May 19, 2014

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

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This week's podcast includes:

• Tax Consequences of Proposed Trust Division
• No Gain or Loss Recognized on Transaction
• IRS Entitled to Reconstruct Business Income, Impose Penalties
• Gain From Sale of Property Is Ordinary Income; Penalty Imposed
• Individual Denied Joint Filing Status, Exemptions, and Credits
• Couple Denied Deductions for Easement Donations; Penalties Apply
• Individual Had Wage Income Not Business Income; Deductions Denied
• IRS Issues SB/SE Guidance on Collecting Civil Penalties