SECURE 2.0 Roundtable with Denise Appleby and Larry Pon

Part 3

In the third episode of this limited series, hosts Larry Pon and Denise Appleby dive into changes to the statute of limitations on penalties for excess Roth contributions. They also discuss SECURE 2.0’s provisions for penalty-free distributions for domestic abuse victims, which go into effect in 2024. This limited series is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit.

SECURE 2.0 Roundtable with Denise Appleby and Larry Pon

Part 2

In the second episode of this limited series, hosts Larry Pon and Denise Appleby discuss some of SECURE 2.0’s changes to how Roth IRAs work, including increasing the minimum distribution age, reducing RMD penalties, and tweaks to matching and nonelective contributions for employers. This limited series is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit.

SECURE 2.0 Roundtable with Denise Appleby and Larry Pon

Part 1

In the first episode of this limited series, veteran financial experts Denise Appleby and Larry Pon discuss the background of the SECURE 2.0 Act of 2022, from its legislative beginnings to its place in the larger legal context of the Consolidated Appropriations Act of 2023. They also dig into distributions from 529 Qualified Tuition Accounts to Roth IRAs. This limited series is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit.

SECURE 2.0 Roundtable with Denise Appleby and Larry Pon

Full Episode

The SECURE 2.0 Act of 2022 features 92 new provisions intended to better prepare Americans for retirement and increase incentives for businesses. Industry veterans Denise Appleby and Larry Pon discuss some of the law’s highlights, including info on distributions from 529 Qualified Tuition Accounts, numerous changes to distribution factors for Roth IRAs, and more. This episode contains the full roundtable conversation, which is broken into smaller segments in parts 1-3. This limited series is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit.

Tony & Damien's Top 10

Demystifying Common S-Corp Conundrums

In Rev. Proc. 2022-19, the IRS details six areas in which it will no longer issue Private Letter Rulings to taxpayers seeking relief from an inadvertent termination of their S election. Tony and Damien run through each of these areas and discuss why this is critical information for anyone who deals with S corporations. This case study is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit.

Tony & Damien's Top 10

Sorry, You're a Brokerage

In IRS Chief Counsel Memo 202204007, the IRS concluded that an online marketplace similar to AirBNB or Zillow that used its website to connect renters with tenants engaged in “brokerage service” for the purposes of Section 1202. That meant they were disqualified for the gain exclusion as Qualified Small Business Stock. What does this mean for other businesses, especially ones that act as intermediaries between third party businesses and their customers? This case study is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit.

Tony & Damien's Top 10

An Audit for the Horses

A Virginia-based S corporation specializing in agriculture and horse-breeding transferred land to various third parties. Some of these transfers were made gratuitously, and the others were reported as nontaxable loans with accompanying re-purchasing agreements. The IRS determined that not everything was as it seemed, arguing that the taxpayers owed millions. But what did the US Tax Court conclude? Tony and Damien dig in. This case study is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit.

Tony & Damien's Top 10

Capital Loss for a Real Estate Boss

After a real estate venture turned sour due to legal disputes and the 2007 real estate market crash, William Musselwhite sold several lots of land for a major loss. His case posed the question: Did those losses qualify as an ordinary loss or a capital loss? In this episode, Tony and Damien discuss the legal issue at the core of the dispute. This case study is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit.

Tony & Damien's Top 10

Foreclosure Short Sale Shenanigans

A couple bought a home, then eventually filed for bankruptcy. After CitiMortgage short sold the home, the taxpayers claimed a mortgage interest tax deduction. The IRS disallowed it, but the 9th Circuit Court disagreed. In this episode, Tony and Damien discuss why. This case study is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit.

Tony & Damien's Top 10

A Rough Day for AirBNB Owners

When is rental income subject to Self-Employment Tax? What if you rent out a room in your own home? What if you provided amenities like maid service, Wi-Fi, or beachfront access? Where is the line drawn? Tony and Damien discuss IRS Chief Counsel Memo 202151005, which sought to answer the question for taxpayers and their advisors. This case study is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit.

Tony & Damien's Top 10

How to Fail the SPA Test

The “Significant Participation Activities Test” and “Five of Ten Years Test” are used to determine if a taxpayer materially participates in an activity. The question considered in TAM 202229036 is this: Does participation via the SPA rule count for purposes of the “Five of Ten Years” test? The results might surprise you. In this episode, Tony and Damien break down the IRS’s analysis, as well as what it means for taxpayers. This case study is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit.

Tony & Damien's Top 10

Mom Doesn't Fly for Free

A retired airline pilot took advantage of a “fly for free” fringe benefit, providing relatives with free airline tickets. Those relatives didn’t include the value of those tickets in income on their 2016 tax returns, and the IRS issued a notice of deficiency. The ensuing disagreement hinged on one question: Who is an “employee” under the meaning of Section 132(h)? This case study is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit.

Tony & Damien's Top 10

Damien's Favorite Tax Case of 2022

In Rogerson v. Commissioner, an aerospace entrepreneur grappled with the IRS about the status of passive activity losses generated from his two yachts. Tony and Damien analyze why the Tax Court sided with the IRS in its assertions regarding the “five of ten-year rule.” This case study is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit.

Tony & Damien's Top 10

Tony's Favorite Tax Case of 2022

Hoops LP v. Commissioner involves the former owner of the NBA’s Memphis Grizzlies, who attempted to claim over $10 million in tax deductions for accrued but unpaid deferred compensation to two NBA players. Tony and Damien discuss what this means for business sellers and tax professionals. This case study is part of a Self-Study Video Course available from Western CPE that can be purchased for CPE credit.

Top 10 Tax Cases of 2022 with Tony Nitti and Damien Martin

Tax cases and guidance can provide a key to unlocking a deep understanding of the tax law for  tax professionals and also help them better serve clients in planning and structuring transactions. Join Tony Nitti and Damien Martin for their fourth annual conversational exploration of key lessons from Tony’s top ten cases of the 2022.