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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 Mar 15, 2021
Monday Mar 15, 2021
A look at the American Rescue Plan Act of 2021
- Unemployment exclusion for 2020
- Recovery Rebate for 2021
- Prepaid Child Tax Credit for 2021
- Earned Income Tax Credit Changes
- Refundable Dependent Care Assistance
- Sick/Family Leave Credits
- 2021 Employee Retention Credit
- Premium Tax Credit Revisions
Monday Mar 08, 2021
Monday Mar 08, 2021
This week we look at:
- SBA gets PPP loan program change guidance published
- Senate revises proposed COVID-19 relief bill, adds partial exclusion for unemployment compensation
- IRS continues to “clarify” the virtual currency question on Form 1040
- Guidance issued on interaction of PPP forgiveness and 2020 employee retention credit
Monday Mar 01, 2021
Monday Mar 01, 2021
This week we look at:
- Late revisions to PPP loan program
- House passes new COVID-19 relief bill, moves on to Senate
- Taxpayer gets out of tax on $300,000 of credit card rewards
- Texas taxpayers get extension to June 15
Monday Feb 22, 2021
Monday Feb 22, 2021
This week we look at:
- A §280E case with potential impact outside of the cannabis industry
- Legal malpractice settlement could not be treated as excludable physical injury award
- IRS admits to an issue with 260,000 notices
- Calls come to extend the April 15 deadline again this year
Monday Feb 15, 2021
Monday Feb 15, 2021
This week we look at:
- Taxpayer finds no relief from FBAR penalties
- Tax Court outlines when it will allow a taxpayer to argue substance over form
- IRS warns about a phishing scam aimed at tax professionals
Monday Feb 08, 2021
Monday Feb 08, 2021
This week we look at:
- Form 1040 final instructions add to virtual currency confusion
- Teachers COVID-19 supply safe harbor released
- No relief for employee with unused FSA dependent care funds
- Form 1099 relief for CARES items not treated as taxable
Monday Feb 01, 2021
Monday Feb 01, 2021
https://www.currentfederaltaxdevelopments.com/podcasts/2021/1/30/2021-02-01-upload-your-poas
This week we look at
- IRS recommendations to those victimized by unemployment ID theft
- Revised Form 7200 gives information on advance ERC payment Interim
- IRS online system to submit Forms 2848 and 8821
- AICPA letter on ERC and PPP forgiveness applications
Monday Jan 25, 2021
Monday Jan 25, 2021
This week we look at:
- Penalty relief related to partners’ tax basis capital
- IRS provides limited option for ERC claims on 4th quarter 941
- Revised PPP First Draw Maximum Loan Calculation
- PPP Borrowers Who Received Too Much Have to Pay Excess Back
- Second disbursement for PPP First Draw Loan procedures
- Gross Receipts Calculation for Second Draw Loans
- PPP Revised Forgiveness Forms Released
Monday Jan 18, 2021
Monday Jan 18, 2021
This week we look at:
- Amounts advanced by partner were a debt leading to income for other partners
- Auto valuation COVID-19 relief for employers
- Final qualified plan loan offset rules
- Opening of electronic filing pushed back to February 12
- IP-PIN program now open nationwide
Monday Jan 11, 2021
Monday Jan 11, 2021
https://www.currentfederaltaxdevelopments.com/podcasts/2021/1/10/2021-01-11-revised-ppp-program-ifrs
This week we look at IFRs issued for the new PPP Loan programs:
- Interim Final Rule - Revised First Draw PPP Loan
- Interim Final Rule - Second Draw PPP Loan Program