FICPA Podcasts FICPA Podcasts

https://vimeo.com/947543909?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/5/17/2024-05-20-erc-battles-continue
This week we look at:
DOJ issues proposed rule that would remove cannabis businesses from loss of most business deductions under IRC §280E
Filing date relief issued for those impacted by Ohio tornadoes from March
IRS National Fraud Counsel speaks on ERC exams in ABA Tax Section webinar
Tax adviser files suit to attempt to force the IRS to start processing ERC claims
Tax Court imposes penalty for raising frivolous claims against taxpayer who argued wages are not income (among other things)

https://vimeo.com/945334377?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/5/12/2024-05-13-changes-to-cafs-and-process-for-tax-pros-to-obtain-transcripts
This week we look at:
IRS gives update on final results for ERC voluntary compliance program and discusses the future
The taxpayer’s contract did not make payment contingent on the success of research
DOJ announces CPA firm barred from promoting CRAT/single premium annuity shelter
IRS provides information on CAF “under review status” and changes to requesting transcripts

https://vimeo.com/943025614?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts 
This week we look at:
IRS releases Fact Sheet on disaster provisions for retirement accounts added by SECURE 2.0 Act
DC Circuit reverses Tax Court ruling that IRS does not have assessment authority for failure to file a report under IRC §6038(b) (Form 5471)
Electric vehicle final regulations issued
Department of Justice begins process to move marijuana from Schedule I to Schedule III which would cause §280E to no longer limit deductions for cannabis businesses
Lack of any written records on time President/COO spent on activities or even estimate time spent on qualified research activities doomed attempt to claim a credit under IRC §41(a)

https://vimeo.com/940427506?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/4/28/2024-04-29-no-minimum-attention-required-for-supervisor-approval-of-penalties-per-tax-court
This week we look at:
Final regulations issued on credit transfer provisions of the Inflation Reduction Act
Tax Court rules the law does mandate a minimum level of attention by a supervisor when approving a proposed penalty
IRS announces the end of the Direct File pilot and will announce the next steps shortly

https://vimeo.com/937007922?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/4/20/2024-04-22-irs-extends-limited-rmd-relief-but-warns-they-expect-this-to-be-the-last-time
This week we look at:
IRS again waives penalties for certain RMD distributions for inherited IRAs and retirement plans, but indicates this should be the last time
FinCEN adds more Q&As to BOI FAQ for the first time since January

https://vimeo.com/929341969?share=copy
https://www.currentfederaltaxdevelopments.com/podcasts/2024/3/31/2024-04-01-tax-court-reverses-position-on-validity-of-conservation-easement-regulation 
This week we look at
Tax Court reverses position on validity of a regulation it had upheld four years ago
US Supreme Court hears oral arguments in case involving estate tax value of a corporation that received life insurance to redeem the majority shareholder’s estate
IRS Criminal Investigation Divisions announces update on COVID relief related investigations and convictions