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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 Sep 14, 2020
Monday Sep 14, 2020
This week we look at:
- A California decisions discusses the concept of domicile for state residency status
- IRS publishes special per diem rates for FY 2020/2021, including high-low rates
- Medicaid coverage of COVID-19 testing and diagnostic services is not minimum essential coverage
- Tax Court looks at the effective date for a change in innocent spouse provisions
- An IP PIN ruled not to be part of the signature for an electronically filed tax returns
Monday Sep 07, 2020
Monday Sep 07, 2020
This week we look at:
- IRS loses in an attempt to challenge a contribution of closely held stock to charity
- Notice issued giving guidance on retirement plan changes enacted at the end of 2019
- Second new version of Form 941 for 2020 released in draft form
- Minister discovers he won't qualify to be paid social security or Medicare coverage due to not understanding employment taxes and pastors
- IRS publishes web page on BBA Centralized Partnership Audit Regime
Monday Aug 31, 2020
Monday Aug 31, 2020
This week we look at:
- Crowdsourcing platform payments made in convertible virtual current for performing microtasks is taxable income
- Payroll tax holiday guidance finally released by Treasury days before holiday is scheduled to begin
- IRS temporarily expands and simplifies use of e-signatures
- SBA issues new PPP guidance with de minimis owner rule and rules related to rents and mortgages as nonpayroll costs
Monday Aug 24, 2020
Monday Aug 24, 2020
This week we look at:
- Qualified plan loan offset amount proposed regulations issued to deal with TCJA plan loan rollover provision
- US Chamber of Commerce and other organizations issue letter describing issues with payroll tax holiday Presidential memo
- IRS warns employees to wait to file Forms 941-X on second quarter 2020 941s until new form released in late September
- Chair of Ways & Means asks to IRS to pause sending notices that may relate to unopened payments and IRS complies two days later
- IRS begins accepting 2019 amended individual returns electronically
- Payments of interest on 2019 tax refunds are being paid out to taxpayers
Monday Aug 17, 2020
Monday Aug 17, 2020
This week we look at:
- Taxpayer denied relief for late rollover when taxpayer had "borrowed" funds from IRA Management company was not the customer for rental of vacation home IRS gives relief for taxpayers who end up with dishonored checks due to IRS delays in opening mail SBA updates PPP FAQ with information on insurance as a payroll cost Guidance on interaction of
- EIDL advances and PPP loan forgiveness SBA issues IFR on appeal procedures for PPP loans
- SBA issues IFR on appeal procedures for PPP loans
Monday Aug 10, 2020
Monday Aug 10, 2020
This week we look at:
- Summary of §163(j) final regulations SBA publishes PPP loan forgiveness FAQ
- IRS reminds employers of ability to establish leave sharing plans for employees to provide COVID-19 relief
- Proposed revenue procedure released to allow qualified residential living facilities to be §163(j) real estate businesses
- IRS updates qualified plan safe harbor distribution notices for SECURE Act and CARES Act changes
- President issues memorandum providing for deferral of employee OASDI, but leaves open issue of whether amounts will be forgiven
Monday Aug 03, 2020
Monday Aug 03, 2020
https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/2/2020-08-03-rise-of-the-syndicates
This week we look at:
- IRS releases multiple regulation project texts on TCJA items
- No syndicate relief offered for tax shelters by the IRS for small business accounting or §163(j)
- Taxpayers informed how to deal with inventory issues when opting out of application of §471(a)
- Forms 3115 for automatic method changes to be faxed in beginning in August
Monday Jul 27, 2020
Monday Jul 27, 2020
This week we look at:
- Discussions continue on fourth COVID bill in the Senate
- SBA announces the agency will begin accepting lender's documents for PPP loan forgiveness on August 10 (maybe)
- IRS releases percentages for the premium tax credit for 2021
- IRS position taken for strategic reasons in another conservation easement case doesn't bind the agency in a case with an unrelated taxpayer
- Second Circuit agrees with Tax Court that property was not used in a trade or business
Monday Jul 20, 2020
Monday Jul 20, 2020
This week we look at:
- IRS describes letters issued for Form 7200 when various issues arrive
- Loan was nonrecourse since lender did not take route that could have lead to deficiency judgment
- Debt failed to be qualified principal residence interest
- IRS proposes to add Schedules K-2 and K-3 for international partnership issues
- PTIN fees to return next year
Monday Jul 13, 2020
Monday Jul 13, 2020
https://vimeo.com/user37230624/download/437684337/5436acc6d3
https://www.currentfederaltaxdevelopments.com/podcasts/2020/7/12/2020-07-13-bba-audit-flowchart
This week we look at:
- W2s will report FFCRA sick and FMLA pay to each employee
- Congress extends PPP loan program through August 8, 2020
- FAQ looks at the tax implications of receiving a CARES Provider Relief Payments
- Depreciation limits for vehicles for 2020 released by the IRS
- §265(a)(1) does not bar deduction under UBIT rules for a charity
- Flowchart for BBA CPAR audit regime published by the IRS