FICPA Podcasts

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215Episodes

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: 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

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

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

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

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

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

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

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?

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