FICPA Podcasts

Federal Tax Update: New PPP Loan Tax Guidance Appears

https://vimeo.com/750995661

https://www.currentfederaltaxdevelopments.com/podcasts/2022/9/18/2022-09-18-new-ppp-loan-tax-guidance-appears

 

This week we look at:

• IRS memorandum states that PPP loan forgiveness is taxable if taxpayer did not actually qualify for forgiveness granted
• AICPA adds to items requested for additional penalty relief under Notice 2022-36

Federal Tax Update: Proposed EARN Act

https://vimeo.com/748560413

https://www.currentfederaltaxdevelopments.com/podcasts/2022/9/11/2022-09-11-proposed-earn-act

 

This week we look at:

• Chair and Ranking Member of the Senate Finance Committee send Enhancing American Retirement Now (EARN) Act to the Senate floor
• IRS inadvertently makes Form 990-T data on non-§501(c)(3) organizations available for bulk download
• Reasonable cause for failure to file/pay does not include common financial challenges

Federal Tax Update: AICPA Action Week

https://vimeo.com/746382204

https://www.currentfederaltaxdevelopments.com/podcasts/2022/9/5/2022-09-06-aicpa-action-week

 

This week we look at:

• AICPA issues proposed revisions to Statements on Standards for Tax Services
• AICPA requests additional guidance for filing of Schedules K-2 and K-3
• AICPA and NAEA ask for additional time to file 2019 and 2020 tax returns to get penalty relief

FICPA CEO Conversation: UF Athletics’ Melissa Stuckey

The latest episode of FICPA CEO Conversation is a timely and informative look at the rapidly evolving economics of college athletics! Melissa Stuckey is the Associate Athletic Director and CFO of the University of Florida's University Athletic Association. In this conversation, we dive into the finances of big-time college sports, explain in detail the current Name, Image and Likeness (NIL) landscape, and touch on the opportunities for CPAs to take the field, as they assist student-athletes who are now having to manage income and navigate taxation.

Federal Tax Update: IRS Releases Penalty Relief

https://vimeo.com/743993881

https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/28/2022-08-29-irs-releases-penalty-relief

 

This week we look at:

• Trust terms mean estate gets no deduction for marital or charitable contribution for specified payment value
• IRS provides for broad penalty relief for certain returns from 2019 to 2020
• National Taxpayer Advocate publishes blog post explaining IRS penalty relief

Federal Tax Update: First IRA 2022 Guidance Released

https://vimeo.com/741674414

https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/21/2022-08-22-first-ira-2022-guidance-released

 

This week we look at

• Inflation Reduction Act of 2022 signed into law on August 16, 2022
• Information on electric vehicle for 2022 released by Treasury, IRS and Department of Energy
• Outline electric vehicle credit for remainder of 2022 and 2023 changes
• IRS releases sample Written Information Security Plan (WISP) for tax professionals

FICPA CEO Conversations: Barry Melancon

For this edition of FICPA CEO Conversations, we are honored to be joined by one of our most important partners in the profession. Barry Melancon is the President & CEO of the American Institute of Certified Public Accountants and the CEO of the Association of International Certified Professional Accountants. In this in-depth discussion, Shelly and Barry touch on a variety of topics impacting CPAs, including the state of the profession, IRS service issues, Client Advisory Services, recruiting and retaining talent, ESG, private equity and M&A, and association management.

Federal Tax Update: Highlights of the Inflation Reduction Act of 2022

https://vimeo.com/739475431

https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/14/2022-08-14-highlights-of-the-inflation-reduction-act-of-2022

 

House and Senate pass the Inflation Adjustment Act of 2022 and we look at some key provisions

• Increase in funding at the IRS
• Continuation of 2021-2022 Premium Tax Credit Rules
• Tax credits on clean energy vehicles
• Expansion & extension of residential energy credits
• Credit transfer provisions

Federal Tax Update: Revised Virtual Asset Questions for 2022 form 1040

https://vimeo.com/737392496

https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/7/2022-08-08-revised-virtual-asset-question-for-2022-form-1040

 

This week we look at:

• IRA 2022 passes the Senate with revisions, House to take it up this week and may vote on Friday
• Inflation adjusted premium tax credit percentages released
• IRS revises questions on digital assets on Form 1040 for 2022
• $51 million payment was not deductible alimony
• IRS finalizes removal of signature requirement on §754 election

Federal Tax Update: Will It Pass and What Is In It

https://vimeo.com/735283780

https://www.currentfederaltaxdevelopments.com/podcasts/2022/8/1/2022-08-01-ira-of-2022-will-it-pass-and-what-is-in-it

 

This week we look at:

• Proposed Inflation Reduction Act of 2022 - will it pass and what’s in it?
• Taxpayer told by court suit is being dismissed, must file 2020 income tax return to obtain economic impact payment not previously sent to taxpayer
• IRS Security Summit warns tax pros about significant security threats to taxpayer data in their systems