FICPA Podcasts
Federal Tax Update: Hurry Up and Wait for Tax Season

Federal Tax Update: Hurry Up and Wait for Tax Season

January 18, 2021

https://vimeo.com/501306839

https://www.currentfederaltaxdevelopments.com/podcasts/2021/1/17/2021-11-18-hurry-up-and-wait-for-tax-season

 

This week we look at:

  • Amounts advanced by partner were  a debt leading to income for other partners
  • Auto valuation COVID-19 relief for employers
  • Final qualified plan loan offset rules
  • Opening of electronic filing pushed back to February 12
  • IP-PIN program now open nationwide

 

 

Federal Tax Update: Revised PPP Program IFRs

Federal Tax Update: Revised PPP Program IFRs

January 11, 2021

https://vimeo.com/498775496

https://www.currentfederaltaxdevelopments.com/podcasts/2021/1/10/2021-01-11-revised-ppp-program-ifrs

 

This week we look at IFRs issued for the new PPP Loan programs:

  • Interim Final Rule - Revised First Draw PPP Loan
  • Interim Final Rule - Second Draw PPP Loan Program  
Federal Tax Update: Statue of Limitations on Refunds for 2019 Refunds

Federal Tax Update: Statue of Limitations on Refunds for 2019 Refunds

January 4, 2021

https://vimeo.com/496486003

https://www.currentfederaltaxdevelopments.com/podcasts/2021/1/2/2021-01-04-statute-of-limitations-on-refunds-for-2019-returns

 

This week we look at:

  • Final small business accounting method regulations issued
  • User fee for estate tax closing letter proposed
  • 3rd Circuit overrides Tax Court on notice of address change to IRS
  • Due dates for claims for refund for 2020 returns
  • FinCEN plans to add crypto-currency accounts to FBAR
Federal Tax Update: ERC Changes That May Never Happen

Federal Tax Update: ERC Changes That May Never Happen

December 28, 2020

https://vimeo.com/495015406

https://www.currentfederaltaxdevelopments.com/podcasts/2020/12/27/2020-12-28-erc-changes-that-may-never-happen

 

This week we look at the 3 employee retention credits in the bill that may never become law - the Consolidated Appropriations Act, 2021:

  • Taxpayer Certainty and Disaster Relief Act of 2020 versions
    • Applicable to 2020 retroactively found at §206
    • Applicable to 2021 only found at §207
  • Taxpayer Certainty and Disaster Relief Act of 2020 ERC - for non-COVID 2020 disasters
Federal Tax Update: PPP Loans Version 2.0 Proposal

Federal Tax Update: PPP Loans Version 2.0 Proposal

December 21, 2020

https://vimeo.com/492921647

https://www.currentfederaltaxdevelopments.com/podcasts/2020/12/19/2020-12-21-ppp-loans-version-20-proposal

 

This week we look at the proposed revisions to the PPP loan program:

  • Proposed COVID-19 Relief Bill
  • Reopen and revise PPP loans
  • Create second draw need based PPP loan program
  • Fix the deduction issue
  • Simplified forgiveness applications (2)
Federal Tax Update: Paying Tax on 1112 Payments

Federal Tax Update: Paying Tax on 1112 Payments

December 14, 2020

https://vimeo.com/490384155

https://www.currentfederaltaxdevelopments.com/podcasts/2020/12/13/2020-12-14-paying-tax-on-1112-payments

 

This week we look at:

  • IRS issues Q&As on CARES Act §§102 and 103
  • Tax organizations respond to IRS Commissioner on no penalty relief
  • SBA issues guidance on tax reporting for CARES Act §1112 payments
  • SBA adds Q&A on Forms 3509 and 3510
Federal Tax Update: IRS Security Week

Federal Tax Update: IRS Security Week

December 7, 2020

https://vimeo.com/487682632

https://www.currentfederaltaxdevelopments.com/podcasts/2020/12/6/2020-12-07-irs-security-week

 

This week we look at:

  • MFA to be available for all online tax products
  • Commuter highway vehicles and COVID-19
  • Opt-in IP PIN program going nationwide
  • Taxpayer willfully failed to report Swiss bank account
Federal Tax Update: Being Late Proves Costly

Federal Tax Update: Being Late Proves Costly

November 30, 2020

https://vimeo.com/484597980

https://www.currentfederaltaxdevelopments.com/podcasts/2020/11/27/2020-11-30-being-late-proves-costly

 

This week we look at:

  • A taxpayer is denied permission to file a late mark to market election as a trader
  • Final regulations are issued related to the TCJA unrelated business income changes
  • Like kind exchange regulations finalized by the IRS
Federal Tax Update: A Reasonable Expectation of Forgiveness

Federal Tax Update: A Reasonable Expectation of Forgiveness

November 23, 2020

https://vimeo.com/482078904

https://www.currentfederaltaxdevelopments.com/podcasts/2020/11/21/2020-11-23-a-reasonable-expectation-of-forgiveness

 

This week we look at:

  • IRS rules taxpayers cannot deductions expenses that qualify for PPP loan forgiveness if reasonably expect forgiveness
  • Revenue Procedure issued for taxpayer who don't get the entire expected forgiveness in the end
  • IRS adds request for additional information on Schedules K-1 for Form 1120-S for 2020
  • IRS Commissioner indicates there will not any sort of broad relief for late filing and late payment of taxes
  • No relief for late filing when CPA firm submitted efile return a few seconds late
  • IRS updates ERC FAQ to deal with acquisition of employers who had taken out PPP loans
Federal Tax Update: IRS Throws in the Towel on One SALT Workaround

Federal Tax Update: IRS Throws in the Towel on One SALT Workaround

November 16, 2020

https://vimeo.com/479550587

https://www.currentfederaltaxdevelopments.com/podcasts/2020/11/15/2020-11-16-irs-throws-in-the-towel-on-one-salt-workaround

 

This week we look at:

  • AICPA reports that the IRS is about to release what many will find is unwelcome guidance on expenses expected to be used for forgiveness under PPP loan program
  • IRS gives up on state entity level taxes on passthrough businesses as a workaround to the TCJA limit on the deduction of state and local taxes
  • Taxpayer attempts to argue his LLC was acting as an agent for his IRA custodian, but fails to convince the Tax Court

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