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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 May 10, 2021
Monday May 10, 2021
This week we look at:
- IRS looks at issues for use of an aircraft by a sole proprietor
- Dividends from controlled C corporation are still part of net investment income under IRC §1411
- IRS allowed to serve John Doe summons on Kraken exchange for information on customers
Monday May 03, 2021
Monday May 03, 2021
This week we talk about:
- IRS confirms how community property states, MFS, and 2020 unemployment exclusions work
- Tax Court rules rent paid was unreasonably high, convert portion to dividend
- White House releases a fact sheet on proposed tax law changes
Monday Apr 26, 2021
Monday Apr 26, 2021
This week we look at:
- A quick discussion of what know (little) and don't know (a lot) about not yet proposed changes to capital gain rates
- IRS provides safe harbor for returns filed on or before December 27 for PPP expenses
- IRS issues fact sheet to promote paid leave/family leave payroll tax credit subsidy for vaccine issues
- Deviation allowing for electronic signatures for some forms extended again
- IRS admits to delays in MeF payment processing near April 15
Monday Apr 19, 2021
Monday Apr 19, 2021
This week we look at:
- Cover letter from state judge was part of the divorce documents
- PLR discusses medical expense definition
- IRS announces gift tax return due date remained April 15
- Only overpayments existing at April 15 can be applied to quarter one 2021 estimate payment
Monday Apr 12, 2021
Monday Apr 12, 2021
This week we look at:
- IRS gives guidance on ARPA and the advance premium tax credit for 2020
- CCA issued to give details on apply tax provisions to hard forks of virtual currency
- IRS disagrees with court decision on treatment of defined benefit pension benefit for insolvency
- A restaurant is defined for 100% deduction
- The saga of 2020 Form 1040 overpayments, extensions and first quarter estimates
Monday Apr 05, 2021
Monday Apr 05, 2021
This week we look at:
- IRS gives details on automatic refunds on unemployment exclusion
- Formal notice of extension of time to file 2020 Forms 1040 issued
- IRS updates ERC guidance for the version for first six months of 2021
- A look at the mess that is the issue of whether controlling shareholder wages can qualify for ERC
Monday Mar 29, 2021
Monday Mar 29, 2021
This week we look at:
- IRS makes a major change in computation of excludable ARPA unemployment
- PPP loan program applications extended for two months - but funds only likely to last until mid-April without replenishment
- PPE is defined by the IRS to represent medical care for purposes of deducting the expenses
Monday Mar 22, 2021
Monday Mar 22, 2021
This week we look at:
- IRS releases instructions on reporting ARPA unemployment exclusion
- AICPA recommends IRS issue clarification on PPP forgiveness/passthrough issues
- IRS pushes back the filing date for Forms 1040 only - everything else still due on April 15, including Q1 2021 estimates
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