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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 Aug 24, 2020
Monday Aug 24, 2020
This week we look at:
- Qualified plan loan offset amount proposed regulations issued to deal with TCJA plan loan rollover provision
- US Chamber of Commerce and other organizations issue letter describing issues with payroll tax holiday Presidential memo
- IRS warns employees to wait to file Forms 941-X on second quarter 2020 941s until new form released in late September
- Chair of Ways & Means asks to IRS to pause sending notices that may relate to unopened payments and IRS complies two days later
- IRS begins accepting 2019 amended individual returns electronically
- Payments of interest on 2019 tax refunds are being paid out to taxpayers
Monday Aug 17, 2020
Monday Aug 17, 2020
This week we look at:
- Taxpayer denied relief for late rollover when taxpayer had "borrowed" funds from IRA Management company was not the customer for rental of vacation home IRS gives relief for taxpayers who end up with dishonored checks due to IRS delays in opening mail SBA updates PPP FAQ with information on insurance as a payroll cost Guidance on interaction of
- EIDL advances and PPP loan forgiveness SBA issues IFR on appeal procedures for PPP loans
- SBA issues IFR on appeal procedures for PPP loans
Monday Aug 10, 2020
Monday Aug 10, 2020
This week we look at:
- Summary of §163(j) final regulations SBA publishes PPP loan forgiveness FAQ
- IRS reminds employers of ability to establish leave sharing plans for employees to provide COVID-19 relief
- Proposed revenue procedure released to allow qualified residential living facilities to be §163(j) real estate businesses
- IRS updates qualified plan safe harbor distribution notices for SECURE Act and CARES Act changes
- President issues memorandum providing for deferral of employee OASDI, but leaves open issue of whether amounts will be forgiven
Monday Aug 03, 2020
Monday Aug 03, 2020
https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/2/2020-08-03-rise-of-the-syndicates
This week we look at:
- IRS releases multiple regulation project texts on TCJA items
- No syndicate relief offered for tax shelters by the IRS for small business accounting or §163(j)
- Taxpayers informed how to deal with inventory issues when opting out of application of §471(a)
- Forms 3115 for automatic method changes to be faxed in beginning in August
Monday Jul 27, 2020
Monday Jul 27, 2020
This week we look at:
- Discussions continue on fourth COVID bill in the Senate
- SBA announces the agency will begin accepting lender's documents for PPP loan forgiveness on August 10 (maybe)
- IRS releases percentages for the premium tax credit for 2021
- IRS position taken for strategic reasons in another conservation easement case doesn't bind the agency in a case with an unrelated taxpayer
- Second Circuit agrees with Tax Court that property was not used in a trade or business
Monday Jul 20, 2020
Monday Jul 20, 2020
This week we look at:
- IRS describes letters issued for Form 7200 when various issues arrive
- Loan was nonrecourse since lender did not take route that could have lead to deficiency judgment
- Debt failed to be qualified principal residence interest
- IRS proposes to add Schedules K-2 and K-3 for international partnership issues
- PTIN fees to return next year
Monday Jul 13, 2020
Monday Jul 13, 2020
https://vimeo.com/user37230624/download/437684337/5436acc6d3
https://www.currentfederaltaxdevelopments.com/podcasts/2020/7/12/2020-07-13-bba-audit-flowchart
This week we look at:
- W2s will report FFCRA sick and FMLA pay to each employee
- Congress extends PPP loan program through August 8, 2020
- FAQ looks at the tax implications of receiving a CARES Provider Relief Payments
- Depreciation limits for vehicles for 2020 released by the IRS
- §265(a)(1) does not bar deduction under UBIT rules for a charity
- Flowchart for BBA CPAR audit regime published by the IRS
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