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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 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
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
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
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
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
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
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
Monday Oct 18, 2021
Monday Oct 18, 2021
This week we look at:
- Two weeks later, Congress is still working on the infrastructure and reconciliation bills
- IRS outlines information requirements for §41 refund claims
- Taxpayer is not getting impermissible double benefit for paying alimony with pre-tax funds
- COBRA extension dates clarified by IRS
- IRS publishes documents regarding reliance on FAQs
Monday Oct 04, 2021
Monday Oct 04, 2021
This week we look at:
- Congress is still working on the infrastructure and reconciliation bills
- We get the Tax Court on record for the proper treatment of hobby loss deductions-that is, where they are reported
- IRS to begin charging a fee on October 28 to issue closing letters to estates