FICPA Podcasts

FICPA Podcasts

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FICPA Podcasts episodes

  • Federal Tax Update: Hurry Up and Wait for Tax Season
    https://vimeo.com/501306839
    https://www.currentfederaltaxdevelopments.com/podcasts/2021/1/17/2021-11-18-hurry-up-and-wait-for-tax-season
     
    This week we look at:
    Amounts advanced by partner were  a debt leading to income for other partners
    Auto valuation COVID-19 relief for employers
    Final qualified plan loan offset rules
    Opening of electronic filing pushed back to February 12
    IP-PIN program now open nationwide
    39 min
  • Federal Tax Update: Revised PPP Program IFRs

    https://vimeo.com/498775496

    https://www.currentfederaltaxdevelopments.com/podcasts/2021/1/10/2021-01-11-revised-ppp-program-ifrs

     

    This week we look at IFRs issued for the new PPP Loan programs:

    • Interim Final Rule - Revised First Draw PPP Loan
  • Interim Final Rule - Second Draw PPP Loan Program  
    • 59 min
  • Federal Tax Update: Statue of Limitations on Refunds for 2019 Refunds

    https://vimeo.com/496486003

    https://www.currentfederaltaxdevelopments.com/podcasts/2021/1/2/2021-01-04-statute-of-limitations-on-refunds-for-2019-returns

     

    This week we look at:

    • Final small business accounting method regulations issued
  • User fee for estate tax closing letter proposed
  • 3rd Circuit overrides Tax Court on notice of address change to IRS
  • Due dates for claims for refund for 2020 returns
  • FinCEN plans to add crypto-currency accounts to FBAR
    • 43 min
  • Federal Tax Update: ERC Changes That May Never Happen

    https://vimeo.com/495015406

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/12/27/2020-12-28-erc-changes-that-may-never-happen

     

    This week we look at the 3 employee retention credits in the bill that may never become law - the Consolidated Appropriations Act, 2021:

    • Taxpayer Certainty and Disaster Relief Act of 2020 versions
      • Applicable to 2020 retroactively found at §206
  • Applicable to 2021 only found at §207
  • Taxpayer Certainty and Disaster Relief Act of 2020 ERC - for non-COVID 2020 disasters
    • 47 min
  • Federal Tax Update: PPP Loans Version 2.0 Proposal

    https://vimeo.com/492921647

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/12/19/2020-12-21-ppp-loans-version-20-proposal

     

    This week we look at the proposed revisions to the PPP loan program:

    • Proposed COVID-19 Relief Bill
  • Reopen and revise PPP loans
  • Create second draw need based PPP loan program
  • Fix the deduction issue
  • Simplified forgiveness applications (2)
    • 38 min
  • Federal Tax Update: Paying Tax on 1112 Payments

    https://vimeo.com/490384155

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/12/13/2020-12-14-paying-tax-on-1112-payments

     

    This week we look at:

    • IRS issues Q&As on CARES Act §§102 and 103
  • Tax organizations respond to IRS Commissioner on no penalty relief
  • SBA issues guidance on tax reporting for CARES Act §1112 payments
  • SBA adds Q&A on Forms 3509 and 3510
    • 32 min
  • Federal Tax Update: IRS Security Week

    https://vimeo.com/487682632

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/12/6/2020-12-07-irs-security-week

     

    This week we look at:

    • MFA to be available for all online tax products
  • Commuter highway vehicles and COVID-19
  • Opt-in IP PIN program going nationwide
  • Taxpayer willfully failed to report Swiss bank account
    • 38 min
  • Federal Tax Update: Being Late Proves Costly

    https://vimeo.com/484597980

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/11/27/2020-11-30-being-late-proves-costly

     

    This week we look at:

    • A taxpayer is denied permission to file a late mark to market election as a trader
  • Final regulations are issued related to the TCJA unrelated business income changes
  • Like kind exchange regulations finalized by the IRS
    • 44 min
  • Federal Tax Update: A Reasonable Expectation of Forgiveness

    https://vimeo.com/482078904

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/11/21/2020-11-23-a-reasonable-expectation-of-forgiveness

     

    This week we look at:

    • IRS rules taxpayers cannot deductions expenses that qualify for PPP loan forgiveness if reasonably expect forgiveness
  • Revenue Procedure issued for taxpayer who don't get the entire expected forgiveness in the end
  • IRS adds request for additional information on Schedules K-1 for Form 1120-S for 2020
  • IRS Commissioner indicates there will not any sort of broad relief for late filing and late payment of taxes
  • No relief for late filing when CPA firm submitted efile return a few seconds late
  • IRS updates ERC FAQ to deal with acquisition of employers who had taken out PPP loans
    • 46 min
  • Federal Tax Update: IRS Throws in the Towel on One SALT Workaround

    https://vimeo.com/479550587

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/11/15/2020-11-16-irs-throws-in-the-towel-on-one-salt-workaround

     

    This week we look at:

    • AICPA reports that the IRS is about to release what many will find is unwelcome guidance on expenses expected to be used for forgiveness under PPP loan program
  • IRS gives up on state entity level taxes on passthrough businesses as a workaround to the TCJA limit on the deduction of state and local taxes
  • Taxpayer attempts to argue his LLC was acting as an agent for his IRA custodian, but fails to convince the Tax Court
    • 46 min

About FICPA Podcasts

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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…