The program takes an overview at the end of tax season of where we stand on guidance on the TCJA, including what is final, what is likely to become final in the near future, and those areas current without guidance.


Federal Tax Podcast (4/8/2019)
Length: 00:31:39 minutes
File size: 45.6 MB

This week we look at:

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

PMTA outlines intereaction of home office and SALT cap

Trade or business definition for instructions in Form 461 issue identified by IRS

Second Circuit reverses Tax Court decision that found a tax "black hole"

Note: Due to the April 15 deadline, next week's podcast may be posted after April 15.


Federal Tax Podcast (4/1/2019)
Length: 00:36:25 minutes
File size: 52.4 MB

This week we take a look at:

Electric vehicle credits for GM vehicles to begin one year phase out

IRS gives formal guidance on treatment of state income tax refunds following the TCJA $10,000 cap

SALT workaround regulations and related notice sent to OIRA

IRS changes requirements to obtain EIN, requires responsible person to have SSN or ITIN

Final regulations published on reportable transaction law modifications from 2010


Federal Tax Podcast (3/25/2019)
Length: 00:31:40 minutes
File size: 45.6 MB

This week we look at:

QBI and disallowed passive losses

Minister’s housing allowance ruled to be acceptable under the U.S. Constitution

Pilot had no profit motive for business related to vintage World War II aircraft

IRS suspends two Revenue Rulings related to active trade or business issues under §355

Relief from underpayment of estimated tax penalty expanded by IRS


Federal Tax Podcast (3/18/2019)
Length: 00:35:45 minutes
File size: 51.5 MB

This week we look at:

Software glitches in the first years under TCJA

Lump sum social security benefits are part of MAGI for the premium tax credit

Safe harbor statements have to be signed and then attached to electronically filed returns as a PDF

Taxpayer’s mistake in listing old address on tax return proves costly

Tax Court rejects no harm, no foul view with regard to penalties for filing an S corporation return late


Federal Tax Podcast (3/11/2019)
Length: 00:40:19 minutes
File size: 58.1 MB

This week we talk about the following:

Look at some items causing confusion over §199A on discussion forums as returns are prepared

Treasury announces changes in temporary regulations and subregulatory guidance

Recipients of sexual harassment and sexual abuse settlements with confidentiality clause allowed to deduct legal fees

Gambling loss triggered by impulse control problem side effect of prescribed drug not a casualty loss

Proposed regulations issued for FDII and GILTI

IRS no longer plans to issue regulations to bar post-retirement lump-sum distributions from defined benefit plans

Partnerships required to add tax basis disclosures given until March 15, 2020 to provide information to IRS


Federal Tax Podcast (3/4/2019)
Length: 00:40:05 minutes
File size: 57.7 MB

Current Federal Tax Developments for the week of March 4, 2019: Tax Refunds and the 2019 Tax Returns

A look at the special rules under §111 for tax benefit and how it impacts state tax refunds from 2018 returns

No Fifth Amendment defense against assertion that taxpayer is trafficking under §280E

IRS grants extension of time to file returns for farmers and fishermen

Tax Court looks at the application of the penalty review process to automated exams

IRS gave insufficient notice that a third party would be contacted for information


Federal Tax Podcast (2/25/2019)
Length: 00:40:15 minutes
File size: 58.0 MB

This week we look at:

State found to illegally discriminate against federal law enforcement retirees due to tax break for state law enforcement retirees

IRS decides expanded availability of meal delivery means fewer meals are truly for the convenience of the employer

IRS acquiesces in case regarding meals for hockey teams

Politico points out loophole that may exist for owners of co-op shares with regard to $10,000 tax limitations

Looking at options beyond the safe harbor for rentals under §199A


Federal Tax Podcast (2/18/2019)
Length: 00:34:44 minutes
File size: 50.0 MB

This week we look at:

Fix for auto depreciation quirk added by TCJA released by IRS

A subtrust qualified as a conduit trust for IRA distribution purposes

AICPA asks for relief from the potential impact of syndicate rules on small business tax relief

Form 1065 instructions add a requirement for certain partnerships to disclose negative tax basis

Checkbox added for when basis calculation required with Form 1040 and situations where it is required expanded by IRS


Federal Tax Podcast (2/11/2019)
Length: 00:34:24 minutes
File size: 49.6 MB

This week we look at:

Situations where an employer can recover HSA funds from employee accounts

IRS decides taxpayers can use Rev. Proc. 2018-60 even if currently using an impermissible method of accounting

Taxpayer reasonably relied on CPA's advice and escapes penalties

Airline passenger discovers he can't sue the TSA for his lost tax paperwork


Federal Tax Podcast (2/4/2019)
Length: 00:34:39 minutes
File size: 33.3 MB

This week we look at:

IRS delays end of faxing transcripts after Chair and ranking minority member of Senate Finance Committee send a joint letter requesting a delay

Taxpayers could not avoid NOL carryforward election they claimed they were unaware of

IRS publishes corrected version of §199A regulations, changes one word some see as potentially important

Article discusses risks to marijuana businesses from electing small business inventory relief added by TCJA


Federal Tax Podcast (1/28/2019)
Length: 00:33:41 minutes
File size: 32.3 MB

This week we look at:

Reported IRS backlog of unanswered letters that arrived during the shutdown

IRS publishes information on impact of shutdown on matters before the Tax Court

W-2 wages Revenue Procedure made final at same time §199A final regulations come out

More thoughts on the §199A final regulations


Federal Tax Podcast (1/21/2019)
Length: 00:33:10 minutes
File size: 26.5 MB

This week we look at:

Key changes in the §199A Final Regulations

New York State Publishes Its Wayfair Guidance, Demanding Immediate Compliance

Trust Case Going to US Supreme Court

Sequestration Does Not Apply to Minimum Tax Credit

Proposed Safe Harbor for Rental as a Trade or Business Under §199A

Final Regulations Are Out - §965 and, the Big One, §199A

IRS Grants Limited Waiver of Underpayment Penalties


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


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