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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 Jan 04, 2021
Monday Jan 04, 2021
This week we look at:
- Final small business accounting method regulations issued
- User fee for estate tax closing letter proposed
- 3rd Circuit overrides Tax Court on notice of address change to IRS
- Due dates for claims for refund for 2020 returns
- FinCEN plans to add crypto-currency accounts to FBAR
Monday Dec 28, 2020
Monday Dec 28, 2020
This week we look at the 3 employee retention credits in the bill that may never become law - the Consolidated Appropriations Act, 2021:
- Taxpayer Certainty and Disaster Relief Act of 2020 versions
- Applicable to 2020 retroactively found at §206
- Applicable to 2021 only found at §207
- Taxpayer Certainty and Disaster Relief Act of 2020 ERC - for non-COVID 2020 disasters
Monday Dec 21, 2020
Monday Dec 21, 2020
This week we look at the proposed revisions to the PPP loan program:
- Proposed COVID-19 Relief Bill
- Reopen and revise PPP loans
- Create second draw need based PPP loan program
- Fix the deduction issue
- Simplified forgiveness applications (2)
Monday Dec 14, 2020
Monday Dec 14, 2020
This week we look at:
- IRS issues Q&As on CARES Act §§102 and 103
- Tax organizations respond to IRS Commissioner on no penalty relief
- SBA issues guidance on tax reporting for CARES Act §1112 payments
- SBA adds Q&A on Forms 3509 and 3510
Monday Dec 07, 2020
Monday Dec 07, 2020
https://www.currentfederaltaxdevelopments.com/podcasts/2020/12/6/2020-12-07-irs-security-week
This week we look at:
- MFA to be available for all online tax products
- Commuter highway vehicles and COVID-19
- Opt-in IP PIN program going nationwide
- Taxpayer willfully failed to report Swiss bank account
Monday Nov 30, 2020
Monday Nov 30, 2020
This week we look at:
- A taxpayer is denied permission to file a late mark to market election as a trader
- Final regulations are issued related to the TCJA unrelated business income changes
- Like kind exchange regulations finalized by the IRS
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