FICPA Podcasts
Federal Tax Update: One More Week to Return Funds And You Get

Federal Tax Update: One More Week to Return Funds And You Get

May 11, 2020

https://vimeo.com/416544667

https://www.currentfederaltaxdevelopments.com/podcasts/2020/5/9/2020-05-11-one-more-week-to-return-funds-and-you-get-erc  

 

This week we look at:

  • IRS changes its guidance on the payment of health insurance only and qualification for the Employee Retention Credit
  • Borrowers can repay PPP loans by May 14 and then use Employee Retention Credit in the future.
  • SBA issues guidance for non-discrimination rules and not for profits and also impact of student workers.
  • Borrowers using new seasonal employer measuring periods will be able to sign unmodified PPP loan applications.
  • SBA gives relief to businesses unable to rehire employees who wish to remain on unemployment.
  • IRS issues guidance on excess deductions on termination following TCJA's addition of §67(g).
  • Taxwriters disagree with IRS's view on deductibility of expenses used to obtain PPP loan forgiveness.
  • Cannabis business found to be a reseller and not a producer.
    IRS issues guidance on taxpayers whom the agency wishes to return their economic impact payments.
Federal Tax Update: One More Week to Return Funds And You Get

Federal Tax Update: One More Week to Return Funds And You Get

May 11, 2020

https://vimeo.com/416544667

https://www.currentfederaltaxdevelopments.com/podcasts/2020/5/9/2020-05-11-one-more-week-to-return-funds-and-you-get-erc  

 

This week we look at:

  • IRS changes its guidance on the payment of health insurance only and qualification for the Employee Retention Credit
  • Borrowers can repay PPP loans by May 14 and then use Employee Retention Credit in the future.
  • SBA issues guidance for non-discrimination rules and not for profits and also impact of student workers.
  • Borrowers using new seasonal employer measuring periods will be able to sign unmodified PPP loan applications.
  • SBA gives relief to businesses unable to rehire employees who wish to remain on unemployment.
  • IRS issues guidance on excess deductions on termination following TCJA's addition of §67(g).
  • Taxwriters disagree with IRS's view on deductibility of expenses used to obtain PPP loan forgiveness.
  • Cannabis business found to be a reseller and not a producer.
    IRS issues guidance on taxpayers whom the agency wishes to return their economic impact payments.
Federal Tax Update: No Deduction for You

Federal Tax Update: No Deduction for You

May 4, 2020

https://vimeo.com/414313746

https://www.currentfederaltaxdevelopments.com/podcasts/2020/5/2/2020-05-04-no-deduction-for-you  

 

This week we look at:

  • PPP loan updates on corporate groups, businesses sold after February 15, 2020, loan review procedures, private companies need to show loan was necessary, treatment of seasonal employers, how to count 500 employees and maximum loan calculation amounts
  • Update on faxing procedures for Forms 1139 and 1045
  • No deduction allowed for amounts paid to achieve PPP loan forgiveness per IRS
  • Draft Form 941 released for second quarter of 2020
  • IRS clarifies filing date relief for U.S. Tax Court filings
  • IRS and DOL issue relief for certain timeframes that apply to employee benefit plans
Federal Tax Update: End of First Funding Round for PPP Loans

Federal Tax Update: End of First Funding Round for PPP Loans

April 20, 2020

https://vimeo.com/409321320

https://www.currentfederaltaxdevelopments.com/podcasts/2020/4/18/2020-04-20-end-of-first-funding-round-for-ppp-loans  

 

This week we look at:

  • SBA issues guidance on self-employed taxpayers and partners for PPP loan program
  • Revenue Procedure issued explaining how to deal with retroactive change in life for qualified improvement property
  • IRS gives guidance on filing Forms 1139 and 1045 via fax while Service Centers are shut down
  • Proposed regulations released to set government portion of PTIN fee at $21
  • Procedures issued to deal with Forms 706 returned by private delivery services from closed Service Centers
Federal Tax Update: The IRS to Issuing Guidance

Federal Tax Update: The IRS to Issuing Guidance

April 13, 2020

 

https://vimeo.com/406662060

https://www.currentfederaltaxdevelopments.com/podcasts/2020/4/12/2020-04-13-the-irs-returns-to-issuing-guidance  

