FICPA Podcasts

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

Federal Tax Update: ACA Survives Another Trip to SCOTUS

https://vimeo.com/565370435

https://www.currentfederaltaxdevelopments.com/podcasts/2021/6/20/2021-06-21-aca-survives-another-trip-to-scotus

 

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

Federal Tax Update: Tax Status of Legal Settlement

https://vimeo.com/562549136

https://www.currentfederaltaxdevelopments.com/podcasts/2021/6/13/2021-06-14-tax-status-of-legal-settlement

 

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

Federal Tax Update: Perhaps Tax Instructions Aren't Just for Attorneys

https://vimeo.com/559741875

https://www.currentfederaltaxdevelopments.com/podcasts/2021/6/6/2021-06-07-perhaps-tax-instructions-arent-just-for-attorneys

 

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

Federal Tax Update: Is It Already Too Late to Sell to Get Long Term Capital Gain Rates

https://vimeo.com/557274512

https://www.currentfederaltaxdevelopments.com/podcasts/2021/5/31/2021-06-01-is-it-already-too-late-to-sell-to-get-long-term-capital-gain-rates

 

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