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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 Jun 08, 2020
Monday Jun 08, 2020
This week we look at:
- Payroll Protection Program Flexibility Act of 2020 enacted into law on June 5, 2020
- Relief from physical presence rules given to qualified plans
- IRS expands Qualified Opportunity Zone relief and extends period for existing relief
- IRS returns to tax basis capital computation issues - gives two different proposed methods
Monday Jun 01, 2020
Monday Jun 01, 2020
This week we look at:
- PPP developments - only a single FAQ change but two bills to change the program.
- IRS releases guidance on how to deal with ATNOLs for corporations carrying back net operating losses.
- The ability to electronically file amended individual income tax returns will exist for 2019 returns later this summer.
- IRS announces additional due date relief.
Monday May 25, 2020
Monday May 25, 2020
https://www.currentfederaltaxdevelopments.com/podcasts/2020/5/24/2020-05-25-just-kidding
This week we look at:
- PPP guidance on foreign affiliates, §501(c)(12) utilities, the actual final extension of the PPP repayment date and the SBA backing off the threats on necessity of the loan certification
- IRS discusses which date to use to value certain stock based compensation
- Changes made to maximum medical FSA carryovers for cafeteria plans
- IRS issues COVID-19 related relief for cafeteria plans
- The tax consequences of payments to students discussed in IRS FAQ which uses §139 to exclude them from income
- IRS releases inflation adjusted HSA and HDHP numbers for 2021
Monday May 11, 2020
Monday May 11, 2020
This week we look at:
- IRS changes its guidance on the payment of health insurance only and qualification for the Employee Retention Credit
- Borrowers can repay PPP loans by May 14 and then use Employee Retention Credit in the future.
- SBA issues guidance for non-discrimination rules and not for profits and also impact of student workers.
- Borrowers using new seasonal employer measuring periods will be able to sign unmodified PPP loan applications.
- SBA gives relief to businesses unable to rehire employees who wish to remain on unemployment.
- IRS issues guidance on excess deductions on termination following TCJA's addition of §67(g).
- Taxwriters disagree with IRS's view on deductibility of expenses used to obtain PPP loan forgiveness.
- Cannabis business found to be a reseller and not a producer.
IRS issues guidance on taxpayers whom the agency wishes to return their economic impact payments.
Monday May 04, 2020
Monday May 04, 2020
https://www.currentfederaltaxdevelopments.com/podcasts/2020/5/2/2020-05-04-no-deduction-for-you
This week we look at:
- PPP loan updates on corporate groups, businesses sold after February 15, 2020, loan review procedures, private companies need to show loan was necessary, treatment of seasonal employers, how to count 500 employees and maximum loan calculation amounts
- Update on faxing procedures for Forms 1139 and 1045
- No deduction allowed for amounts paid to achieve PPP loan forgiveness per IRS
- Draft Form 941 released for second quarter of 2020
- IRS clarifies filing date relief for U.S. Tax Court filings
- IRS and DOL issue relief for certain timeframes that apply to employee benefit plans
Monday Apr 20, 2020
Monday Apr 20, 2020
This week we look at:
- SBA issues guidance on self-employed taxpayers and partners for PPP loan program
- Revenue Procedure issued explaining how to deal with retroactive change in life for qualified improvement property
- IRS gives guidance on filing Forms 1139 and 1045 via fax while Service Centers are shut down
- Proposed regulations released to set government portion of PTIN fee at $21
- Procedures issued to deal with Forms 706 returned by private delivery services from closed Service Centers
Monday Apr 13, 2020
Monday Apr 13, 2020
This week we look at:
- PPP loan program FAQ gets updated by SBA
- IRS releases §163(j) relief for real estate and farming businesses
- Procedures released for making election to waive NOL carryback period under CARES provisions
- IRS explains the payroll tax deferral program
- Partnerships covered by BBA CPAR given temporary reprieve from centralized audit rules
- Six month extension granted to file Forms 1045 and 1139
- IRS greatly expands list of returns, payments and actions extended to July 15, 2020.
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