 

This week we look at:

  • PPP loan program FAQ gets updated by SBA
  • IRS releases §163(j) relief for real estate and farming businesses
  • Procedures released for making election to waive NOL carryback period under CARES provisions
  • IRS explains the payroll tax deferral program
  • Partnerships covered by BBA CPAR given temporary reprieve from centralized audit rules
  • Six month extension granted to file Forms 1045 and 1139
  • IRS greatly expands list of returns, payments and actions extended to July 15, 2020.
Federal Tax Update: CARES Act Developments

Federal Tax Update: CARES Act Developments

April 6, 2020

 

https://vimeo.com/404360005

https://www.currentfederaltaxdevelopments.com/podcasts/2020/4/5/2020-04-06-cares-act-developments-this-week-through-the-morning-of-april-5 

 

This week review the status of developing guidance on key provisions of the CARES Act:  

  • Recovery Rebate for Individuals, Including Advance Payment
  • Deferral of the Required Minimum Distributions for 2020
  •  PPP SBA loan program - things we've learned and things we still need guidance on  
  • Forgiveness of PPP loans - are payroll costs different for this than for the maximum loan or not? Does anyone know for sure?
  • Emergency EIDL Loans - the forgotten provision Employee retention payroll credit - the alternative (maybe) to a PPP loan
  • Delay of deposits for employer portion of OASDI taxes - can take if you don't have a PPP loan forgiven
Federal Tax Update: Due Dates and Cares Act

Federal Tax Update: Due Dates and Cares Act

March 30, 2020

https://vimeo.com/401943509

https://www.currentfederaltaxdevelopments.com/podcasts/2020/3/29/2020-03-30-due-dates-and-cares-act 

 

This week we look at:

  • Payroll tax credit starts on April 1.
  • IRS reverses courses, announces gift/GSTT returns will also be due on July 15, 2020.
  • IRS issues guidance that clarifies which April 15 deadlines are moved back to July 15, 2020.
  • Congress passes the CARES Act with a number of tax provisions
Federal Tax Update: Moving Tax Day to July 15

Federal Tax Update: Moving Tax Day to July 15

March 23, 2020

https://vimeo.com/399661688

https://www.currentfederaltaxdevelopments.com/podcasts/2020/3/22/2020-03-23-moving-tax-day-to-july-15 

 

This week we look at:

  • Congress passes payroll tax credit for newly mandated paid sick leave
  • Initial April 15 delay guidance only delayed payment date but no actual extension to file
  • Late Friday guidance replaces first delay guidance with a real delay in April 15 filing date, though questions still remain
Federal Tax Update: Waiting for Relief

Federal Tax Update: Waiting for Relief

March 16, 2020

 

https://vimeo.com/397799977

https://www.currentfederaltaxdevelopments.com/podcasts/2020/3/15/2020-03-16-waiting-for-relief  

 

This week we look at:

 

  • President declares emergency over COVID-19, directs Treasury to provide relief--and now we are waiting.
  • HR 6201 passes the House and moves on to the Senate, containing a few tax provisions mainly related to mandatory sick leave provision rule
  • AICPA letter issued to IRS regarding the informal §199A guidance the agency has issued
  • HDHPs are allowed to pay for COVID-19 testing and treatment without jeopardizing ability of insured to make HSA contributions.
  • Dropping a tax document in the mailbox turns out not to be a good idea, as USPS postmark was after the private postmark date on envelope
Federal Tax Update: Sometimes Too Late is Really Too Late

Federal Tax Update: Sometimes Too Late is Really Too Late

March 9, 2020

https://vimeo.com/396285360

https://www.currentfederaltaxdevelopments.com/podcasts/2020/3/8/2020-03-09-sometimes-too-late-is-just-too-late  

 

This week we look at:

  • IRS denies a taxpayer's request to make a late mark to market election under §475(f)
  • Loss limits for passive activities, basis and at-risk also limit self-employment loss use
  • Revenue Procedure grants relief for filing some information returns for certain foreign trusts