FICPA Podcasts

Federal Tax Update: Expenses Used for PPP Forgiveness and S Corporations

https://vimeo.com/663800541

https://www.currentfederaltaxdevelopments.com/podcasts/2022/1/9/2022-01-10-expenses-used-for-ppp-forgiveness-and-s-corporations

 

This week we look at:

• IRS publishes detail on changes for amended returns and research credits
• Taxpayers do not have to pay in tax IRS undercomputed when adjusting for unemployment compensation
• Expenses used for PPP loan forgiveness do not reduce AAA for S corporations per IRS instructions
• Information letter addresses when industry accountant becomes a paid preparer

• An audio only version of this week’s update can be downloaded or streamed below

FICPA CEO Conversations: Shelly Weir and AICPA Chair William Pirolli

In our debut episode of FICPA CEO Conversations, our President & CEO Shelly Weir sits down with AICPA Chair William Pirolli.

 

https://www.ficpa.org/publication/ficpa-ceo-conversations-shelly-weir-and-aicpa-chair-william-pirolli

 

FICPA CEO Conversations: Shelly Weir and A-LIGN CEO Scott Price

In our latest edition of FICPA CEO Conversations, our President & CEO, Shelly Weir, sits down with a Past Chair of the FICPA and the Founder and CEO of A-Lign, Scott Price.

This is a conversation focused on people, as Shelly and Scott discuss attracting new CPAs, retaining the talent already in the profession, the rise of remote work, and what our industry might look like in the years to come.

 

https://www.ficpa.org/publication/ficpa-ceo-conversations-shelly-weir-and-lign-ceo-scott-price

 

Federal Tax Update: IRS Changes Web Guidance Quietly

https://vimeo.com/661513213

https://www.currentfederaltaxdevelopments.com/podcasts/2021/12/31/2021-01-03-irs-changes-web-guidance-quietly

 

This week we look at:

• IRS quietly revises Ida relief revision
• Reagan-era regulations on conservation easements found to be invalid by Eleventh Circuit
• IRS objects to attempt to use 7 month old valuation for GRAT
• Taxpayer fails at attempt to use a deposit in collection case
• Deadline arrives for taxpayers who deferred FICA/SECA to make first of two installment payments

Federal Tax Update: Day After Boxing Day Edition

https://vimeo.com/660118457

https://www.currentfederaltaxdevelopments.com/podcasts/2021/12/26/2021-12-27-day-after-boxing-day-edition

 

This week we look at:

• IRS/Malta look to shut down promoted tax shelter
• Lenders instructed not to issue Forms 1099C on discharges of student loans
• §469 rental definition does not apply to self-employment income rules
• IRS to issue letters on advance child tax credit and third economic impact payment
• Hurricane Ida relief extended to February 15

Federal Tax Update: BBBA Is Not Coming Soon

https://player.vimeo.com/video/658414387?

https://www.currentfederaltaxdevelopments.com/podcasts/2021/12/19/2021-12-20-bbba-is-not-coming-soon

 

This week we look at:

• BBBA fails to clear Congress before adjourning for the year and Senator Manchin states he is a no vote on this bill
• Mileage rates released by the IRS
• IRS updates automatic changes for small business accounting methods added by TCJA
• IRS publishes, with minimal changes, annual disclosure Revenue Procedure

Federal Tax Update: Quarter 4 ERC Guidance

https://vimeo.com/655721388

https://www.currentfederaltaxdevelopments.com/podcasts/2021/12/11/2021-12-13-quarter-4-erc-guidance

 

This week we look a

• BBBA process continues but no Senate text yet available
• Taxpayer discovers she needs to report K-1 income in year of divorce
• IRS gives guidance for retroactive changes to 4th quarter ERC
• IRS grants relief to certain partnerships filing short year returns related to Schedules K2 & K3

Federal Tax Update: BBA Email Week

https://vimeo.com/653403802

https://www.currentfederaltaxdevelopments.com/podcasts/2021/12/5/2021-12-06-bba-email-week

 

This week we look at:

• Tacit consent given for filing of joint tax return
• “Money number” adjustments related to partnership items give rise to positive imputed adjustment
• Entity type, not exempt vs. taxable status, is the key factor in determining if partner is an eligible partner for BBA opt out

Federal Tax Update: ERC Developments Returns

https://vimeo.com/650439976

https://www.currentfederaltaxdevelopments.com/podcasts/2021/11/27/2021-11-29-erc-developments-return

 

This week we look at:

• IRS modifies 2021 Form 1065 draft instructions to add self-employment income information
• IRS issues preliminary guidance on late repeal of Q4 ERC for most employers
• Training to begin for agents for ERC audits in early 2022
• Rejection of return due to suspected identity theft did not mean return was not filed before statute expired

Federal Tax Update: Self Directed IRA Problems

https://vimeo.com/648269872

https://www.currentfederaltaxdevelopments.com/podcasts/2021/11/21/2021-11-22-self-directed-ira-problems

 

This week we look at:

• House passes BBBA, but not clear what the Senate will do
• IRS clarifies 2021-2022 treatment of meals and incidentals per diem
• Self-directed IRA implodes on taxpayer due to find that assets were held personally and commingled with other assets
• IRS gives guidance on timing of PPP forgiveness income, as well as very short term BBA partnership amended return relief