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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.
Episodes
Monday Aug 29, 2022
Monday Aug 29, 2022
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
Monday Aug 22, 2022
Monday Aug 22, 2022
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
Monday Aug 15, 2022
Monday Aug 15, 2022
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.
Monday Aug 15, 2022
Monday Aug 15, 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
Monday Aug 08, 2022
Monday Aug 08, 2022
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
Monday Aug 01, 2022
Monday Aug 01, 2022
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
Monday Jul 25, 2022
Monday Jul 25, 2022
The latest episode of FICPA CEO Conversations is a deep dive into one of the business world's hottest topics: Environmental, Social, and Governance, otherwise known as ESG. Dave Clauson is the Director of ESG at FORVIS, where he assists clients in assessing their current performance, determining potential areas for improvement, and creating tools, processes and procedures to enhance future ESG execution. Shelly and Dave discuss how ESG represents an opportunity for CPAs and how climate risks and climate disclosures will impact businesses in the years to come.
Monday Jul 25, 2022
Monday Jul 25, 2022
This week we look at:
- IRS wants preparers to advise clients to opt-in to IP-PIN program.
- TAM holds that an activity that is treated as a material participation activity for five straight years under SPA test will be a material participation activity under the 5/10 test in year 6
- Breadwinner not granted innocent spouse relief when she failed to inquire about or review return prepared by accountant spouse
Tuesday Jul 12, 2022
Tuesday Jul 12, 2022
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.
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.
Monday Jul 11, 2022
Monday Jul 11, 2022
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