FICPA Podcasts

Federal Tax Update: Looking for a Business is Not a Business

https://vimeo.com/594311172

https://www.currentfederaltaxdevelopments.com/podcasts/2021/8/29/2021-08-30-looking-for-a-business-is-not-a-business

 

This week we look at:

• Looking for a trade or business is not itself a trade or business.
• IRS describes a harsh result for taxpayers that make a late deposit of deferred CARES Act FICA

Federal Tax Update: Looking at State Level Passthrough Entity Taxes

https://vimeo.com/590769484

https://www.currentfederaltaxdevelopments.com/podcasts/2021/8/22/2021-08-23-looking-at-state-level-passthrough-entity-taxes

 

This week we look at:

• A look at §1244 stock - an issue not often seen and on which a taxpayer lost this week
• Comprehensive look at the design of SALT entity level workarounds that more and more states are enacting-what are they, why do we see them passing with bipartisan support and what issues do they create?

Federal Tax Update: More Grief Over Timely Filing Rule

https://vimeo.com/587461301

https://www.currentfederaltaxdevelopments.com/podcasts/2021/8/15/2021-08-16-more-grief-over-timely-filing-rule

 

This week we look at:

• Safe harbor guidance for PPP forgiveness and certain grants for reduction in revenue test for ERC
• Auto depreciation limits announced for 2021
• Taxpayers barred from producing evidence letter with no postmark applied was placed in mail by due date by US Court of Claims, even though the Tax Court allows such evidence

Federal Tax Update: We Were Right in April Unfortunately

https://vimeo.com/584095252

https://www.currentfederaltaxdevelopments.com/podcasts/2021/8/7/2021-08-09-we-were-right-in-april-unfortunately

 

This week we look at:

• This week we look at: IRS issues ERC guidance for 3rd/4th quarter and adds to other guidance - confirms issue for majority shareholders 
• IRS memorandum pushes IRS position regarding conservation easement extinguishment clauses
• Best-selling author loses her appeal of Tax Court decision regarding her attempt to split off most of her publishing contract income from self-employment tax

 

Federal Tax Update: PPP Loan Program Changes Return

 

https://vimeo.com/581588137

https://www.currentfederaltaxdevelopments.com/podcasts/2021/7/31/2021-08-02-ppp-loan-program-changes-return

 

This week we look at:

• What we know about tax matters in the bipartisan infrastructure bill
• SBA announces direct forgiveness application platform, more PPP changes
• Taxpayer allowed a deduction for expenses related to MBA program
• Paid leave credit expanded to cover more vaccine related issues
• BBA CPAR email notes issues with imputed adjustment calculation
• Second Circuit overturns foreign trust penalty decision in favor of IRS

Federal Tax Update: Proposed S Corporation Form

https://vimeo.com/578958243

https://www.currentfederaltaxdevelopments.com/podcasts/2021/7/24/2021-07-26-proposed-s-corporation-basis-forms

 

This week we look at:

• Taxpayer fails in attempt to use Cohan rule to obtain deductions
• IRS proposes Form 7203 to use by shareholders to report basis in S corporation
• IRS can consider potential recovery against executor as part of offer in compromise
• IRS opens up site for full electronic submission and signing of Forms 2848 and 8821

Federal Tax Update: Tax Practice Issues Week

https://vimeo.com/576500931

https://www.currentfederaltaxdevelopments.com/podcasts/2021/7/18/2021-07-19-tax-practice-issues-week

 

This week we look at:

• AICPA reports lenders told to stop pre-forgiveness necessity inquiries
• Digitally signed amended return rejected as not properly filed
• No reasonable cause for late filing when taxpayer depended on attorney who simply took tax money
• IRS position not substantially justified for basis challenge and overall accounting method

Federal Tax Update: Information Letter Week

https://vimeo.com/573643241

https://www.currentfederaltaxdevelopments.com/podcasts/2021/7/11/2021-07-12-information-letter-week

 

This week we look at:

• TAS declines to accept stand-along advance child tax credit cases
• IRS agent’s tax home remained at his assigned office
• FSA participants required to document qualification of expenses paid with debit card
• IRS explanation of why Forms 1099R don’t identify QCDs
• IRS discusses legal expense deductions

Federal Tax Update: Supreme Court Declines to Hear Dispute Over State Taxation of Nonresidents

https://vimeo.com/571327493

https://www.currentfederaltaxdevelopments.com/podcasts/2021/7/5/2021-07-05-supreme-court-declines-to-hear-dispute-over-state-taxation-of-nonresidents

 

This week we look at:

• IRS extends special treatment of  employee leave donation for COVID-19 relief
• Guidance published on making farm NOL elections
• Penalty relief for issues with 2021 Forms K-2 and K-3
• Supreme Court turns down hearing dispute over taxing out of state employees

Federal Tax Update: Is the PPP Questionnaire Going Away

https://vimeo.com/568539164

https://www.currentfederaltaxdevelopments.com/podcasts/2021/6/28/2021-06-28-is-the-ppp-questionnaire-going-away

 

This week we look at:

• SBA reported to be withdrawing PPP loan questionnaires
• Court finds not clear if taxpayer qualifies for home gain exclusion due to unforeseen circumstances
• IRS extends special remote witnessing of signing plan documents through June 30, 2022, may make it permanent
• CPA’s conviction for assisting in the filing of false returns upheld - rejected "I just used what the client gave me" defense