FICPA Podcasts

Federal Tax Update: Farmer and Fisherman Tax Software Relief

https://vimeo.com/685218170

https://www.currentfederaltaxdevelopments.com/podcasts/2022/3/6/2022-03-07-farmer-and-fisherman-tax-software-relief

 

This week we look at:

• IRS looks to increase EA user fees by over 100%
• Justice Department files motion to have staking case dismissed as moot
• IRS to grant relief to certain farmers and fisherman impacted by inability of some tax software to file Form 7203 by March 1

Federal Tax Update: At Least One Couple Were Not Tax People

https://vimeo.com/682635542

https://www.currentfederaltaxdevelopments.com/podcasts/2022/2/27/2022-02-28-at-least-one-couple-were-not-tax-people

 

This week we look at:

• Proposed regulations on required minimum distributions
• AICPA and state societies letter on delay for K-2 and K-3 filings
• Data entry error did not provide reasonable cause for tax understatement

Federal Tax Update: IRS Releases K2 and K3 Relief

https://vimeo.com/679703525

https://www.currentfederaltaxdevelopments.com/podcasts/2022/2/20/2022-02-21-irs-issues-additional-k-2-and-k-3-filing-relief-how-much-does-it-help

 

This week we look at:

 

This week we look at the IRS's newly issued 2021 Schedule K-2 and K-3 filing relief. How much does the option added in Question 15 of the newly released FAQ on K-2 and K-3 issues really help partnerships and S corporations? Who does and doesn't qualify for this relief? And what about 2022 and future years?

Federal Tax Update: IRS Suspends Issuing More Notice Types

https://vimeo.com/676800178

https://www.currentfederaltaxdevelopments.com/podcasts/2022/2/13/2022-02-14-irs-suspends-issuing-more-notice-types

 

This week we look at:

• IRS adds more information on research credit claims issues
• LB&I announces new partner basis campaign
• IRS expands list of notices being temporarily suspended
• K-2 and K-3 filing issues being addressed by vendors, IRS defends process

Federal Tax Update: Tax Pros Account Improvements Coming

https://vimeo.com/674141687

https://www.currentfederaltaxdevelopments.com/podcasts/2022/2/6/2022-02-07-taxpros-account-improvements-coming

 

This week we look at:

• Continuing saga of the K-2 and K-3 filing issues, including an extreme delay in accepting them electronically.
• Consider interim filing method to electronically file these returns
• OPR Director announces that IRS plans to add features to TaxPro site by mid-summer, additional features added for following year.
• OPR Director also notes that Treasury has finished reviewing the revisions to Circular 230

Federal Tax Update: There are K-2s and K-3s in Your Future

https://vimeo.com/671552738

https://www.currentfederaltaxdevelopments.com/podcasts/2022/1/29/2022-01-31-there-are-k-2s-and-k-3s-in-your-future

 

This week we look at:

• IRS revises instructions for Schedule K-2 and K-3 and points taxpayers to fact more may need to file this than might have thought they would
• IRS stops issuing one (and just one) automated notice, complains about issues blocking doing more
• AICPA issues statement critical of IRS statement on giving relief, wants all Tax Professionals United for Taxpayer Relief Coalition recommendations adopted

Federal Tax Update: Forms and Instructions

https://vimeo.com/669115743

https://www.currentfederaltaxdevelopments.com/podcasts/2022/1/23/2022-01-24-forms-and-instructions-week

 

This week we look at

• IRS issues updated substantially equal payment guidance
• Final version of basis reporting form for S corporation shareholders issued by IRS
• IRS clarifies how to report expenses used to obtain PPP forgiveness on Schedule M-2
• IRS completes guidance on reporting options for timing of PPP loan forgiveness income recognition

Federal Tax Update: Pressured to Grant Relief for Automated Notice Issues

https://vimeo.com/666503808

https://www.currentfederaltaxdevelopments.com/podcasts/2022/1/16/2022-01-17-irs-pressured-to-grant-broad-relief-for-automated-notice-issues

 

This week we look at:

• Form 1024 joins Form 1023 in becoming online only filings
• Pressure builds on the IRS to pause automated notices in light of inability to handle correspondence on notices already issued
• IRS announces beginning of filing season along with other information for the season

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