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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 Feb 21, 2022
Monday Feb 21, 2022
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?
Monday Feb 14, 2022
Monday Feb 14, 2022
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
Monday Feb 07, 2022
Monday Feb 07, 2022
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
Monday Jan 31, 2022
Monday Jan 31, 2022
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
Monday Jan 24, 2022
Monday Jan 24, 2022
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
Tuesday Jan 18, 2022
Tuesday Jan 18, 2022
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
Monday Jan 10, 2022
Monday Jan 10, 2022
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
Thursday Jan 06, 2022
Thursday Jan 06, 2022
Thursday Jan 06, 2022
Thursday Jan 06, 2022
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.
Monday Jan 03, 2022
Monday Jan 03, 2022
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