FICPA Podcasts

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240Episodes

The FICPA podcast is to inform and educate our members & the CPA community with today’s hottest issues. Our mission is to serve our members, enhance their competency & professionalism, support professional standards, promote the value of our members & advocate on behalf of the CPA Profession.

Federal Tax Update: Can You Rely on IRS FAQs

October 18, 2021

https://vimeo.com/634514024

https://www.currentfederaltaxdevelopments.com/podcasts/2021/10/17/2021-10-18-can-taxpayers-rely-on-irs-faqs

This week we look at:

Two weeks later, Congress is still working on the infrastructure and reconciliation bills
IRS outlines information requirements for §41 refund claims
Taxpayer is not getting impermissible double benefit for paying alimony with pre-tax funds
COBRA extension dates clarified by IRS
IRS publishes documents regarding reliance on FAQs

Federal Tax Update: Hobby Loss Deduction Problem

October 4, 2021

https://vimeo.com/620804972

https://www.currentfederaltaxdevelopments.com/podcasts/2021/10/3/2021-10-04-hobby-loss-deduction-problem

This week we look at:

Congress is still working on the infrastructure and reconciliation bills
We get the Tax Court on record for the proper treatment of hobby loss deductions-that is, where they are reported
IRS to begin charging a fee on October 28 to issue closing letters to estates

Federal Tax Update: Issues With Buy Sell Agreement

September 27, 2021

https://vimeo.com/615401875

https://www.currentfederaltaxdevelopments.com/podcasts/2021/9/26/2021-09-27-issues-with-buy-sell-arrangement

This week we look at:

Taxpayer has issues with auto expenses, retirement plan contributions and demolition expenses in Tax Court
Buy-sell agreement that wasn’t followed and was a found as a way to transfer business to brother as a way to escape transfer tax not followed by District Court

Federal Tax Update: Reasonable Cause to Avoid Negligence Penalty

September 20, 2021

https://vimeo.com/609111841

https://www.currentfederaltaxdevelopments.com/podcasts/2021/9/19/2021-09-20-reasonable-cause-to-avoid-negligence

This week we look at:

Ways and Means Committee finishes markup of proposed new tax bill.
Language of legal settlement made all of the settlement amount taxable to taxpayer regardless of the fact that payor likely had other reasons to settle
Taxpayer had reasonable basis to rely upon prior case settlement even though Court found opposite results this time

Federal Tax Update: Is an Amended Return Required

September 13, 2021

https://vimeo.com/603411560

https://www.currentfederaltaxdevelopments.com/podcasts/2021/9/12/2021-09-13-is-an-amended-return-required

This we we look at:

High low per diem and related guidance for FY 2021/2022 released
Rules for reporting COVID-19 credit related leave on Forms W-2 for 2021
Is the client required to amend a return? And, if so, when?

Federal Tax Update: E-Signature for Some Paper Forms Made Permanent

September 7, 2021

https://vimeo.com/598454659

https://www.currentfederaltaxdevelopments.com/podcasts/2021/9/6/2021-09-05-e-signature-for-some-paper-forms-made-permanent

This weeks we look at:

IRS makes permanent its limited e-signature program initiated last year
Unambiguous plain text in the IRC vs. Congressional intent: how that impacts tax research and professional responsibilities

Federal Tax Update: Looking for a Business is Not a Business

August 30, 2021

https://vimeo.com/594311172

https://www.currentfederaltaxdevelopments.com/podcasts/2021/8/29/2021-08-30-looking-for-a-business-is-not-a-business

This week we look at:

Looking for a trade or business is not itself a trade or business.
IRS describes a harsh result for taxpayers that make a late deposit of deferred CARES Act FICA

Federal Tax Update: Looking at State Level Passthrough Entity Taxes

August 23, 2021

https://vimeo.com/590769484

https://www.currentfederaltaxdevelopments.com/podcasts/2021/8/22/2021-08-23-looking-at-state-level-passthrough-entity-taxes

This week we look at:

A look at §1244 stock - an issue not often seen and on which a taxpayer lost this week
Comprehensive look at the design of SALT entity level workarounds that more and more states are enacting-what are they, why do we see them passing with bipartisan support and what issues do they create?

Federal Tax Update: More Grief Over Timely Filing Rule

August 16, 2021

https://vimeo.com/587461301

https://www.currentfederaltaxdevelopments.com/podcasts/2021/8/15/2021-08-16-more-grief-over-timely-filing-rule

This week we look at:

Safe harbor guidance for PPP forgiveness and certain grants for reduction in revenue test for ERC
Auto depreciation limits announced for 2021
Taxpayers barred from producing evidence letter with no postmark applied was placed in mail by due date by US Court of Claims, even though the Tax Court allows such evidence

Federal Tax Update: We Were Right in April Unfortunately

August 9, 2021

https://vimeo.com/584095252

https://www.currentfederaltaxdevelopments.com/podcasts/2021/8/7/2021-08-09-we-were-right-in-april-unfortunately

This week we look at:

This week we look at: IRS issues ERC guidance for 3rd/4th quarter and adds to other guidance - confirms issue for majority shareholders
IRS memorandum pushes IRS position regarding conservation easement extinguishment clauses
Best-selling author loses her appeal of Tax Court decision regarding her attempt to split off most of her publishing contract income from self-employment tax

FICPA Podcasts

FICPA Podcasts

Federal Tax Update: Can You Rely on IRS FAQs

Federal Tax Update: Hobby Loss Deduction Problem

Federal Tax Update: Issues With Buy Sell Agreement

Federal Tax Update: Reasonable Cause to Avoid Negligence Penalty

Federal Tax Update: Is an Amended Return Required

Federal Tax Update: E-Signature for Some Paper Forms Made Permanent

Federal Tax Update: Looking for a Business is Not a Business

Federal Tax Update: Looking at State Level Passthrough Entity Taxes

Federal Tax Update: More Grief Over Timely Filing Rule

Federal Tax Update: We Were Right in April Unfortunately

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