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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 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
Monday Oct 26, 2020
Monday Oct 26, 2020
This week we look at:
- Fees to enter a daily fantasy sports contest is a wager in the view of the IRS
- Taxpayers must follow all of the criteria listed in Revenue Procedure to take advantage of the ruling
- IRS adds retrieving funds from state unclaimed property fund to list of items for self-certification for late retirement plan rollover
- Withholding is required if an employer sponsored retirement plan transfers funds to state unclaimed property fund
- Draft instructions for 2020 partnerships released outlining requirement to report K-1 capital accounts on tax basis
- CPA denied in attempt to reduce potential liability by claiming failure of another tax adviser in representing client to reduce penalty
- Short term extension granted to October 31 to file FBAR reports
Monday Oct 19, 2020
Monday Oct 19, 2020
This week we look at:
- PPP forgiveness application deadline is not October 31
- Fax line to send in Forms 1045 and 1139 will shut down at the end of 2020
- Draft instructions to Form 8895 indicate that IRS not longer seeing charitable deductions as reducing QBI
- Taxpayer could not claim accrued expenses to restore manufacturing line until following year
- IRS FAQ on EIP for incarcerated individuals is subject to court review
Monday Oct 12, 2020
Monday Oct 12, 2020
This week we look at:
- SBA's simplified Form 3508S for PPP forgiveness and the regulations authorizing its use for loans of $50,000 or less
- Lenders told what to do when borrowers supply more expense documentation than necessary for full PPP loan forgiveness
- Pre-PPPFA loan documents do not need to be modified to obtain PPPFA longer deferral period
- QR codes will be added to CP14 and CP14 IA notices beginning later this month
- SIFL rates for last half of 2020 published
- Taxpayer finds no relief available for payroll taxes paid years earlier on nonqualified deferred compensation that will not paid due to subsequent bankruptcy of the employer
Monday Oct 05, 2020
Monday Oct 05, 2020
This week we look at:
- Final regulations issued for meals and entertainment
- Withholding on retirement and annuity distribution regulations issued
- S Corporations get special election for GILTI issues
- SBA issues guidance on change of ownership for entities with PPP loans outstanding
Monday Sep 28, 2020
Monday Sep 28, 2020
This week we look at:
- IRS issues bonus depreciation final regulations
- Excess deductions on termination final regulations are issued
- IRS grants relief for CCH e-filing problems on September 1
Monday Sep 21, 2020
Monday Sep 21, 2020
This week we look at:
- IRS discusses options for expedited private letter ruling requests
- Web page for marijuana industry posted by the IRS
- Corporation by law had no shareholders, thus no S election was possible
- Draft form to be used by self-employed to claim COVID-19 sick pay credits published
- Final version of Form 941-X to be used to revised 2Q 2020 Forms 941 released
Monday Sep 14, 2020
Monday Sep 14, 2020
This week we look at:
- A California decisions discusses the concept of domicile for state residency status
- IRS publishes special per diem rates for FY 2020/2021, including high-low rates
- Medicaid coverage of COVID-19 testing and diagnostic services is not minimum essential coverage
- Tax Court looks at the effective date for a change in innocent spouse provisions
- An IP PIN ruled not to be part of the signature for an electronically filed tax returns
Monday Sep 07, 2020
Monday Sep 07, 2020
This week we look at:
- IRS loses in an attempt to challenge a contribution of closely held stock to charity
- Notice issued giving guidance on retirement plan changes enacted at the end of 2019
- Second new version of Form 941 for 2020 released in draft form
- Minister discovers he won't qualify to be paid social security or Medicare coverage due to not understanding employment taxes and pastors
- IRS publishes web page on BBA Centralized Partnership Audit Regime
Monday Aug 31, 2020
Monday Aug 31, 2020
This week we look at:
- Crowdsourcing platform payments made in convertible virtual current for performing microtasks is taxable income
- Payroll tax holiday guidance finally released by Treasury days before holiday is scheduled to begin
- IRS temporarily expands and simplifies use of e-signatures
- SBA issues new PPP guidance with de minimis owner rule and rules related to rents and mortgages as nonpayroll costs