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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 Apr 06, 2020
Monday Apr 06, 2020
This week review the status of developing guidance on key provisions of the CARES Act:
- Recovery Rebate for Individuals, Including Advance Payment
- Deferral of the Required Minimum Distributions for 2020
- PPP SBA loan program - things we've learned and things we still need guidance on
- Forgiveness of PPP loans - are payroll costs different for this than for the maximum loan or not? Does anyone know for sure?
- Emergency EIDL Loans - the forgotten provision Employee retention payroll credit - the alternative (maybe) to a PPP loan
- Delay of deposits for employer portion of OASDI taxes - can take if you don't have a PPP loan forgiven
Monday Mar 30, 2020
Monday Mar 30, 2020
https://www.currentfederaltaxdevelopments.com/podcasts/2020/3/29/2020-03-30-due-dates-and-cares-act
This week we look at:
- Payroll tax credit starts on April 1.
- IRS reverses courses, announces gift/GSTT returns will also be due on July 15, 2020.
- IRS issues guidance that clarifies which April 15 deadlines are moved back to July 15, 2020.
- Congress passes the CARES Act with a number of tax provisions
Monday Mar 23, 2020
Monday Mar 23, 2020
This week we look at:
- Congress passes payroll tax credit for newly mandated paid sick leave
- Initial April 15 delay guidance only delayed payment date but no actual extension to file
- Late Friday guidance replaces first delay guidance with a real delay in April 15 filing date, though questions still remain
Monday Mar 16, 2020
Monday Mar 16, 2020
https://www.currentfederaltaxdevelopments.com/podcasts/2020/3/15/2020-03-16-waiting-for-relief
This week we look at:
- President declares emergency over COVID-19, directs Treasury to provide relief--and now we are waiting.
- HR 6201 passes the House and moves on to the Senate, containing a few tax provisions mainly related to mandatory sick leave provision rule
- AICPA letter issued to IRS regarding the informal §199A guidance the agency has issued
- HDHPs are allowed to pay for COVID-19 testing and treatment without jeopardizing ability of insured to make HSA contributions.
- Dropping a tax document in the mailbox turns out not to be a good idea, as USPS postmark was after the private postmark date on envelope
Monday Mar 09, 2020
Monday Mar 09, 2020
This week we look at:
- IRS denies a taxpayer's request to make a late mark to market election under §475(f)
- Loss limits for passive activities, basis and at-risk also limit self-employment loss use
- Revenue Procedure grants relief for filing some information returns for certain foreign trusts
Monday Mar 09, 2020
Monday Mar 09, 2020
FICPA Director of Learning - Curriculum Development, Mia Thomas, CPA, CGMA discusses with Dominic Calabro, President & CEO of Florida Taxwatch and Karen Lake, CPA with Berkowitz, Pollack Brant Advisors and Accountants Florida taxes. Florida Taxwatch is a 501(c)(2) independent, nonpartisan, nonprofit taxpayer research institutes and government watchdog. Dominic and Karen discuss 2020 legislative topics on remote sales tax, business commercial rent sales tax, communications tax and our Florida sales tax holiday.
Friday Mar 06, 2020
Friday Mar 06, 2020
Director of Governmental Affairs, Justin Thames talks with FICPA Member, Senator Joe Gruters a CPA in Sarasota Representing District 23, about the importance of relationships and showing up as both a practicing CPA and serving our State. Senator Gruters discusses the 2020 legislative session and his journey through politics.
Tuesday Mar 03, 2020
Tuesday Mar 03, 2020
https://www.currentfederaltaxdevelopments.com/podcasts/2020/3/1/2020-03-02-late-filing-week
Current Federal Tax Developments for the week of March 2, 2020: Late Filing
- Taxpayer who voluntarily exited OVDI program ended up with very poor result.
- Illnesses of corporate officers not found to give reasonable cause for late filing of S corporation returns.
- Supreme Court refuses to review Ninth Circuit ruling upholding IRS regulation that only items listed in §7502 can be used to prove timely filing.
Monday Mar 02, 2020
Monday Mar 02, 2020
FICPA Director of Governmental Affairs - Justin Thames interviews FICPA Member and Florida State Representative - House District 89 - Mike Caruso, a Forensic CPA. Representative Caruso has been a champion for Florida. Being a CPA has helped him and others in the legislature understand the process to bring about change in our State legislative policies. He has been able to investigate perspective bills, understand our tax package and dive into numbers and budgets. Representative Caruso discusses the Commercial Real Estate Sales Tax reduction, teacher pay, telemedicine and environment bills currently in discussion.
Monday Feb 24, 2020
Monday Feb 24, 2020
This week we look at:
- Proposed regulations can be relied upon in the interim, as well as continued reliance on Notice 2018-76
- Separate invoicing rule for food/beverage first released in Notice 2018-76 is also in the proposed regulations
- Definition of entertainment stays similar to older definition, but does not include business meals
- Adopts Notice 2018-76 rules for business meals
- Detailed guidance on meals related exceptions to 50% disallowance found at §274(e)