Mon, 14 May 2012
Nichols Patrick Weekly Tax Update
With E. Lynn Nichols, CPA
This week's podcast includes:
- OPR Planning add Staff and Open Regional Offices
- OPR Careful About Charging Practitioner Misconduct
- Final Regs on Allocation of Mortgage Insurance Premiums
- Tax Foundation Says Taxes Paid Exceed Housing, Food, Clothing Costs
- Beneficiary Who Acquired Home From Trust Not Eligible for Home Buyer Credit
- Taxpayer Not Required to Recognize Gain on Installment Notes Until Disposition
- Payments Received by Medical Professionals Under State Program Aren't Loan Repayments or Debt Forgiveness
- Bad Debt Deduction Denied, Deficiency Determination Upheld
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Mon, 7 May 2012
Nichols Patrick Weekly Tax Update
With E. Lynn Nichols, CPA
This week's podcast includes:
- When Circular 230 Conflicts With Tax Return Disclosure Rules
- Permanent U.S. Resident's Wages From Foreign Government Not Exempt From Taxes
- Bailey v. Commissioner: Was It 'Real Property Trade or Business'?
- Effective Dates for Reporting by Brokers for Debt Instrument, Options Transactions
- Noncustodial Parent Allowed to Claim Exemption Deduction Based on Separation Agreement
- IRS Shifting Resources for Greater Passthrough Compliance
- Ninth Circuit Affirms Sentence for Willful Failure to File Returns
- Court Dismisses Untimely Refund Claim
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Wed, 2 May 2012
Nichols Patrick Weekly Tax Update
With E. Lynn Nichols, CPA
This week's podcast includes:
- Sales at Prices Below Acquisition Cost Satisfy All-Events Test
- Cellular Communications Towers Classified for Depreciation Purposes
- Final Regs on Cross-Border Stock Transfers, Gain Recognition
- Proposed Regs on Deductibility of Local Lodging Expenses
- Overstatement of Basis Is Not an Omission From Gross Income
- Guidance on Whether Health Plans Provide Minimum Value
- IRS Publication Containing Guidance for Independent Contractor or Employee
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Tue, 24 April 2012
Nichols Patrick Weekly Tax Update
With E. Lynn Nichols, CPA
This week's podcast includes:
- Final Regs on Deferred Losses and Controlled Groups
- Final Regs on Income Ordering Rules for Payments to Charitable Beneficiaries
- Proposed Regs on Allocating E&P in Tax-Free Corporate Transfers
- IRS Addresses Claim Adjustments With Loss Carrybacks and Time-Barred Adjustments
- Final Regs on Reporting Interest Paid to Nonresident Aliens
- Revenue Procedure Implements Nonresident Alien Deposit Interest Regulations
- IRS Issues Proposed Regs on Program-Related Investments of Private Foundations
- Updated FAQ on Automatic Revocation and Reinstatement Procedures for Nonfiling Exempt Orgs
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Tue, 17 April 2012
Nichols Patrick Weekly Tax Update
With E. Lynn Nichols, CPA
This week's podcast includes:
- Conversion of Partnership to Corporation Governed by Section 351
- Possible Termination of S Corp Election Inadvertent
- Permission Granted to Revoke Investment Income Election
- Permission Granted to Revoke Election Not to Deduct Bonus Depreciation
- Extension Granted to Adjust Basis of Partnership Property
- Passive Activity Limitations Apply to Solar Equipment Sales 1/3
- Micro-Utility Activity Was Passive No Deductions; No Credit 2/3
- Losses From Solar Equipment Business Activity Disallowed 3/3
- Attorney's Equestrian Activities Weren't for Profit
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Mon, 9 April 2012
Nichols Patrick Weekly Tax Update
With E. Lynn Nichols, CPA
This week's podcast includes:
- Losses From Investment In Funds That, In Turn, Invested In Ponzi Scheme Are Theft Losses
- Long-Term Care Rider Will Be Treated as Insurance Contract
- Conversion Costs of Underperforming Slot Machines Deductible As Maintenance Expense
- Individual Required to Report Amount No Longer at Risk as Income
- Cost Segregation Professionals Group Comments on Proposed 'Repair' Regs
- Foster Care Income Exclusion Not Available to Natural Parent of Disabled Child
- Chief Counsel Establishes Economic Substance Advice Procedures
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Mon, 2 April 2012
Nichols Patrick Weekly Tax Update
With E. Lynn Nichols, CPA
This week's podcast includes:
- Penalty Relief Available for Farmers Affected by MF Global Bankruptcy
- 5th Circuit Affirms . . . Law Firm Workers Were Employees
- Interest on Taxpayer Indebtedness Hedged by Derivative is Deductible
- IRS Corporate Audit Practices to Focus on International, Midmarket Businesses
- Gifts of LLC Interests Were for Dollar Amount, Not Contrary to Policy
- Errors in Temporary Regs on Deduction and Capitalization of Tangible Assets
- Deposits to Bail Bond Agent's Indemnification Fund Are Not Deductible
- Court Finds Trust Beneficiary Was Gift Donee for Gift Tax Purposes
- Correct Treatment of Disallowed First-Time Home Buyer Credits When Calculating Innocent Spouse Relief
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Mon, 26 March 2012
Nichols Patrick Weekly Tax Update
With E. Lynn Nichols, CPA
This week's podcast includes:
- IRS Announces Applicable Federal Rates for April
- Taxpayer Representative Must Sign for Both Husband and Wife for Joint Return Election to Be Valid
- Practicing Tax? There's an App for That
- Value of Property Transferred to Family Limited Partnerships Not Included in Decedent's Estate
- Detective Compares Tax Refund Fraud to Crack Epidemic
- Roth IRA Was Ineligible S Corporation Shareholder
- Court Holds Estate Tax Regulation on Farmland Special Use Valuation Invalid
- Wages Paid to S Corporation Executives Were Not Research Expenses
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Mon, 19 March 2012
Nichols Patrick Weekly Tax Update
With E. Lynn Nichols, CPA
This week's podcast includes:
- Aircraft Management Fees Are Subject to Transportation Excise Tax
- No Exempt Status for Organization Providing Health Services
- Trust Is Valid “See-Through” Trust
- IRS Rules on Bonus Depreciation, Limited Component Election
- Extensions Granted to Elect Alternative Method and Not to Deduct Additional First-Year Depreciation
- Extension Granted to Defer Tax on Canadian Retirement Savings Plan
- Eligible Representatives Could Name Others as Eligible Representatives
- Most Components of Apartment Complex Depreciable as Buildings
- Foster Care Payments Taxable Due to Separate Residences
- IRS Memo Re: Exams Involving Capitalization of Repair Expense
- Arbitration Award Must Be Included In Gross Income
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Mon, 12 March 2012
Nichols Patrick Weekly Tax Update
With E. Lynn Nichols, CPA
This week's podcast includes:
- Organization Administering Wholesale Electricity Markets Is Exempt
- Limits on Home Acquisition, Equity Indebtedness Apply on Per-Residence Basis
- Attorney Not Entitled to Deduct International Consulting Business Expenses
- Automatic Method Change Guidance for Repair Regs Transition
- Accounting Method Changes for Costs to Repair, Maintain Tangible Property
- Accounting Method Changes for Depreciation, Disposition of Assets
- Some Individuals Providing Services to Auto Body Shop Were Employees, Others Were Not
- Audit Technique Guide on IC-DISCs
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