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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 Dec 27, 2021
Federal Tax Update: Day After Boxing Day Edition
Monday Dec 27, 2021
Monday Dec 27, 2021
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

Monday Dec 20, 2021
Federal Tax Update: BBBA Is Not Coming Soon
Monday Dec 20, 2021
Monday Dec 20, 2021
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

Monday Dec 13, 2021
Federal Tax Update: Quarter 4 ERC Guidance
Monday Dec 13, 2021
Monday Dec 13, 2021
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

Monday Dec 06, 2021
Federal Tax Update: BBA Email Week
Monday Dec 06, 2021
Monday Dec 06, 2021
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

Monday Nov 29, 2021
Federal Tax Update: ERC Developments Returns
Monday Nov 29, 2021
Monday Nov 29, 2021
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

Monday Nov 22, 2021
Federal Tax Update: Self Directed IRA Problems
Monday Nov 22, 2021
Monday Nov 22, 2021
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

Monday Nov 15, 2021
Federal Tax Update: Inflation Adjusted Tax Numbers Are Out
Monday Nov 15, 2021
Monday Nov 15, 2021
This week we look at:
- TAS will not intervene in amended return delayed processing cases
- Inflation adjusted amounts released for 2022
- Taxpayer denied in request to make late §475(f)(1) election to mark to market as a trader

Monday Nov 08, 2021
Monday Nov 08, 2021
This week we look at:
- IRS announces retirement plan inflation adjusted numbers for 2022
- Congress passes Infrastructure Investment and Jobs Act, sent to President for signature

Monday Nov 01, 2021
Federal Tax Update: Build Back Better Act Draft Tax Provisions
Monday Nov 01, 2021
Monday Nov 01, 2021
This week we look at
- The Build Back Better Act draft’s tax provisions (some)
- What’s not in the bill
- Individual provisions
- Corporate provisions

Monday Oct 25, 2021
Federal Tax Update: S Corporation Basis Reporting on Form 1040
Monday Oct 25, 2021
Monday Oct 25, 2021
This week we look at:
- More talking but no action in DC on pending legislation
- Rehiring retired employees discussed in IRS FAQ
- Appeals panel agrees that claim of right doctrine did not apply to grantor trust stock sale
- IRS issues formal draft of S corporation basis reporting form