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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 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
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