Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Temporary Regs Allow IRS to Designate Payments Eligible for Voluntary Withholding
  • Final Regs Raise User Fees for Installment Agreements, Offers in Compromise
  • Bonus Payment Under Oil and Gas Lease Is Ordinary Income
  • Inherited IRA Not Exempt From Bankruptcy Estate
  • Supreme Court Asked to Resolve Whether Inherited IRAs Are Exempt From Bankruptcy Estate
  • Valuation Misstatement Penalty Applies in Tax Shelter Case
  • Ninth Circuit Affirms Tax Crime Convictions
Direct download: Federal_Tax_Update_12_9_2013.mp3
Category:Federal Tax Update -- posted at: 1:33pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Second Circuit Affirms Couple's Liability for Deficiency, Penalty
  • Value of Insurance Polices Included in Couple's Income; Penalty Upheld
  • Professional Employer Organization Not Entitled to FICA Tax Tip Credit
  • Individual Granted Extension to Elect Foreign Earned Income Exclusion
  • Compensatory Damages, Including Lost Wages, Are Excludable From Gross Income
  • Court Holds Ministers' Housing Allowance Exemption Is Unconstitutional
  • Individual Can't Deduct Health Insurance Payments Made to Former Wife
  • Final Regs on Net Investment Income Tax
  • Proposed Regs on Net Investment Income Tax
  • Proposed Regs Define Candidate-Related Political Activities for Social Welfare Groups
Direct download: Federal_Tax_Update_12_2_2013.mp3
Category:Federal Tax Update -- posted at: 10:03am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Correcting Deduction of Commissions Is Not Accounting Method Change
  • Publication for 403(b)Tax-Sheltered Annuity Plan Sponsors
  • Rental Property Repairs, Expenses Not-Currently-Deductible Startup Costs
  • Partnership's Deduction for Qualified Conservation Contribution Is Disallowed
  • New York Cigarette Dealer Must Capitalize Costs of Cigarette Tax Stamps
  • Corporation Not Entitled to Claim Accelerated Deductions
  • Grant Thornton Ordered to Pay $100 Million in Damages for Sale of Tax Shelter
Direct download: Federal_Tax_Update_11_25_2013.mp3
Category:Federal Tax Update -- posted at: 12:23pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • IRS, HHS, and Labor Publish Final Regs on Equity for Mental Health Treatment
  • Taxpayer Advocate Slams IRS Customer Service
  • Fifth Circuit Affirms Disallowance of Bad Debt Deduction
  • Couple Not Allowed to Present Assessment Limitations Period Defense
  • Final Regs Providing Hardship Relief to Retirement Plan Sponsors
  • Second Circuit Vacates Tax Court Decision That Held Foundation Wasn't Liable as a Transferee
  • Couple Denied Deductions for Business Expenses
Direct download: SS_AUDIO_11_18_2013.mp3
Category:Federal Tax Update -- posted at: 11:02pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Contract Manufacturing Developments May Increase Coordination Among Parties
  • Proposed Bequest to Camp Would Constitute an 'Unusual Grant'
  • LB&I Issues Memorandum on IDR Enforcement Process
  • Bonuses Not Deductible Until Year of Payment
  • IRS Forcing All Applicants for Same-Day EINs to Apply Online
  • Officials Hope Taxpayers and Agents Will Be Reasonable Regarding Repair Regs' De Minimis Rule
  • IRS Announces Nationwide Availability of Fast-Track Settlement Program for Small Businesses, Self-Employed
  • Couple Denied Mortgage Interest Deduction for Interest Paid on Loan From Parent
Direct download: Federal_Tax_Update_11_12_2013.mp3
Category:Federal Tax Update -- posted at: 2:37pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Up-Front Incentive Payments Are Currently Deductible
  • Reinsurance Company's Exempt Status Revoked
  • Termination of S Corp Election Inadvertent
  • Status of TIGTA's Recommended Actions for IRS's Exempt Organization Division
  • Portion of Employment Discrimination Settlement Is Excludable From Income
  • Prohibited Transaction Resulted in Taxable Deemed Distribution
  • Inflation-Adjusted Tables for 2014
  • 2014 PTIN Renewal Period Opened 10/31/2013
  • Updated FAQ on Net Investment Income Tax
Direct download: Federal_Tax_Update_11_4_2013.mp3
Category:Federal Tax Update -- posted at: 12:12pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • PTIN Statistics
  • Individual's Prison Sentence for Failure to Remit Payroll Taxes Affirmed
  • Siblings Are Liable for Capital Gain Taxes on Sale of Inherited Property
  • Consideration Paid for Assignment Agreement Is Ordinary Income to Seller
  • Record Label Activity Not for Profit, Couple Liable for Deficiency + Penalty
  • IRS Failed to Corroborate Information On Form 1099 R
  • Guidance on Determining Timeliness of CDP or Equivalent Hearing Requests
Direct download: Federal_Tax_Update_10_28_2013.mp3
Category:Federal Tax Update -- posted at: 3:21pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Summary Judgment Denied in IRC Sec. 2035(b) Gift Valuation Issue
  • Custom Home Builder Subject to IRC Sec. 263A and Must File 3115 to Change
  • Supreme Court Grants Cert in Quality Stores
  • Bike-Share Program Is Not a Qualified Transportation Fringe
  • Individual's Claim of Tax Fraud Against Trustees Fails on Technical Grounds
Direct download: Federal_tax_update_10_07_2013.mp3
Category:Federal Tax Update -- posted at: 12:32pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • BB&T STARS Transaction Lacked Economic Substance; Penalties Apply
  • DOJ Announces $112 Million in Penalties in Abusive Tax Shelter Case
  • Guidance on Application of Windsor to Employment Taxes
  • Guarantors May Need to Document Net Worth
  • Parent Allowed to Claim Dependency Deductions, Credits, Head of Household Status
Direct download: Federal_Tax_Update_9_30_2013.mp3
Category:Federal Tax Update -- posted at: 12:37pm EST

