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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 Jul 06, 2020
Monday Jul 06, 2020
https://www.currentfederaltaxdevelopments.com/podcasts/2020/7/4/2020-07-04-what-is-not-discussed
This week we look at:
- IRS updates FAQ to discuss PPPFA changes to employer payroll tax deferral rules
- Relief granted to allow for changes to be made in 2020 to safe harbor 401(k) plans
- IRS outlines issues with marketing materials for CRAT tax shelter being promoted
- Memorandum discusses what impact a superseded return has on the statute of limitations for returns filed on extension
- IRS announces July 15 deadline will not be extended for 2019 returns
Monday Jun 29, 2020
Monday Jun 29, 2020
This week we look at:
- IRS issues clarifications on claiming the employee retention credit
- SBA issues formal interim final rules modifying forgiveness rules for PPPFA
- Additional final regulations issued under §199A
- Proposed regulations released to deal with the TCJA parking lot tax
- IRS announces interest will be paid on refunds for returns filed by 7/15/20, with interest starting to accrue at 4/15/20
Monday Jun 22, 2020
Monday Jun 22, 2020
This week we look at:
- Revised PPP forgiveness application and some rules to take into account PPPFA changes
- Relief granted for PPP loan qualification related to certain felony convictions of owners
- CARES special retirement plan provision relief published by IRS
- Using the wrong FedEx service to file a Tax Court petition costs taxpayer the option to challenge the IRS in Tax Court
Monday Jun 08, 2020
Monday Jun 08, 2020
This week we look at:
- Payroll Protection Program Flexibility Act of 2020 enacted into law on June 5, 2020
- Relief from physical presence rules given to qualified plans
- IRS expands Qualified Opportunity Zone relief and extends period for existing relief
- IRS returns to tax basis capital computation issues - gives two different proposed methods
Monday Jun 01, 2020
Monday Jun 01, 2020
This week we look at:
- PPP developments - only a single FAQ change but two bills to change the program.
- IRS releases guidance on how to deal with ATNOLs for corporations carrying back net operating losses.
- The ability to electronically file amended individual income tax returns will exist for 2019 returns later this summer.
- IRS announces additional due date relief.
Monday May 25, 2020
Monday May 25, 2020
https://www.currentfederaltaxdevelopments.com/podcasts/2020/5/24/2020-05-25-just-kidding
This week we look at:
- PPP guidance on foreign affiliates, §501(c)(12) utilities, the actual final extension of the PPP repayment date and the SBA backing off the threats on necessity of the loan certification
- IRS discusses which date to use to value certain stock based compensation
- Changes made to maximum medical FSA carryovers for cafeteria plans
- IRS issues COVID-19 related relief for cafeteria plans
- The tax consequences of payments to students discussed in IRS FAQ which uses §139 to exclude them from income
- IRS releases inflation adjusted HSA and HDHP numbers for 2021
Monday May 11, 2020
Monday May 11, 2020
This week we look at:
- IRS changes its guidance on the payment of health insurance only and qualification for the Employee Retention Credit
- Borrowers can repay PPP loans by May 14 and then use Employee Retention Credit in the future.
- SBA issues guidance for non-discrimination rules and not for profits and also impact of student workers.
- Borrowers using new seasonal employer measuring periods will be able to sign unmodified PPP loan applications.
- SBA gives relief to businesses unable to rehire employees who wish to remain on unemployment.
- IRS issues guidance on excess deductions on termination following TCJA's addition of §67(g).
- Taxwriters disagree with IRS's view on deductibility of expenses used to obtain PPP loan forgiveness.
- Cannabis business found to be a reseller and not a producer.
IRS issues guidance on taxpayers whom the agency wishes to return their economic impact payments.
Monday May 04, 2020
Monday May 04, 2020
https://www.currentfederaltaxdevelopments.com/podcasts/2020/5/2/2020-05-04-no-deduction-for-you
This week we look at:
- PPP loan updates on corporate groups, businesses sold after February 15, 2020, loan review procedures, private companies need to show loan was necessary, treatment of seasonal employers, how to count 500 employees and maximum loan calculation amounts
- Update on faxing procedures for Forms 1139 and 1045
- No deduction allowed for amounts paid to achieve PPP loan forgiveness per IRS
- Draft Form 941 released for second quarter of 2020
- IRS clarifies filing date relief for U.S. Tax Court filings
- IRS and DOL issue relief for certain timeframes that apply to employee benefit plans
Monday Apr 20, 2020
Monday Apr 20, 2020
This week we look at:
- SBA issues guidance on self-employed taxpayers and partners for PPP loan program
- Revenue Procedure issued explaining how to deal with retroactive change in life for qualified improvement property
- IRS gives guidance on filing Forms 1139 and 1045 via fax while Service Centers are shut down
- Proposed regulations released to set government portion of PTIN fee at $21
- Procedures issued to deal with Forms 706 returned by private delivery services from closed Service Centers
Monday Apr 13, 2020
Monday Apr 13, 2020
This week we look at:
- PPP loan program FAQ gets updated by SBA
- IRS releases §163(j) relief for real estate and farming businesses
- Procedures released for making election to waive NOL carryback period under CARES provisions
- IRS explains the payroll tax deferral program
- Partnerships covered by BBA CPAR given temporary reprieve from centralized audit rules
- Six month extension granted to file Forms 1045 and 1139
- IRS greatly expands list of returns, payments and actions extended to July 15, 2020.