FICPA Podcasts
Federal Tax Update: Why the Federal Tax Alimony Test Still Matters

Federal Tax Update: Why the Federal Tax Alimony Test Still Matters

April 19, 2021

https://vimeo.com/538109091

https://www.currentfederaltaxdevelopments.com/podcasts/2021/4/17/2021-04-19-why-the-federal-tax-alimony-test-still-matters

 

This week we look at:

  • Cover letter from state judge was part of the divorce documents
  • PLR discusses medical expense definition
  • IRS announces gift tax return due date remained April 15
  • Only overpayments existing at April 15 can be applied to quarter one 2021 estimate payment
Federal Tax Update: Overpaying on May Extensions

Federal Tax Update: Overpaying on May Extensions

April 12, 2021

https://vimeo.com/535514981

https://www.currentfederaltaxdevelopments.com/podcasts/2021/4/11/2021-04-12-overpaying-on-may-extensions

 

This week we look at:

  • IRS gives guidance on ARPA and the advance premium tax credit for 2020
  • CCA issued to give details on apply tax provisions to hard forks of virtual currency
  • IRS disagrees with court decision on treatment of defined benefit pension benefit for insolvency
  • A restaurant is defined for 100% deduction
  • The saga of 2020 Form 1040 overpayments, extensions and first quarter estimates
Federal Tax Update: Entering Tax Section 51 - Odd Things Happen Here

Federal Tax Update: Entering Tax Section 51 - Odd Things Happen Here

April 5, 2021

https://vimeo.com/532885005

https://www.currentfederaltaxdevelopments.com/podcasts/2021/4/4/2021-04-05-entering-tax-section-51-odd-things-happen-here

 

This week we look at:

  • IRS gives details on automatic refunds on unemployment exclusion
  • Formal notice of extension of time to file 2020 Forms 1040 issued
  • IRS updates ERC guidance for the version for first six months of 2021
  • A look at the mess that is the issue of whether controlling shareholder wages can qualify for ERC
Federal Tax Update: IRS Quietly Revises Unemployment Worksheet

Federal Tax Update: IRS Quietly Revises Unemployment Worksheet

March 29, 2021

https://vimeo.com/529815362

https://www.currentfederaltaxdevelopments.com/podcasts/2021/3/27/2021-03-29-irs-quietly-revises-unemployment-worksheet

 

This week we look at:

  • IRS makes a major change in computation of excludable ARPA unemployment
  • PPP loan program applications extended for two months - but funds only likely to last until mid-April without replenishment
  • PPE is defined by the IRS to represent medical care for purposes of deducting the expenses
Federal Tax Update: Tax Season for 1040s Only Goes On One More Month

Federal Tax Update: Tax Season for 1040s Only Goes On One More Month

March 22, 2021

https://vimeo.com/526919895

https://www.currentfederaltaxdevelopments.com/podcasts/2021/3/21/2021-03-21-tax-season-for-1040s-only-goes-on-one-more-month

 

This week we look at:

  • IRS releases instructions on reporting ARPA unemployment exclusion
  • AICPA recommends IRS issue clarification on PPP forgiveness/passthrough issues
  • IRS pushes back the filing date for Forms 1040 only - everything else still due on April 15, including Q1 2021 estimates
Federal Tax Update: American Rescue Plan Act of 2021

Federal Tax Update: American Rescue Plan Act of 2021

March 15, 2021

https://vimeo.com/523523436

https://www.currentfederaltaxdevelopments.com/podcasts/2021/3/14/2021-03-15-american-rescue-plan-act-of-2021

 

A look at the American Rescue Plan Act of 2021

  • Unemployment exclusion for 2020
  • Recovery Rebate for 2021
  • Prepaid Child Tax Credit for 2021
  • Earned Income Tax Credit Changes
  • Refundable Dependent Care Assistance
  • Sick/Family Leave Credits
  • 2021 Employee Retention Credit
  • Premium Tax Credit Revisions
Federal Tax Update: Employee Retention Credit and PPP Forgiveness

Federal Tax Update: Employee Retention Credit and PPP Forgiveness

March 8, 2021

https://vimeo.com/520460414

https://www.currentfederaltaxdevelopments.com/podcasts/2021/3/7/2021-03-08-employee-retention-credit-and-ppp-forgiveness

 

This week we look at:

  • SBA gets PPP loan program change guidance published
  • Senate revises proposed COVID-19 relief bill, adds partial exclusion for unemployment compensation
  • IRS continues to “clarify” the virtual currency question on Form 1040
  • Guidance issued on interaction of PPP forgiveness and 2020 employee retention credit
Federal Tax Update: Will We See A New Tax Bill

Federal Tax Update: Will We See A New Tax Bill

March 1, 2021

https://vimeo.com/517633777

https://www.currentfederaltaxdevelopments.com/podcasts/2021/2/27/2021-03-01-will-we-see-a-new-tax-bill

 

This week we look at:

  • Late revisions to PPP loan program
  • House passes new COVID-19 relief bill, moves on to Senate
  • Taxpayer gets out of tax on $300,000 of credit card rewards
  • Texas taxpayers get extension to June 15
Federal Tax Update: Should April 15 Be Pushed Back Again?

Federal Tax Update: Should April 15 Be Pushed Back Again?

February 22, 2021

https://vimeo.com/514777746

https://www.currentfederaltaxdevelopments.com/podcasts/2021/2/20/2021-02-22-should-april-15-be-pushed-back-again

 

This week we look at:

  • A §280E case with potential impact outside of the cannabis industry
  • Legal malpractice settlement could not be treated as excludable physical injury award
  • IRS admits to an issue with 260,000 notices
  • Calls come to extend the April 15 deadline again this year
Federal Tax Update: Substance Over Form for Taxpayers

Federal Tax Update: Substance Over Form for Taxpayers

February 15, 2021

https://vimeo.com/512283981

https://www.currentfederaltaxdevelopments.com/podcasts/2021/2/14/2021-02-15-substance-over-form-for-taxpayers

 

This week we look at:

  • Taxpayer finds no relief from FBAR penalties
  • Tax Court outlines when it will allow a taxpayer to argue substance over form
  • IRS warns about a phishing scam aimed at tax professionals
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