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

This week's podcast includes:

  • Guidance on Dispositions of Tangible Depreciable Property
  • Guidance on Application of ACA Provisions to Healthcare Arrangements
  • Revised Rules for Spouses Requesting Equitable Relief From Tax Liability
  • IRS Enforcement Revenue and Employment Both Down Double Digits
  • TIGTA Recommends Improved Paid Preparer Penalty Assessment and Enforcement
Direct download: Federal_Tax_Update_9_23_2013.mp3
Category:Federal Tax Update -- posted at: 10:09am EST

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

This week's podcast includes:

  • Proposed Regs on Limitations on Importation of Net Built-In Losses
  • IRS Issues Guidance Clarifying Treatment of Preventive Healthcare Services
  • Federal Circuit Affirms Payroll Company is Not Employer for FICA and FUTA
  • No Refund to Estate; Remittance Was a Payment, Not a Deposit
  • Q&A on Health Insurance Premium Tax Credit
  • FAQ on Individual Shared Responsibility Provision of Affordable Care Act
  • IRS Publication Explains Taxpayer Advocate Service
  • Final Regs on Deduction and Capitalization of Tangible Assets
  • Proposed Regs on Dispositions of Tangible Depreciable Property
Direct download: Federal_Tax_Update_9_16_2013.mp3
Category:Federal Tax Update -- posted at: 12:34pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Sixth Circuit Dismisses Appeal in FedEx Research Tax Credit Case
  • Proposed Regs on Research and Experimental Expenses
  • Final Regs on Limitations on Duplication of Net Built-In Losses
  • Final Loss Duplication Rules With Fix for Transfers of Partnership Interests
  • IRS Addresses Tax Treatment of Attorney Fees Paid Under Settlement Agreements
  • IRS Must Honor Corporation's Designation of Voluntary Tax Payments
  • Final, Temporary Regs on Application of Straddle Rules to Debt Instruments
  • Proposed Regs on Healthcare Coverage Information Reporting
  • Proposed Regs on Information Reporting of Minimum Essential Coverage
Direct download: Federal_Tax_Update_9_9_2013.mp3
Category:Federal Tax Update -- posted at: 8:44am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Proposed Regs on Small Business Healthcare Tax Credit
  • Sixth Circuit Affirms Tax Court Decision Denying S Corp Losses, Deductions
  • Court Refuses to Dismiss Suit Challenging Church Exemption From Filing Requirements
  • Gift Tax Consequences of Proposed Disclaimers
  • Married Taxpayer Can't Claim Head of Household Status During Spouse's Temporary Absence
  • Tax Court Sides With IRS in Revocation of Booster Club's Tax-Exempt Status
  • Second Circuit Affirms Settlement Payment Was Subject to FICA Taxation
  • Tax Court Holds Individual Wasn't a Trader in Securities; Penalties Sustained
  • Treasury and IRS Announce Recognition of All Legal Same-Sex Marriages
  • All Legal Same-Sex Marriages Recognized for Federal Tax Purposes, IRS Rules
  • FAQ on Same-Sex Couples Married Under State Law
  • FAQ on Tax-Related Concerns for Registered Domestic Partners
Direct download: Federal_Tax_Update_09_03_2013.mp3
Category:Federal Tax Update -- posted at: 2:48pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • IRS Launches Affordable Care Act Website
  • Late-Filed 1120S Wasn't Disclosure; 6 Year Statute of Limitations Applies
