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Federal Tax Update Podcast: Daily Summaries Delivered
by The Ohio Society of CPAs
Federal Tax Update Podcast Series
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- 3 days ago1h 20m
2026-11-09 (Most) Inflation Adjustments for 2027
This week we look at: Glass Warehouse: unsubstantiated shareholder "subcontractor" fees disallowed; reliance on CPA fails Employee Retention Credit claim fails: advisory guidance and voluntary changes are not suspensions Rev. Proc. 2026-35 sets 2027 inflation-adjusted amounts: brackets, deductions, credits, and penalties Tax Court taxes lapsed whole life policy gain, but strikes the penalty for lack of § 6751(b) proof
- 1 weeks ago32 min
2026-11-02 Receipt of Large Natural Gas Royalties Fatal to 501(c)(7) Status
This week we look at: Rev. Rul. 2026-22: 401(h) surplus assets may fund active medical benefits for employees age 59½ and over Tax Court sustains revocation of a social club's exemption where gas royalties exceeded 50% of receipts Tax Court denies whistleblower award because the IRS acted on a Senate report, not the claim
- 2 weeks ago1h 14m
2026-10-26 New IRA Voluntary Correction Program Coming
This week we look at: Automatic refunds for adoption credit carryforwards claimed on 2025 returns Tax Court rejects two syndicated easement deals and applies 40% gross valuation penalties IRS withdraws the per se device rule and two anti-abuse rules from 2016 § 355 proposed regs New law lets ministers revoke prior Form 4361 SECA exemptions beginning in 2029 Rev. Proc. 2026-34 rewrites EPCRS: broader self-correction, no mandatory recoupment New IRA correction program (IVCP) begins May 1, 2027, replacing PLRs for 60-day rollover waivers
- 3 weeks ago1h 8m
2026-10-19 IRS Finally Adopts Credit Card Payment to IRS Regulations, But There Will Likely Be Fees
This week we look at: Congress passes H.R. 9496, creating new IRC §7511 relief for hostages and wrongful detainees. Rev. Proc. 2026-20 gives investment trusts holding digital assets a safe harbor for staking. California OTA rejects FTB's hot asset theory for nonresident partnership interest sales. Rev. Rul. 2026-18 publishes the SIFL rates for second-half 2026 employer aircraft flights. Tax Court sustains bank-deposits income, denies Cohan estimates, and abates penalty in Rahman. Proposed regs implement OBBBA changes to the Section 36B premium tax credit and APTC rules. T.D. 10059 finalizes the back-end basis adjustment rule for intragroup Section 357(c) liabilities. IRS postpones deadlines to February 2027 for Hurricane Isaias victims in Alabama and Florida. Court of Federal Claims denies ERC for a staffing agency in Southern Arizona Health Services. T.D. 10060 lets the IRS contract for card payment fees, recouped through a reimbursement fee.
- Oct 3, 20261h 19m
2026-10-05 Trump Accounts for All Children
This week we look at: Informal claim and COVID-19 disaster relief save an untimely-looking IRA refund suit in Singh. IRS recasts "Section 351 conversion" ETF transactions as taxable exchanges in Rev. Rul. 2026-20. Proposed regs implement a four-year installment election for farmland sales to young farmers. A corporate Offer-in-Compromise caps an officer's Trust Fund Recovery Penalty liability in Amodio. Treasury completes automatic enrollment in Trump Accounts under new Section 530A regulations. Sevillo Fine Foods: three independent grounds doom an ERC claim based on port congestion delays. Tax Court holds Form 872-T cannot terminate a fixed-date Form 872 extension in Fine v. Commissioner. New IRS notice extends tax deadlines to September 2027 for Israel conflict-affected taxpayers. Congress sends the National Taxpayer Advocate independent legal counsel in H.R. 997. New regulations build the infrastructure for the $1,700 Section 25F scholarship tax credit.
- Sep 26, 20261h 8m
2026-09-28 Estate Closing Letter Fee Increase Finalized
This week we look at: Tax Court Applies Equitable Tolling to BBA Partnership Petition Deadlines -- Kings Road Property District Court Voids VIBIR's Net Investment Income Tax Assessment -- Perkins IRS Notice 2026-55 Seeks Comments on Opportunity Zone Rules for Housing Developers Hurricane Michael Casualty and Charitable Deductions Fail for Lack of Substantiation -- Williams Treasury Raises the Estate Tax Closing Letter User Fee to $76 -- TD 10055 Tax Court Finds Proper Mailing Despite a Defective Form 3877 -- Lindsey Unsubstantiated Insider Loan Triggers 225-Percent Excise Tax Exposure -- Jagannath
- Sep 19, 20261h 16m
2026-09-21 Tax Break for Preschool Teachers in the Russia Sanctions Bill
This week we look at: Tax Court Warns of AI Drafting Pitfalls in a CDP Lien Withdrawal Case -- Moore Altering the Perjury Jurat Dooms a Refund Suit -- Johnson v. IRS IRS Extends the Involuntary Conversion Period for Drought-Hit Livestock Sales H.R. 9500 Would Restore and Expand Personal Casualty and Theft Loss Relief Second Circuit Rejects Form Over Function for SECA Tax -- Soroban Capital Partners H.R. 5334 Expands the Educator Expense Deduction to Early Childhood Teachers
- Sep 12, 20261h 17m
2026-09-14 The Picasso and the Income
This week we look at: Final Regulations Restore the Car Loan Interest Deduction Under T.D. 10054 Fourth Circuit Affirms $2.9M Willful FBAR Penalty -- United States v. Rund Tax Court Clarifies BBA Extension Mechanics -- Katanga Properties Treasury Proposes Sweeping QOF Certification and Reporting Regulations Proposed Regs Allocate Foreign Source Deductions Under Sections 250 and 904 Unrestricted $16.5M Art Deal Funds Are Taxable Income -- Tunkl v. Commissioner
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