FICPA Podcasts

FICPA Podcasts

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FICPA Podcasts episodes

  • Federal Tax Update: Non-Willful FBAR Penalty is on a Per-form Basis

    https://vimeo.com/804697529

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/3/4/2023-03-06-non-willful-fbar-penalty-is-on-a-per-form-basis

     

    This week we look at:

    • Deposit and use by sheriff of jail meal money not found to be a mere misunderstanding
  • Amounts taxpayer expected to repay with future earnings found not to be loans, taxable upon receipt
  • SCOTUS rules non-willful FBAR failure is a per-form not per-account penalty
  • CPA fails to provide substantiation for deductions for practice
    • 40 min
  • Federal Tax Update: State Payment Relief for Taxpayers

    https://vimeo.com/798033001

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/2/11/2023-02-13-state-payment-relief-for-taxpayers

     

    This week we look at:

    • IRS relents to pressure, releases guidance on state payment programs’ taxability (generally it’s good news)
  • IRS begins offering direct deposit for Form 1040-X electronic filers - but it will still take a long time to process
  • No substantive §174 guidance likely before initial tax deadlines (March & April)
  • Form 4868 didn’t qualify as informal claim for refund
    • 31 min
  • Federal Tax Update: Reconsidering EV SUVs

    https://vimeo.com/796107149

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/2/5/2023-02-06-reconsidering-ev-suvs

     

    This week we look at:

    • IRS revises classification of clean vehicles for purposes of determining vehicles subject to $80,000 MSRP limit
  • Proposed revenue procedure published to establish new voluntary tip reporting procedure
  • Taxpayer’s log of every mile of vehicle use had issues that prevented Tax Court from accepting it for meeting burden under IRC §274(d)
    • 31 min
  • Federal Tax Update: Welcome to IRIS

    https://vimeo.com/793943750

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/29/2023-01-30-welcome-to-iris

     

    This week we look at:

    • IRS begins accepting 2022 income tax returns
  • IRS opens up IRIS portal for electronic filing of information returns
  • Corporation forced to get private letter ruling on S election due to failure to obtain all required consents
    • 24 min
  • Federal Tax Update: IRS Says Phones Are Improving

    https://vimeo.com/791711678

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/22/2023-01-23-irs-says-phones-are-improving

     

    This week we look at:

    • IRS provides an extended due date for some in Alabama and Georgia impacted by storms
  • IRS announces 10 minute response time on Practitioner Priority Line
  • Taxpayer’s §401(k) distribution not excluded from income based on diabetes diagnosis
  • IRS releases auto depreciation limits under §280F for 2023
    • 28 min
  • Federal Tax Update: The IRS Memos on Cryptocurrency

    https://vimeo.com/789445264

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/15/2023-01-16-the-irs-memos-on-cryptocurrency

     

    This week we look at:

    • IRS begins accepting returns on January 23
  • California taxpayers get due dates delayed until May 15
  • Amended return research credit additional information requirements added to draft Form 6765 instructions
  • Employer provided housing not excluded from income under §119
  • No loss allowed on not quite worthless not really stablecoin
  • Appraisals required for donation of cryptocurrency
    • 46 min
  • Federal Tax Update: Secure 2.0 Act of 2022 Quick Summary

    https://vimeo.com/785760441

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/2/secure-20-act-of-2022-a-quick-summary

     

    Congress passed the SECURE 2.0 Act of 2022 that was signed into law on December 29, 2022.  This program gives a brief overview of the provisions of this Act that will help tax professionals advise their clients about the impacts and opportunities found in this law.

    57 min
  • Federal Tax Update: Vehicle Credit Guidance End of Year Extravaganza

    https://vimeo.com/785743476

    https://www.currentfederaltaxdevelopments.com/podcasts/2023/1/2/2023-01-03-vehicle-credit-guidance-end-of-year-extravaganza

     

    This week we look at:

    • IRS to issue regulations for definitions for new clean vehicle credit
  • List published on IRS website to assist in determining if a vehicle could qualify for new clean vehicle credit
  • Incremental cost safe harbors for §45W commercial clean vehicle credit issued by IRS
  • 2023 mileage rates release
  • Final 2022 Schedule K-2 and K-3 Form 1065 instructions released
    • 27 min
  • Federal Tax Update: IRS Looks at Plan That Claims to Defer Recognition of Legal Fee Income

    https://vimeo.com/782356237

    https://www.currentfederaltaxdevelopments.com/podcasts/2022/12/18/2022-12-19-irs-looks-at-plan-that-claims-to-defer-recognition-of-legal-fee-income

     

    This week we look at:

    • IRS memorandum looks at marketed program to defer recognition of legal fees
  • Automatic change of accounting method procedure released by the IRS
  • IRS publishes news release on upcoming FICA/SE tax 2020 deferral payment due date
    • 41 min
  • Federal Tax Update: Try Two on K-2 and K-3 Instructions

    https://vimeo.com/780188865

    https://www.currentfederaltaxdevelopments.com/podcasts/2022/12/11/2022-12-12-try-two-on-k-2-and-k-3-instructions

     

    This week we look at:

    • IRS releases second draft of instructions for preparing 2022 Schedules K-2 and K-3 for partnerships and S corporations
  • IRS begins issuing proposed regulations to deal with court losses on method used to add listed transactions not following the Administrative Procedures Act
    • 45 min

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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…