  • Photo Processing Qualifies for Domestic Production Activity Deduction
  • 40 Questions (and 40 Answers!) on the New 3.8 Percent Tax
  • Transaction Lacked Economic Substance, Nontax Business Purpose
Direct download: Federal_Tax_Update_8_26_2013.mp3
Category:Federal Tax Update -- posted at: 12:46pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • 2013-14 Priority Guidance Plan Adds 501(c)(4) and DOMA Guidance
  • Individual an Employee; Made Excess Contributions to SEP
  • Purchase/Sale of Life Insurance Policy Does Not Affect Income Exclusion
  • Proposed Regs on Requesting Equitable Innocent Spouse Relief
  • Estate Made Partial Tax Payment, Not Deposit; Refund Denied
  • S Corp Liable for Employment Tax Deficiency, Additions Taxes
  • Final Regs on Information Disclosure for Insurance Affordability Programs
  • Doctor Must Report Income From S Corporation Interest
  • Rev. Proc. Consolidates Late S Corporation Election Procedures
  • Musician's Business Expense Deductions Allowed; No Penalties Imposed
  • IRS Announces Cuts to Refundable Corporate AMT Credit Payments
Direct download: Federal_Tax_Update_8_19_2013.mp3
Category:Federal Tax Update -- posted at: 10:09am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Owners of Gift Basket Company Granted Summary Judgment Allowing Section 199 “Qualified Domestic Production Deduction”
  • Manufacturing Tax Break Gone Wild
  • Individual Granted “Innocent Spouse” Relief From Liability on Joint Return
  • Couple Did Not Underreport Income: Credible Testimony Established Agency Relationship
  • S Corp Liable for Employment Tax Deficiencies and Penalties for Failure to Treat Payment to Shareholder as Wages
  • Losses From Bull Breeding Activity Limited by Failure to Satisfy Recordkeeping Requirements of Passive Activity Rules
  • Disability Payment Included in Income, Taxpayer Liable for Additions to Tax
  • Insurance Company Loses Tax-Exempt Status
  • Research Organization Is Denied Tax-Exempt Status
Direct download: Federal_Tax_Update_8_12_2013.mp3
Category:Federal Tax Update -- posted at: 11:05am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Transfers in Exchange for Self-Canceling Notes Are Taxable Gifts
  • Final Regs on Reimbursed Entertainment Expenses
  • No Transfer of Goodwill in Radio Station Like-Kind Exchange
  • Notices of Deficiencies Timely Due to Fraud, Omissions From Gross Income
  • Mortgage, Credit Card, and Utility Payments Were Income to Minister
  • Same-Sex Surviving Spouse Awarded Spousal Death Benefits
  • U.S. District Court Orders Recognition of Same-Sex Marriage in Ohio
Direct download: Federal_Tax_Update_8_5_2013.mp3
Category:Federal Tax Update -- posted at: 8:41am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Exemptions From Inclusion in Bankruptcy Estate Disallowed for Bad Faith
  • Minister Not Entitled to Parsonage Allowance Exclusion
  • Individual Who Supported Minor Denied Child Tax Credit and EITC
  • Couple Denied Deductions for “Business” Expenses, Penalties Assessed
  • IRS Releases Publication on Return Disclosure
  • Deferral of Advance Payments Under Gift Card Arrangements Clarified
  • Bad Debt Deduction Denied for Transfers to Family-Owned Business; Penalties Upheld
Direct download: Federal_Tax_Update_7_29_2013.mp3
Category:Federal Tax Update -- posted at: 8:26pm EST

