FICPA Podcasts

FICPA CEO Conversations: Shawn McCabe

In our latest edition of CEO Conversations, FICPA President & CEO Shelly Weir is joined by CPS Investment Advisors' CPAlliance Director Shawn McCabe. This is a talk centered on financial planning and Client Advisory Services.

Shelly and Shawn will cover what firms and practitioners need to know if they're considering adding CAS. They'll also illustrate the value of becoming a Personal Financial Specialist (PFS) and Registered Investment Advisor (RIA). Finally, they'll discuss both the benefits of and hurdles to adding CAS as the accounting industry continues to evolve.

Federal Tax Update: IRS Liberalizes Late Portability Election Relief

https://vimeo.com/728657412

https://www.currentfederaltaxdevelopments.com/podcasts/2022/7/10/2022-07-11-irs-liberalizes-late-portability-election-relief

 

This week we look at:

• Discussions start up again for the reconciliation bill.
• IRS extends automatic late portability election relief to five years
• Federal tax lien attached to payments being made to seller’s former spouse for alimony by business buyer
• No reasonable cause for late payment and late filing

Federal Tax Update: TAS Starts Accepting Referrals from Congress

https://vimeo.com/726774026

https://www.currentfederaltaxdevelopments.com/podcasts/2022/7/4/2022-07-05-tas-starts-accepting-referrals-from-congress

 

This week we look at

• Taxpayer Advocate Service begins accepting referrals on 2021 and earlier original & amended returns from Congressional offices
• Car dealer had more than “some” guarantee of right to retain cash deposits
• Fifth Circuit rules that substantial compliance on charitable donations cannot be sufficient for failure to follow the statute, as opposed to regulations

Federal Tax Update: IRS Falling Further Behind Dealing with Paper

https://vimeo.com/724262674

https://www.currentfederaltaxdevelopments.com/podcasts/2022/6/26/2022-06-27-irs-falling-further-behind-dealing-with-paper

 

This week we look at:

• Senate Finance Committee takes action on retirement bill
• IRS and National Taxpayer Advocate release information on processing paper tax returns
• Supreme Court to take on case involving computing FBAR penalties
• IRS adds voice bot support for some ACS issues

Federal Tax Update: Innocent Spouse Does Not Work for Payroll Tax Issues

https://vimeo.com/721751065

https://www.currentfederaltaxdevelopments.com/podcasts/2022/6/18/2022-06-18-innocent-spouse-does-not-work-for-payroll-tax-issues

 

This week we look at:

• Foreclosure proceeds could have paid interest on second mortgage, but taxpayer unable to show it was so applied
• Nurse allowed deduction for comfortable and professional clothing
• Innocent spouse relief not available for trust fund penalty liability

Federal Tax Update: Car Mileage Rate Increases

https://vimeo.com/719664468

https://www.currentfederaltaxdevelopments.com/podcasts/2022/6/12/2022-06-13-car-mileage-rate-increases

 

This week we look at:

• IRS increases mileage rates effective July 1, 2022
• Taxpayer unsuccessfully asks for relief for failing to file Form 3115

FICPA CEO Conversations: Shelly Weir, Lorie Gleim and Erin Buss

The latest edition of CEO Conversations features a pair of leaders with expertise in preparing accounting students and Young CPAs for what's ahead. Lorie Gleim is the CEO of Gleim Publications, the industry leader for CPA Exam prep, and Erin Buss is the Executive Vice President of Development & Strategy at Southeast Trust Company and the discussion facilitator for our upcoming Bridge the Gap Conference at MEGA 2022.

Our FICPA President & CEO Shelly Weir recently sat down with Lorie and Erin to discuss how to Strengthen the CPA pipeline make the profession exciting to students equip Young CPAs with the soft skills they need to grow and succeed and how to mold the future leaders of our profession.

Federal Tax Update: Importance of Keeping Records

https://vimeo.com/717352265

https://www.currentfederaltaxdevelopments.com/blog/2022/6/4/aicpa-letter-gives-recommendation-on-guidance-on-upcoming-tcja-requirement-to-amortize-rather-than-expense-rampd-expenses

 

This week we look at:

• AICPA letter on Section 174 guidance from the IRS - TCJA changes
• Form 7203 - impact on tax season and dealing with lack of basis records

Federal Tax Update: Importance of Strict Compliance with Contribution Documentation Rules

https://vimeo.com/715281157

https://www.currentfederaltaxdevelopments.com/podcasts/2022/5/30/2022-05-31-importance-of-strict-compliance-with-contribution-documentation-rules

 

This week we look at:

• Taxpayer discovers her documentation for a charitable contributions did not meet the IRC requirements
• IRS rules an enterprise involved in retail drug sales is a qualified trade or business under IRC §1202

Federal Tax Update: What Qualifies as Alimony

https://vimeo.com/712660158

https://www.currentfederaltaxdevelopments.com/podcasts/2022/5/23/2022-05-23-what-qualifies-as-alimony

 

This week we look at:

• Physician’s payments are found not to be deductible alimony under pre-TCJA divorce agreement
• IRS announces option for employer leave-based donation programs related to aid for Ukraine
• IRS extends, likely for the final time. option to remotely sign certain plan documents