FICPA Podcasts
Federal Tax Update: Excess Deductions Will Actually Be Deductible - Final

Federal Tax Update: Excess Deductions Will Actually Be Deductible - Final

September 28, 2020

https://vimeo.com/462232073

https://www.currentfederaltaxdevelopments.com/podcasts/2020/9/26/2020-09-28-excess-deductions-will-actually-be-deductible-final

 

This week we look at:

  • IRS issues bonus depreciation final regulations
  • Excess deductions on termination final regulations are issued
  • IRS grants relief for CCH e-filing problems on September 1
Federal Tax Update: Revised Forms Issued for COVID 19 Relief

Federal Tax Update: Revised Forms Issued for COVID 19 Relief

September 21, 2020

https://vimeo.com/459712135

https://www.currentfederaltaxdevelopments.com/podcasts/2020/9/19/2020-09-21-revised-forms-issued-for-covid-19-relief

 

This week we look at:

  • IRS discusses options for expedited private letter ruling requests
  • Web page for marijuana industry posted by the IRS
  • Corporation by law had no shareholders, thus no S election was possible
  • Draft form to be used by self-employed to claim COVID-19 sick pay credits published
  • Final version of Form 941-X to be used to revised 2Q 2020 Forms 941 released
Federal Tax Update: What Is Not Part of a Signature

Federal Tax Update: What Is Not Part of a Signature

September 14, 2020

https://vimeo.com/457524968

https://www.currentfederaltaxdevelopments.com/podcasts/2020/9/13/2020-09-14-what-is-not-part-of-a-signature

 

This week we look at:

  • A California decisions discusses the concept of domicile for state residency status
  • IRS publishes special per diem rates for FY 2020/2021, including high-low rates
  • Medicaid coverage of COVID-19 testing and diagnostic services is not minimum essential coverage
  • Tax Court looks at the effective date for a change in innocent spouse provisions
  • An IP PIN ruled not to be part of the signature for an electronically filed tax returns
Federal Tax Update: Remember the Secure Act

Federal Tax Update: Remember the Secure Act

September 7, 2020

https://vimeo.com/455078311

https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/29/2020-08-31-excellent-guidance-to-confirm-fears

 

This week we look at:

  • IRS loses in an attempt to challenge a contribution of closely held stock to charity
  • Notice issued giving guidance on retirement plan changes enacted at the end of 2019
  • Second new version of Form 941 for 2020 released in draft form
  • Minister discovers he won't qualify to be paid social security or Medicare coverage due to not understanding employment taxes and pastors
  • IRS publishes web page on BBA Centralized Partnership Audit Regime
Federal Tax Update: Excellent Guidance to Confirm Fears

Federal Tax Update: Excellent Guidance to Confirm Fears

August 31, 2020

https://vimeo.com/452885072

https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/29/2020-08-31-excellent-guidance-to-confirm-fears

 

This week we look at:

  • Crowdsourcing platform payments made in convertible virtual current for performing microtasks is taxable income
  • Payroll tax holiday guidance finally released by Treasury days before holiday is scheduled to begin
  • IRS temporarily expands and simplifies use of e-signatures
  • SBA issues new PPP guidance with de minimis owner rule and rules related to rents and mortgages as nonpayroll costs
Federal Tax Update: The Week of the Two Letters

Federal Tax Update: The Week of the Two Letters

August 24, 2020

https://vimeo.com/450540075

https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/22/2020-08-24-the-week-of-the-two-letters

 

This week we look at:

  • Qualified plan loan offset amount proposed regulations issued to deal with TCJA plan loan rollover provision
  • US Chamber of Commerce and other organizations issue letter describing issues with payroll tax holiday Presidential memo
  • IRS warns employees to wait to file Forms 941-X on second quarter 2020 941s until new form released in late September
  • Chair of Ways & Means asks to IRS to pause sending notices that may relate to unopened payments and IRS complies two days later
  • IRS begins accepting 2019 amended individual returns electronically
  • Payments of interest on 2019 tax refunds are being paid out to taxpayers
Federal Tax Update: Checks Stuck in the Trailer

Federal Tax Update: Checks Stuck in the Trailer

August 17, 2020

https://vimeo.com/448352674

https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/16/2020-08-17-checks-stuck-in-the-trailer  

 

This week we look at:

  • Taxpayer denied relief for late rollover when taxpayer had "borrowed" funds from IRA Management company was not the customer for rental of vacation home IRS gives relief for taxpayers who end up with dishonored checks due to IRS delays in opening mail SBA updates PPP FAQ with information on insurance as a payroll cost Guidance on interaction of
  • EIDL advances and PPP loan forgiveness SBA issues IFR on appeal procedures for PPP loans
  • SBA issues IFR on appeal procedures for PPP loans  
Federal Tax Update: Deferring Employee FICA - Forgiveness

Federal Tax Update: Deferring Employee FICA - Forgiveness

August 10, 2020

https://vimeo.com/446207863

https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/9/2020-08-10-deferring-employee-fica-forgiveness  

 

This week we look at:

  • Summary of §163(j) final regulations SBA publishes PPP loan forgiveness FAQ
  • IRS reminds employers of ability to establish leave sharing plans for employees to provide COVID-19 relief
  • Proposed revenue procedure released to allow qualified residential living facilities to be §163(j) real estate businesses
  • IRS updates qualified plan safe harbor distribution notices for SECURE Act and CARES Act changes
  • President issues memorandum providing for deferral of employee OASDI, but leaves open issue of whether amounts will be forgiven
Federal Tax Update: Rise of The Syndicates

Federal Tax Update: Rise of The Syndicates

August 3, 2020

https://vimeo.com/444036369

 

https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/2/2020-08-03-rise-of-the-syndicates

 

This week we look at:

  • IRS releases multiple regulation project texts on TCJA items
  • No syndicate relief offered for tax shelters by the IRS for small business accounting or §163(j)
  • Taxpayers informed how to deal with inventory issues when opting out of application of §471(a)
  • Forms 3115 for automatic method changes to be faxed in beginning in August
Federal Tax Update: Third Time to Court on Conservation Easement

Federal Tax Update: Third Time to Court on Conservation Easement

July 27, 2020

https://vimeo.com/441671392

 

https://www.currentfederaltaxdevelopments.com/podcasts/2020/7/26/2020-07-27-third-time-to-court-on-conservation-easement

 

This week we look at:

  • Discussions continue on fourth COVID bill in the Senate
  • SBA announces the agency will begin accepting lender's documents for PPP loan forgiveness on August 10 (maybe)
  • IRS releases percentages for the premium tax credit for 2021
  • IRS position taken for strategic reasons in another conservation easement case doesn't bind the agency in a case with an unrelated taxpayer
  • Second Circuit agrees with Tax Court that property was not used in a trade or business

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