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

This week's podcast includes:

  • Claim of Right Doctrine Does Not Apply to Unpaid Promissory Notes
  • Right to Receive “Dividends” Not an Incident of Ownership in Life Insurance Policies
  • CFC's Rental Income Is Foreign Personal Holding Company Income
  • Compensation for Psychological Damages Is Excludable From Income
  • IRS Fact Sheet Warns Employers Outsourcing Payroll Duties
  • FASB Finalizes Guide for Private Company Decision-Making
  • Thirty-one Percent of 2011 Schedules UTP Failed Concise Description Requirements
Direct download: Federal_Tax_Update_7_22_2013.mp3
Category:Federal Tax Update -- posted at: 12:13pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Couple's Earnings From CFC Were Taxable as Ordinary Income
  • QSST Beneficiary May Deduct Interest Expense on Loan to Acquire S Stock
  • Voting Trust and S Corporation Can Survive Death of Grantor
  • IRS Rules on Tax Consequences of Proposed Voting Trust
  • Final Rules Implementing Some Affordable Care Act Provisions
  • Transitional Relief From Health Insurance Reporting Requirements
  • D.C. Circuit Reverses Tax Court on Taxing Nonresident Alien Gambling Income
  • IRS Must Calculate Gambling Winnings Consistently for Citizens and Foreigners
  • Guidance on Tax Lien Notice Withdrawals Involving Installment Agreements
Direct download: Federal_Tax_Update_7_15_2013.mp3
Category:Federal Tax Update -- posted at: 11:33am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • S Corp Not Deemed to Have More Than 1 Class of Stock
  • Eleventh Circuit Affirms Decision Refusing to Quash IRS Summonses
  • Treasury Delays Employer Healthcare Insurance Mandate Until 2015
  • Final Regs on Deferred Discharge of Indebtedness Income of Corporations and Deferred OID Deductions
  • Final Regs on Deferred Discharge of Indebtedness Income of Partnerships, S Corps
  • S Corp Can Expense Business Assets Up to Maximum Sec. 179 Amount
  • IRS Advises on Tax Treatment of Severance Pay
  • Government Seeks Certiorari on FICA Tax Treatment of Severance Payments
  • IRS Provides Instructions for Optional Expedited Process for Some Tax-Exempt Applications
  • Eleventh Circuit Affirms Tax Court; Corporation Bound by Original Price Allocations
  • Individual's Rental Activity Losses Denied Under Passive Activity Loss Rules
Direct download: Federal_Tax_Update_07_08_2013.mp3
Category:Federal Tax Update -- posted at: 12:51pm EST

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

This week's podcast includes:

  • Repair Regs' Transition Guidance Will Give Taxpayers Flexibility
  • Application of Sale Proceeds to Pay Down Credit Line Not Fatal to Like-Kind Exchange
  • Conditional Return of Donation of Conservation Easement and Cash Bars Charitable Contribution Deduction
  • IRS Offers Streamlined Option to Free Some Groups From Backlog of Tax-Exempt Applications
  • Individual Owes Tax on Distribution From Former Wife's Retirement Account
  • Company's Services to Owner Shouldn't Be Treated as Constructive Dividend
  • Second Circuit Affirms Tax Court; Company Liable for Taxes, Penalties
Direct download: Federal_Tax_Update_07_01_2013.mp3
Category:Federal Tax Update -- posted at: 12:26pm EST

