25.8K
Downloads
393
Episodes
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 Nov 23, 2020
Monday Nov 23, 2020
This week we look at:
- IRS rules taxpayers cannot deductions expenses that qualify for PPP loan forgiveness if reasonably expect forgiveness
- Revenue Procedure issued for taxpayer who don't get the entire expected forgiveness in the end
- IRS adds request for additional information on Schedules K-1 for Form 1120-S for 2020
- IRS Commissioner indicates there will not any sort of broad relief for late filing and late payment of taxes
- No relief for late filing when CPA firm submitted efile return a few seconds late
- IRS updates ERC FAQ to deal with acquisition of employers who had taken out PPP loans
Monday Nov 16, 2020
Monday Nov 16, 2020
This week we look at:
- AICPA reports that the IRS is about to release what many will find is unwelcome guidance on expenses expected to be used for forgiveness under PPP loan program
- IRS gives up on state entity level taxes on passthrough businesses as a workaround to the TCJA limit on the deduction of state and local taxes
- Taxpayer attempts to argue his LLC was acting as an agent for his IRA custodian, but fails to convince the Tax Court
Monday Nov 09, 2020
Monday Nov 09, 2020
This week we look at:
- The IRS releases revised tables to compute required minimum distributions from retirement plan accounts - but not until 2022
- Taxpayer denied relief from late filing penalties even though he believed his CPA had filed an extension on his behalf
- IRS publishes news release indicating relief for certain collection related actions due to COVID-19
Monday Nov 02, 2020
Monday Nov 02, 2020
This week we look at
- IRS gives guidance to Congressional office on treatment of taxes paid on real estate cooperative
- Guidance issued for W-2s to be issued for employers who deferred employee FICA at the end of 2020
- SBA announces that a questionnaire will be sent to large PPP loan borrowers regarding need for the loan
Monday Oct 26, 2020
Monday Oct 26, 2020
This week we look at:
- Fees to enter a daily fantasy sports contest is a wager in the view of the IRS
- Taxpayers must follow all of the criteria listed in Revenue Procedure to take advantage of the ruling
- IRS adds retrieving funds from state unclaimed property fund to list of items for self-certification for late retirement plan rollover
- Withholding is required if an employer sponsored retirement plan transfers funds to state unclaimed property fund
- Draft instructions for 2020 partnerships released outlining requirement to report K-1 capital accounts on tax basis
- CPA denied in attempt to reduce potential liability by claiming failure of another tax adviser in representing client to reduce penalty
- Short term extension granted to October 31 to file FBAR reports
Monday Oct 19, 2020
Monday Oct 19, 2020
This week we look at:
- PPP forgiveness application deadline is not October 31
- Fax line to send in Forms 1045 and 1139 will shut down at the end of 2020
- Draft instructions to Form 8895 indicate that IRS not longer seeing charitable deductions as reducing QBI
- Taxpayer could not claim accrued expenses to restore manufacturing line until following year
- IRS FAQ on EIP for incarcerated individuals is subject to court review
Monday Oct 12, 2020
Monday Oct 12, 2020
This week we look at:
- SBA's simplified Form 3508S for PPP forgiveness and the regulations authorizing its use for loans of $50,000 or less
- Lenders told what to do when borrowers supply more expense documentation than necessary for full PPP loan forgiveness
- Pre-PPPFA loan documents do not need to be modified to obtain PPPFA longer deferral period
- QR codes will be added to CP14 and CP14 IA notices beginning later this month
- SIFL rates for last half of 2020 published
- Taxpayer finds no relief available for payroll taxes paid years earlier on nonqualified deferred compensation that will not paid due to subsequent bankruptcy of the employer
Monday Oct 05, 2020
Monday Oct 05, 2020
This week we look at:
- Final regulations issued for meals and entertainment
- Withholding on retirement and annuity distribution regulations issued
- S Corporations get special election for GILTI issues
- SBA issues guidance on change of ownership for entities with PPP loans outstanding
Monday Sep 28, 2020
Monday Sep 28, 2020
This week we look at:
- IRS issues bonus depreciation final regulations
- Excess deductions on termination final regulations are issued
- IRS grants relief for CCH e-filing problems on September 1
Monday Sep 21, 2020
Monday Sep 21, 2020
This week we look at:
- IRS discusses options for expedited private letter ruling requests
- Web page for marijuana industry posted by the IRS
- Corporation by law had no shareholders, thus no S election was possible
- Draft form to be used by self-employed to claim COVID-19 sick pay credits published
- Final version of Form 941-X to be used to revised 2Q 2020 Forms 941 released