2024-09-09 More BOI Reporting Issues

2024-09-09 More BOI Reporting Issues

Author: The Ohio Society of CPAs September 9, 2024 Duration: 29:32

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

Produced by The Ohio Society of CPAs, the Federal Tax Update Podcast is a resource for accounting professionals and business owners navigating the complexities of U.S. tax law. This regular audio series cuts through the noise of legislative changes, IRS announcements, and court rulings to deliver clear, actionable analysis. Each episode focuses on the practical implications of new developments, translating dense regulatory language into understandable guidance that can be applied directly to client work or business strategy. The discussion moves beyond mere headlines, delving into the nuances of how these changes affect various entities, from individuals and small businesses to corporations and estates. It’s a tool for staying informed and compliant in a field where the rules are constantly shifting. By tuning into this podcast, you gain access to timely explanations that help demystify recent updates, anticipate potential pitfalls, and identify planning opportunities. The content is grounded in the real-world perspective of tax practitioners, making it an efficient way to stay current amidst a demanding schedule. Whether you're preparing for the upcoming filing season or advising clients on mid-year strategies, this series provides a focused update on the federal tax landscape, emphasizing accuracy and relevance for those who need reliable information without the sales pitch.
Author: Language: English Episodes: 100

Federal Tax Update Podcast
Podcast Episodes
2024-07-22 IRA Finalizes RMD Regulations [not-audio_url] [/not-audio_url]

Duration: 50:19
This week we look at: Taxpayer can't simply rely on tax software when preparing their return, even if they aren't being nominated for Secretary of Treasury IRS finalizes SECURE Act/SECURE 2.0 Act required minimum distrib…
2024-07-15 BOI Updates [not-audio_url] [/not-audio_url]

Duration: 50:25
This week we look at: FinCEN updates the FAQs for BOI reporting, adding information about entities that cease to exist New Jersey Committee on Unauthorized Practice of Law releases letter outlining when CPAs and EAs may…
2024-07-08 Supreme Court Makes It Easier to Challenge Regulations [not-audio_url] [/not-audio_url]

Duration: 56:55
This week we look at End of term US Supreme Court cases that will likely impact challenges to Treasury regulations, overturning the concept of Chevron deference and extending the statute to challenge regulations under th…
2024-07-01 IRS to Eventually Automate FTA Relief [not-audio_url] [/not-audio_url]

Duration: 54:25
This week we look at: Ninth Circuit rules that statute of limitations for the IRS to sue for recovery of erroneous refund begins when the check clears the Federal Reserve and is approved for payment by the US Treasury IR…
2024-06-24 Supreme Court Upholds the 965 Transition Tax [not-audio_url] [/not-audio_url]

Duration: 59:11
This week we look at: Supreme Court rules, in a more divided than it may appear opinion, that the §965 transition tax is Constitutional, sustaining the result from the Ninth Circuit in the Moore case. IRS gives interim g…
2024-06-17 Do Not Believe Your Chatbot on Tax Matters [not-audio_url] [/not-audio_url]

Duration: 59:07
This week we look at: IRS provides last minute relief for payment of second quarter corporate estimated tax payments related to corporate alternative minimum tax En-banc rehearing request denied in case of Farhy v. Commi…
2024-06-10 Estate Tax Problems for Buy Sells Funded by Life Insurance [not-audio_url] [/not-audio_url]

Duration: 52:34
This week we look at: US Supreme Court rules that a requirement to redeem the decedent's shares cannot be considered to reduce the value of the entity, but life insurance proceeds received by the entity to fund the buyou…
2024-06-03 LLC as an S Corporation Issue [not-audio_url] [/not-audio_url]

Duration: 51:29
This week we look at: IRS announces that Direct File will continue into 2025 and be expanded while maintaining other programs A taxpayer finds its not so simple as just file a Form 2553 if you want to have an LLC taxed a…
2024-05-27 Misleading Silences Are Sometimes Fine in Tax [not-audio_url] [/not-audio_url]

Duration: 1:01:17
This week we look at: Yet another PLR requested for missed QSST election after S shares moved to trust following death of a shareholder Tax preparer's conviction for willfully filing false returns upheld on appeal despit…