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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
Friday Mar 06, 2020
Friday Mar 06, 2020
Director of Governmental Affairs, Justin Thames talks with FICPA Member, Senator Joe Gruters a CPA in Sarasota Representing District 23, about the importance of relationships and showing up as both a practicing CPA and serving our State. Senator Gruters discusses the 2020 legislative session and his journey through politics.
Tuesday Mar 03, 2020
Tuesday Mar 03, 2020
https://www.currentfederaltaxdevelopments.com/podcasts/2020/3/1/2020-03-02-late-filing-week
Current Federal Tax Developments for the week of March 2, 2020: Late Filing
- Taxpayer who voluntarily exited OVDI program ended up with very poor result.
- Illnesses of corporate officers not found to give reasonable cause for late filing of S corporation returns.
- Supreme Court refuses to review Ninth Circuit ruling upholding IRS regulation that only items listed in §7502 can be used to prove timely filing.
Monday Mar 02, 2020
Monday Mar 02, 2020
FICPA Director of Governmental Affairs - Justin Thames interviews FICPA Member and Florida State Representative - House District 89 - Mike Caruso, a Forensic CPA. Representative Caruso has been a champion for Florida. Being a CPA has helped him and others in the legislature understand the process to bring about change in our State legislative policies. He has been able to investigate perspective bills, understand our tax package and dive into numbers and budgets. Representative Caruso discusses the Commercial Real Estate Sales Tax reduction, teacher pay, telemedicine and environment bills currently in discussion.
Monday Feb 24, 2020
Monday Feb 24, 2020
This week we look at:
- Proposed regulations can be relied upon in the interim, as well as continued reliance on Notice 2018-76
- Separate invoicing rule for food/beverage first released in Notice 2018-76 is also in the proposed regulations
- Definition of entertainment stays similar to older definition, but does not include business meals
- Adopts Notice 2018-76 rules for business meals
- Detailed guidance on meals related exceptions to 50% disallowance found at §274(e)
Monday Feb 17, 2020
Monday Feb 17, 2020
Current Federal Tax Developments for the week of February 17, 2020: The Week of Fortnite and Schedule 1
- IRS urges tax professionals to make use of multi-factor authentication
- V-bucks and Roblox removed from list of convertible virtual currencies on FAQ
- Challenge to validity of regulations on disclosing basis in appraisal found wanting by the Tax Court
Monday Feb 03, 2020
Monday Feb 03, 2020
https://www.currentfederaltaxdevelopments.com/podcasts/2020/2/1/2020-02-03-western-wisconsin-week
This week we look at:
- Special agent in charge of Los Angeles CID talks about their potential use of the virtual currency question on Schedule 1, Form 1040.
- Taxpayer wins on claim LLC was not a sham, but finds the result is actually worse when court rules amounts paid to law firm were start-up expenses under §195 TAM rules that taxpayer did not have an intangible related to synergistic benefits that could be written off.
- Taxpayer could not use claim of right provision under §1341(a) to claim a deduction related to gain recognized in prior year when trustee of grantor sold stock that trustee was barred from selling by the trust agreement.
- IRS and taxpayer agree that a regulation on the books since 2001 mandates a result different from what the court had arrived at when agreeing with IRS position on §7502(a) and late filed returns asserted originally in the case.
Monday Jan 27, 2020
Monday Jan 27, 2020
https://www.currentfederaltaxdevelopments.com/podcasts/2020/1/25/2020-01-27-real-soon-now
This week we look at:
- IRS can use sample of transactions to carry burden for §165(c) kickbacks/bribery issues per CCA
- IRS gives IRA custodians relief on RMD notices for 2020--but it means IRA owners may get bad advice about required distributions
- Treasury indicates that guidance on excess distributions on termination deduction is “just around the corner.”
- Microsoft denied assertion of privilege for most documents prepared by outside accounting firm in transfer pricing case
Monday Jan 20, 2020
Monday Jan 20, 2020
https://www.currentfederaltaxdevelopments.com/podcasts/2020/1/19/2020-01-20-relief-week
This week we look at:
- IRS expands rules excluding from income discharge of certain student loan debt
- Did the IRS just endorse a SALT workaround? Or maybe not…
- Small partnership late filing relief revenue procedure still in effect despite repeal of TEFRA provision
- Tax Court found taxpayer’s petition was more likely than not filed timely.
Monday Jan 13, 2020
Monday Jan 13, 2020
This week we look at:
- A look at the interaction of qualified plans and post-70 ½ deductible IRA contributions under the SECURE Act.
- A date change in the final version of the SECURE Act related to the kiddie tax.
- An ESOP is found to be disqualified from inception due to both issues in its plan document and in operation of the plan.
- IRS announces e-file start dates, with business returns now being accepted.
- Two cases look at the timing of the required IRS supervisor review of proposed penalties in an exam.
Monday Jan 06, 2020
Monday Jan 06, 2020
https://www.currentfederaltaxdevelopments.com/podcasts/2020/1/4/2020-01-06-beginning-a-new-decade
This week we look at:
- Case from the Archive: Taxpayer Shows How to Win When the IRS Claims Your Business is a Hobby
- Taxpayers who have SFR prepared won’t see a §199A deduction in the SFR
- 2020 auto mileage rates issued at the last minute
- Charitable contributions of virtual currency guidance issued by IRS in FAQ
- Taxpayers can’t raise substance over form argument since the taxpayer picked the form
- Final Qualified Opportunity Fund regulations issued by the IRS
- IRS issues updated guidance on withholding on pensions