FICPA Podcasts

FICPA Podcasts

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FICPA Podcasts episodes

  • Federal Tax Update: Slowing Down RMDs - But Not Until 2022

    https://vimeo.com/476857165

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/11/8/2020-11-09-slowing-down-rmds-but-not-until-2022

     

    This week we look at:

    • The IRS releases revised tables to compute required minimum distributions from retirement plan accounts - but not until 2022
  • Taxpayer denied relief from late filing penalties even though he believed his CPA had filed an extension on his behalf
  • IRS publishes news release indicating relief for certain collection related actions due to COVID-19
    • 39 min
  • Federal Tax Update: SBAs Coming Questionnaire for Large PPP Loans

    https://vimeo.com/474344220

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/11/1/2020-11-02-sbas-coming-questionnaire-for-large-ppp-loans

     

    This week we look at

    • IRS gives guidance to Congressional office on treatment of taxes paid on real estate cooperative
  • Guidance issued for W-2s to be issued for employers who deferred employee FICA at the end of 2020
  • SBA announces that a questionnaire will be sent to large PPP loan borrowers regarding need for the loan
    • 52 min
  • Federal Tax Update: Tax Basis Capital Accounts and the 2020 Form

    https://vimeo.com/471938009

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/10/25/2020-10-26-tax-basis-capital-accounts-and-the-2020-form-1065

     

    This week we look at:

    • Fees to enter a daily fantasy sports contest is a wager in the view of the IRS
  • Taxpayers must follow all of the criteria listed in Revenue Procedure to take advantage of the ruling
  • IRS adds retrieving funds from state unclaimed property fund to list of items for self-certification for late retirement plan rollover
  • Withholding is required if an employer sponsored retirement plan transfers funds to state unclaimed property  fund
  • Draft instructions for 2020 partnerships released outlining requirement to report K-1 capital accounts on tax basis
  • CPA denied in attempt to reduce potential liability by claiming failure of another tax adviser in representing client to reduce penalty
  • Short term extension granted to October 31 to file FBAR reports
    • 1 hr 2 min
  • Federal Tax Update: FAQs Not as Protected form Scrutiny as IRS Hoped

     

    https://vimeo.com/469301679

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/10/17/2020-10-19-faqs-not-protected-from-scrutiny-as-irs-had-hoped

     

    This week we look at:

    • PPP forgiveness application deadline is not October 31
  • Fax line to send in Forms 1045 and 1139 will shut down at the end of 2020
  • Draft instructions to Form 8895 indicate that IRS not longer seeing charitable deductions as reducing QBI
  • Taxpayer could not claim accrued expenses to restore manufacturing line until following year
  • IRS FAQ on EIP for incarcerated individuals is subject to court review
    • 49 min
  • Federal Tax Update: Simplified PPP Forgiveness Application for Small Loans

    https://vimeo.com/466896092

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/10/10/2020-10-12-simplified-ppp-forgiveness-application-for-small-loans

     

    This week we look at:  

    • SBA's simplified Form 3508S for PPP forgiveness and the regulations authorizing its use for loans of $50,000 or less
  • Lenders told what to do when borrowers supply more expense documentation than necessary for full PPP loan forgiveness
  • Pre-PPPFA loan documents do not need to be modified to obtain PPPFA longer deferral period
  • QR codes will be added to CP14 and CP14 IA notices beginning later this month
  • SIFL rates for last half of 2020 published
  • Taxpayer finds no relief available for payroll taxes paid years earlier on nonqualified deferred compensation that will not paid due to subsequent bankruptcy of the employer
    • 38 min
  • Federal Tax Update: PPP Loans and Change of Ownership

    https://vimeo.com/464599458

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/10/4/2020-10-05-ppp-loans-and-change-of-ownership

     

    This week we look at:

    • Final regulations issued for meals and entertainment
  • Withholding on retirement and annuity distribution regulations issued
  • S Corporations get special election for GILTI issues
  • SBA issues guidance on change of ownership for entities with PPP loans outstanding
    • 53 min
  • Federal Tax Update: Revised Forms Issued for COVID 19 Relief

    https://vimeo.com/459712135

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/9/19/2020-09-21-revised-forms-issued-for-covid-19-relief

     

    This week we look at:

    • IRS discusses options for expedited private letter ruling requests
  • Web page for marijuana industry posted by the IRS
  • Corporation by law had no shareholders, thus no S election was possible
  • Draft form to be used by self-employed to claim COVID-19 sick pay credits published
  • Final version of Form 941-X to be used to revised 2Q 2020 Forms 941 released
    • 32 min
  • Federal Tax Update: What Is Not Part of a Signature

    https://vimeo.com/457524968

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/9/13/2020-09-14-what-is-not-part-of-a-signature

     

    This week we look at:

    • A California decisions discusses the concept of domicile for state residency status
  • IRS publishes special per diem rates for FY 2020/2021, including high-low rates
  • Medicaid coverage of COVID-19 testing and diagnostic services is not minimum essential coverage
  • Tax Court looks at the effective date for a change in innocent spouse provisions
  • An IP PIN ruled not to be part of the signature for an electronically filed tax returns
    • 53 min
  • Federal Tax Update: Remember the Secure Act

    https://vimeo.com/455078311

    https://www.currentfederaltaxdevelopments.com/podcasts/2020/8/29/2020-08-31-excellent-guidance-to-confirm-fears

     

    This week we look at:

    • IRS loses in an attempt to challenge a contribution of closely held stock to charity
  • Notice issued giving guidance on retirement plan changes enacted at the end of 2019
  • Second new version of Form 941 for 2020 released in draft form
  • Minister discovers he won't qualify to be paid social security or Medicare coverage due to not understanding employment taxes and pastors
  • IRS publishes web page on BBA Centralized Partnership Audit Regime
    • 57 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…