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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 Dec 30, 2019
Monday Dec 30, 2019
This week we look at the big developments in taxes for 2019 as we come to the end of the year:
- 199A final regulations – a pre-tax season package that had to be quickly understood
- 2019’s year end tax bills – comes in three parts, along with a good portion of the government’s full appropriations package
- The IRS’s fascination with tax basis capital, and the profession’s reaction to the same
- 199A FAQ – so we’ll have fewer sub-regulatory guidance items, but that doesn’t mean it all gets reviewed like regulations. Or, perhaps, be careful what you wish for…
- States looking to extend their tax reach, but in a case with limited application SCOTUS did find there are some limits
- Additional items beyond the top five…
Friday Dec 20, 2019
Friday Dec 20, 2019
This week we look at:
Further Consolidated Appropriations Act, 2020 signed into law on December 20, 2019
- SECURE Act
- The good: Delay in required beginning date for plan distributions, later plan adoption date, etc.
- The bad: Death of the stretch IRA
- Extenders apply retroactively - so there are some amended returns that will be needed
- Tax-exempt version of the parking lot tax is gone, but the for profit version is still around
Tuesday Dec 17, 2019
Tuesday Dec 17, 2019
FICPA CEO, Deborah Curry discusses with Chuck Bauer, Sales Coach and Ray Monteleone, CPA - Founder of Paladin Global Partners how interruptions are the enemy of productivity. Chuck and Ray share efficiencies and technologies pointers.
Monday Dec 16, 2019
Monday Dec 16, 2019
https://www.currentfederaltaxdevelopments.com/podcasts/2019/12/14/2019-12-16-the-sound-of-silence
This week we look at:
- IRS does not have the discretion to waive repayment of advance premium credit
- Employer who reimburses employee when transit card fails to function has to include amount in wages per CCA
- IRS issues more proposed regulations on state tax issues and charitable contributions, but remains silent on passthrough tax issues
- IRS grants relief from use of tax basis capital account on partnership K-1s for one year
Monday Dec 09, 2019
Monday Dec 09, 2019
https://www.currentfederaltaxdevelopments.com/podcasts/2019/12/8/2019-12-09-bring-in-the-forms
This week we talk about:
- Final version of 2020 Form W-4 released
- Final versions of 2019 Forms 1040, 1040-SR, Schedules 2 and 3 released
- Shortly thereafter, final version of Schedule 1 released still containing question about virtual currency
- Relief for provision of Forms 1095-B and C
- Detailed guidance issued for IRS agents on BBA audit procedures
Monday Dec 02, 2019
Monday Dec 02, 2019
https://www.currentfederaltaxdevelopments.com/podcasts/2019/11/29/2019-12-02-horses-and-hobbies
This week we discuss the following issues:
- Commissioner rules that insurance payments for pyrrohite damage does not require Forms 1099
- Horse business found not to be a hobby, losses allowed
- IRS updates per diem rules for TCJA, following similar update for auto mileage rules
Monday Nov 25, 2019
Monday Nov 25, 2019
https://www.currentfederaltaxdevelopments.com/podcasts/2019/11/23/2019-11-25-back-to-the-faq
Current Federal Tax Developments for the week of November 25, 2019: Back to the FAQ
- IRS discusses information security responsibilities and risks for tax professionals
- Rental section added to IRS’s §199A FAQ page on website
- Final regulations issued on anti-clawback estate/gift tax provisions
- Only one penalty applied to taxpayer that was both the owner and beneficiary of a foreign trust
Monday Nov 18, 2019
Monday Nov 18, 2019
https://www.currentfederaltaxdevelopments.com/podcasts/2019/11/16/2019-11-18-upcoming-events
This week we look at
- Significant TCJA guidance to be issued by end of January 2020
- PLR allows advisory fees to be paid out of an annuity without trigger taxable income to owner
- IRS announces enforcement program for syndicated conservation easement programs
- IRS updates auto mileage rulings for changes made by TCJA
- IRS found to have attempted to assess tax on Son of BOSS after all statutes had expired
Monday Nov 11, 2019
Monday Nov 11, 2019
https://www.currentfederaltaxdevelopments.com/podcasts/2019/11/10/2019-11-11-indexing-week
This week we look at:
- Federal Circuit shoots down previously successful taxpayer argument that limited maximum FBAR penalty
- IRS publishes the 2020 inflation adjusted numbers
- Proposed regulations issued to revise the life expectancy tables for required minimum distributions
- Retirement plan numbers for 2020 issued by IRS
Monday Nov 04, 2019
Monday Nov 04, 2019
https://www.currentfederaltaxdevelopments.com/podcasts/2019/10/26/2018-10-28
Current Federal Tax Developments for the week of November 4, 2019 Both a Home and an Investment
- Wisconsin fails in attempt to look to sublease to tax software sales based on computers sold to be used in the state
- IRS agrees that taxpayer qualifies for both §121 and §1031 for the sale of a former home destroyed by fire
- Draft Form 1065 and K-1 instructions released by the IRS