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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 18, 2021
Monday Jan 18, 2021
This week we look at:
- Amounts advanced by partner were a debt leading to income for other partners
- Auto valuation COVID-19 relief for employers
- Final qualified plan loan offset rules
- Opening of electronic filing pushed back to February 12
- IP-PIN program now open nationwide
Monday Jan 11, 2021
Monday Jan 11, 2021
https://www.currentfederaltaxdevelopments.com/podcasts/2021/1/10/2021-01-11-revised-ppp-program-ifrs
This week we look at IFRs issued for the new PPP Loan programs:
- Interim Final Rule - Revised First Draw PPP Loan
- Interim Final Rule - Second Draw PPP Loan Program
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