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Federal Tax Update Podcast

Updated 15 days ago

Rank #166 in Business News category

Education
News
Business News
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Federal Tax Update Podcast Series

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Federal Tax Update Podcast Series

iTunes Ratings

23 Ratings
Average Ratings
20
1
1
0
1

Such a great resource

By Ssidawg73 - Feb 27 2019
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I’m a sole practitioner and I really appreciate the info that you provide in this podcast. I listen to the podcast every week while I run and it helps keep me both entertained and informed. I definitely recommend for anyone who wants to keep up with the latest tax news.

iTunes Ratings

23 Ratings
Average Ratings
20
1
1
0
1

Such a great resource

By Ssidawg73 - Feb 27 2019
Read more
I’m a sole practitioner and I really appreciate the info that you provide in this podcast. I listen to the podcast every week while I run and it helps keep me both entertained and informed. I definitely recommend for anyone who wants to keep up with the latest tax news.
Cover image of Federal Tax Update Podcast

Federal Tax Update Podcast

Latest release on Oct 25, 2020

The Best Episodes Ranked Using User Listens

Updated by OwlTail 15 days ago

Rank #1: 2019-12-23 A Tax Bill for the Holidays

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

Copyright 2019, Kaplan, Inc.

Dec 22 2019

43mins

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Rank #2: 2020-01-06 Beginning a New Decade

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This week we look at:

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

  • Taxpayers who have SFR prepared won’t see a §199A deduction in the SFR 2020

  • Auto mileage rates issued at the last minute

  • Charitable contributions of virtual currency guidance issued by IRS in FAQ

  • Taxpayers can’t raise substance over form argument since the taxpayer picked the form

  • Final Qualified Opportunity Fund regulations issued by the IRS

  • IRS issues updated guidance on withholding on pensions

Copyright 2020, Kaplan, Inc.

Jan 06 2020

48mins

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Rank #3: 2019-11-04 Both a Home and an Investment

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

  • Wisconsin fails in attempt to look to sublease to tax software sales based on computers sold to be used in the state

  • IRS agrees that taxpayer qualifies for both §121 and §1031 for the sale of a former home destroyed by fire

  • Draft Form 1065 and K-1 instructions released by the IRS

Copyright 2019 Kaplan, Inc.

Nov 03 2019

29mins

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Rank #4: 2019-10-07 Get Ready for the 2019 Passthrough Forms

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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 estate under IRC §164 - no $10,000 limit?
  • Drafts of 2019 Forms 1065, 1120-S and related K-1s released by IRS
  • Proposed regulations for ALEs using individual coverage HRAs released

Copyright 2019 Kaplan, Inc.

Oct 05 2019

32mins

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Rank #5: 2019-03-11 §199A Return Issues

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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

Copyright 2019 Kaplan, Inc.

Mar 09 2019

40mins

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Rank #6: 2019-08-19 George M Would Be Proud

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

  • 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

Copyright 2019 Kaplan, Inc.

Aug 17 2019

35mins

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Rank #7: 2020-01-13 When Bad Things Happen Penalties and Disqualification

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This week we look at:

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

  • A date change in the final version of the SECURE Act related to the kiddie tax.

  • An ESOP is found to be disqualified from inception due to both issues in its plan document and in operation of the plan.

  • IRS announces e-file start dates, with business returns now being accepted.

  • Two cases look at the timing of the required IRS supervisor review of proposed penalties in an exam.

Copyright 2020, Kaplan, Inc.

Jan 12 2020

47mins

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Rank #8: 2019-05-06 Fragile: Handle with Care - S Corporations

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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

Copyright 2019, Kaplan, Inc.

May 06 2019

38mins

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Rank #9: 2019-08-05 About That Bitcoin

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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
  • 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

Copyright 2019, Kaplan, Inc.

Aug 02 2019

38mins

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Rank #10: 2019-07-08 Congress Enacts Taxpayer First Act of 2019

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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

Copyright 2019 Kaplan Professional Education

Jul 06 2019

40mins

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Rank #11: 2019-06-10 Being Yourself in Business

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This week we look 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

Jun 10 2019

46mins

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Rank #12: 2019-04-01 Tax Benefit Rule and Refunds

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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 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

Copyright 2019 Kaplan, Inc.

Mar 30 2019

36mins

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Rank #13: 2019-03-04 Tax Refunds and the 2019 Tax Returns

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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

Copyright 2019 Kaplan, Inc.

Mar 02 2019

40mins

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Rank #14: 2019-12-09 Bring on the Forms

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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 and 3 released
  • Shortly thereafter, final version of Schedule 1 released still containing question about virtual currency
  • Relief for provision of Forms 1095-B and C
  • Detailed guidance issued for IRS agents on BBA audit procedures

Copyright 2019, Kaplan, Inc.

Dec 08 2019

41mins

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Rank #15: 2019-11-11 Indexing Week

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

  • Federal Circuit shoots down previously successful taxpayer argument that limited maximum FBAR penalty
  • IRS publishes the 2020 inflation adjusted numbers
  • Proposed regulations issued to revise the life expectancy tables for required minimum distributions
  • Retirement plan numbers for 2020 issued by IRS

Copyright 2019 Kaplan, Inc.

Nov 10 2019

31mins

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Rank #16: 2019-07-22 The Short Lived 1040 Postcard

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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 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

Copyright 2019 Kaplan, Inc.

Jul 19 2019

41mins

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Rank #17: 2019-11-25 Back to the FAQ

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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
  • Rental section added to IRS’s §199A FAQ page on website
  • Final regulations issued on anti-clawback estate/gift tax provisions
  • Only one penalty applied to taxpayer that was both the owner and beneficiary of a foreign trust

Copyright 2019 Kaplan, Inc.

Nov 23 2019

36mins

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Rank #18: 2019-05-28 Another New Tax Bill?

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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 loans

Copyright 2019, Kaplan, Inc.

May 27 2019

49mins

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