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Indemnity of a Partnership's Indebtedness Should Be Ignored, IRS Advises
  • Cash Settlement Payment Won't Be Treated as Other Than Voting Stock
  • Subsidiaries Will Be Treated as Having Joined Consolidated Return
  • Couple Liable for Self-Employment Taxes on Payments From USDA Conservation Reserve Program
  • LB&I Issues Memorandum on Information Document Requests
  • Tax Court Finds IRS Positions Justified, Denies Corporation Litigation Costs
  • IRS Analysis Finds Positive Results From Return Preparer Oversight
  • IRS Provides Information on Professional Responsibility and FBAR Filing Requirements
Direct download: Federal_Tax_Update_6_24_2013.mp3
Category:Federal Tax Update -- posted at: 2:39pm EST

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Collaboration Is a Partnership
  • Reminder - IRS Needs Judicial Approval to Levy a Principal Residence
  • Website Service Provider Denied Exempt Status . . . . 1 of 3 exemption rulings
  • Organization Supporting Polygamy Not Entitled to Tax-Exempt Status
  • Veterans Group Loses Tax-Exempt Status
  • NASBA advises private companies not to use the AICPA’s financial reporting framework for small and medium-sized entities
  • Abandonment of Property, Foreclosure of Mortgage Resulted in Capital Gain
  • Dentist Not Allowed to Deduct Expenses Incurred While Traveling to Work
  • Partner Not Allowed to Report Sale of Unrealized Receivables Under Installment  Method
Direct download: Federal_Tax_Update_06_17_2013.mp3
Category:Federal Tax Update -- posted at: 10:11am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Purported Management Fee Payments Weren't Deductible
  • Independent Contractor Can't Deduct Travel Expenses
  • Real Estate Activity Was Passive; Rental Property Losses Disallowed
  • No Carryover Deductions From Conservation Easement Contribution
  • Bankruptcy Court Denies Confirmation of Debtor's Plan for Not Including Future Tax Refunds
  • Payment to Former Spouse Not Alimony; No Penalty Imposed
  • Finance Committee Releases Tax Reform Paper on Income and Business Entities
  • Salesman Denied Deductions for Employee Business Expenses
  • Wells Fargo Not Required to Turn Over Some Tax Accrual Workpapers to IRS
Direct download: Federal_Tax_Update_06_10_2013.mp3
Category:Federal Tax Update -- posted at: 8:53am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Distribution of Foreign Company Stock Is Indirect Disposition of Intangible Property
  • Settlement Agreement Does Not Result in Self-Dealing
  • Relief for Single Rental Real Estate Activity Treatment Available At Appeals
  • New Draft Form for Reporting Specified Foreign Financial Assets
  • Supreme Court Denies Cert in Historic Boardwalk
  • Individual Granted Equitable Innocent Spouse Relief
  • Partnership Continues Following Series of Transactions That Make It A Single Member Entity
Direct download: Federal_Tax_Update_06_03_2013.mp3
Category:Federal Tax Update -- posted at: 10:22am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Fraternal Society's Sale of Insurance Policies to Nonmember Spouses Is Unrelated Trade or Business
  • Hawkins Says Tax Practitioners Don't Need Definitions of “Competence”
  • Termination of S Corp Election Inadvertent, IRS Requires Corrective Actions
  • Eleventh Circuit Affirms Stock Option Received for Performance of Services
  • Broadcaster's Promotional Service Fees Earned as Independent Contractor
  • Bankrupt QSub Did Not Have Property Interest in its QSub Status
  • Tax 'Glitch' Disallowing Traders' Losses Is Proving Hard to Resolve
  • Other Responsible Person's Payment Should Reduce Individual's Liability for Trust Fund Recovery Penalty
  • Treasury Preparing Transition Rules for Proposed Disguised Sale Regulations
Direct download: Federal_Tax_Update_5_28_2013.mp3
Category:Federal Tax Update -- posted at: 3:28pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Final Regs on Deemed Asset Sale Elections
  • Tax Court Vacates Summary Judgment to IRS in Whistleblower Suit
  • Restriction on Use of Property Affects Its Fair Market Value
