FICPA Podcasts

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202Episodes

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: 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

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

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

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

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

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

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

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

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

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

FICPA Podcasts

FICPA Podcasts

Federal Tax Update: Hurry Up and Wait for Tax Season

Federal Tax Update: Revised PPP Program IFRs

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

Federal Tax Update: ERC Changes That May Never Happen

Federal Tax Update: PPP Loans Version 2.0 Proposal

Federal Tax Update: Paying Tax on 1112 Payments

Federal Tax Update: IRS Security Week

Federal Tax Update: Being Late Proves Costly

Federal Tax Update: A Reasonable Expectation of Forgiveness

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

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