FICPA Podcasts

Federal Tax Update: Tax Pros Account Improvements Coming

https://vimeo.com/674141687

https://www.currentfederaltaxdevelopments.com/podcasts/2022/2/6/2022-02-07-taxpros-account-improvements-coming

 

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

Federal Tax Update: There are K-2s and K-3s in Your Future

https://vimeo.com/671552738

https://www.currentfederaltaxdevelopments.com/podcasts/2022/1/29/2022-01-31-there-are-k-2s-and-k-3s-in-your-future

 

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

Federal Tax Update: Forms and Instructions

https://vimeo.com/669115743

https://www.currentfederaltaxdevelopments.com/podcasts/2022/1/23/2022-01-24-forms-and-instructions-week

 

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

Federal Tax Update: Pressured to Grant Relief for Automated Notice Issues

https://vimeo.com/666503808

https://www.currentfederaltaxdevelopments.com/podcasts/2022/1/16/2022-01-17-irs-pressured-to-grant-broad-relief-for-automated-notice-issues

 

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

Federal Tax Update: Expenses Used for PPP Forgiveness and S Corporations

https://vimeo.com/663800541

https://www.currentfederaltaxdevelopments.com/podcasts/2022/1/9/2022-01-10-expenses-used-for-ppp-forgiveness-and-s-corporations

 

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

FICPA CEO Conversations: Shelly Weir and AICPA Chair William Pirolli

In our debut episode of FICPA CEO Conversations, our President & CEO Shelly Weir sits down with AICPA Chair William Pirolli.

 

https://www.ficpa.org/publication/ficpa-ceo-conversations-shelly-weir-and-aicpa-chair-william-pirolli

 

FICPA CEO Conversations: Shelly Weir and A-LIGN CEO Scott Price

In our latest edition of FICPA CEO Conversations, our President & CEO, Shelly Weir, sits down with a Past Chair of the FICPA and the Founder and CEO of A-Lign, Scott Price.

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.

 

https://www.ficpa.org/publication/ficpa-ceo-conversations-shelly-weir-and-lign-ceo-scott-price

 

Federal Tax Update: IRS Changes Web Guidance Quietly

https://vimeo.com/661513213

https://www.currentfederaltaxdevelopments.com/podcasts/2021/12/31/2021-01-03-irs-changes-web-guidance-quietly

 

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

Federal Tax Update: Day After Boxing Day Edition

https://vimeo.com/660118457

https://www.currentfederaltaxdevelopments.com/podcasts/2021/12/26/2021-12-27-day-after-boxing-day-edition

 

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

Federal Tax Update: BBBA Is Not Coming Soon

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