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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 Jun 21, 2021
Monday Jun 21, 2021
This week we look at:
- Supreme Court finds no status for challenging ACA due to TCJA changes
- IRS backlog was huge at May 1 which causes two pieces of guidance to be issued:
- Do not file Form 990-EZ on paper (unless you want problems)
- Offer in compromise program changes put in place due to backlog
Monday Jun 14, 2021
Monday Jun 14, 2021
This week we look at:
- IRS publishes Q & A on 2021’s enhanced child and dependent care credit on website
- Malpractice settlement related to taxpayer’s divorce was taxable to her - and situation made worse to going to Tax Court
- IRS discusses interaction of depreciation related §481(a) adjustments and computation of ATI through 2021
Monday Jun 07, 2021
Monday Jun 07, 2021
This week we look at:
- Senate Parliamentarian’s second opinion on reconciliation limits practical use of revision of reconciliation instructions
- Long-time tax CPA who admits not reading Schedule B instructions hit with willful failure to file FBAR penalties
- MoneyGram is not a bank, meaning losses from 2008 financial crisis secured debts were capital losses
Monday May 31, 2021
Monday May 31, 2021
This week we look at:
- Green Book issued to explain administration’s revenue proposals
- Whether or not a 1099 must be issued, income still must be reported
- IRS gives more information about unemployment exclusion and community property states
- TAM looks at lack of “fact of the liability” for all events test dispute
Monday May 24, 2021
Monday May 24, 2021
This week we look at:
- IRS will begin sending out advance child tax credit payments on July 15
- IRS announces simplified method to file a return for those not required to file to qualify for advance payments
- IRS provides Q&A on COBRA premium assistance payments
Monday May 17, 2021
Monday May 17, 2021
This week we look at:
- IRS begins revising returns that reported taxable unemployment and excess APTC
- HSA and HDHP numbers for 2022 released
- Census will not change the boundaries of qualified opportunity zones
- IRS looking to automate submission of power of attorney forms
Monday May 10, 2021
Monday May 10, 2021
This week we look at:
- IRS looks at issues for use of an aircraft by a sole proprietor
- Dividends from controlled C corporation are still part of net investment income under IRC §1411
- IRS allowed to serve John Doe summons on Kraken exchange for information on customers
Monday May 03, 2021
Monday May 03, 2021
This week we talk about:
- IRS confirms how community property states, MFS, and 2020 unemployment exclusions work
- Tax Court rules rent paid was unreasonably high, convert portion to dividend
- White House releases a fact sheet on proposed tax law changes
Monday Apr 26, 2021
Monday Apr 26, 2021
This week we look at:
- A quick discussion of what know (little) and don't know (a lot) about not yet proposed changes to capital gain rates
- IRS provides safe harbor for returns filed on or before December 27 for PPP expenses
- IRS issues fact sheet to promote paid leave/family leave payroll tax credit subsidy for vaccine issues
- Deviation allowing for electronic signatures for some forms extended again
- IRS admits to delays in MeF payment processing near April 15
Monday Apr 19, 2021
Monday Apr 19, 2021
This week we look at:
- Cover letter from state judge was part of the divorce documents
- PLR discusses medical expense definition
- IRS announces gift tax return due date remained April 15
- Only overpayments existing at April 15 can be applied to quarter one 2021 estimate payment