  • Partnership Income Accrues on Last Day of Partnership Tax Year
  • Payments in Lieu of Health Benefits Are Taxable Wages
  • Couple Wasn't Entitled to Deduct Interest Added to Mortgage Principal
  • Q&A on Application Process for Groups Seeking Tax-Exempt Status
  • Class Action Alleges IRS Agents IRS Agents Illegally Seized Medical Records
Direct download: Federal_Tax_Update_5_20_2013.mp3
Category:Federal Tax Update -- posted at: 11:09am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Final Regs Require EIN Holders to Provide Current Information
  • Taxable Coop Can't Aggregate Patronage, Non-patronage Income for QDPD 
  • Elected Constables Are Employees for Tax Purposes; County Is Employer
  • Corporate Donation of Depreciated Property Not Subject to Sec. 291 Reduction
  • JCT Report and W&M Working Groups Could Smooth Route to Tax Reform
  • Tax Court Remands Case to IRS Appeals Office for Consideration, Clarification
  • Tax Court Dismisses Case Filed by Entity Whose Corporate Status Was Suspended
  • Researcher, Writer Can't Deduct Expenses for Trips to France
  • Individuals Engaged in Prohibited Transactions With IRAs
Direct download: Fedearl_Tax_Update_5_13_2013.mp3
Category:Federal Tax Update -- posted at: 11:19am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Maximum Values of Employer-Provided Vehicles for 2013
  • Determination of Trusts' Material Participation in Company
  • American Bar Retirement Association Wasn't Tax-Exempt Business League
  • Couple Denied Loss Deductions, Liable for Accuracy-Related Penalty
  • Guidance Published on Whether Health Plans Provide Minimum Value
  • Trusts Were Shams, Disregarded for Federal Tax Purposes
  • IRS to Amend Rules on Bottom-Dollar Guarantees
Direct download: Federal_Tax_Update_5_6_2013.mp3
Category:Federal Tax Update -- posted at: 8:16am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • IRS Publication on Requesting Certificate of Release of Tax Lien
  • Final Report on Tax-Exempt Colleges and Universities Compliance Project
  • Settlement Guidelines on Federal Tax Treatment of Refundable New York State Enterprise Zone Credits
  • Scary Tax Reform Concepts
  • CFO's Signature Ineffective on Power of Attorney Form
  • Marketplace Fairness Act Clears Another Procedural Hurdle in Senate
  • Ninth Circuit Affirms Tax Court Valuation of Life Insurance
  • Couple Had Unreported Income; Deposits Analysis Found Credible
Direct download: Federal_Tax_Update_4_29_2013.mp3
Category:Federal Tax Update -- posted at: 8:44am EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • California CPA Disbarred for Disreputable Conduct
  • Only a Portion of Disability Benefits Excludable From Gross Income
  • Offset of Self-Employment Tax Refunds Limited
  • Domestic Corporation’s Attempt to Disguise Dividends From CFC Fails
  • Requiring Joint Filing to Claim Adoption Credit Is Not Unconstitutional
  • IRS Destroyed More Than 12,000 Reports of Fraud in Fiscal 2012
Direct download: Federal_Tax_Update_4_22_2013.mp3
Category:Federal Tax Update -- posted at: 12:54pm EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • D.C. Circuit Affirms S Corporation Loss Cannot Be Delayed, Penalty
  • Cancellation of Notes Due From Partner Is Deemed Distribution
  • Vehicle Service Contracts Qualify as Insurance
  • S Corp Does Not Have More Than 1 Class of Stock
  • “CARDS” Transaction Lacked Economic Substance
  • Cancellation of Debt Not Compensation, No Accuracy-Related Penalty
  • Advances to New Physicians Not Loans; Medical Clinic Denied Refund of FICA Taxes Paid
  • Sole Shareholder's Compensation Unreasonable; Penalty Applies to Tax Underpayment
  • IRS Fact Sheet Explains How to Report Natural Resources Income
  • Reporting Requirements for Gifts From Foreign Individuals
Direct download: Federal_Tax_Update_4_15_2013.mp3
Category:Federal Tax Update -- posted at: 9:14pm EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Book Publisher's Activities Are Not Production Activities
  • Reporting Requirements for Condemnation Payments
  • AIG Loses Summary Judgment Motion in Economic Substance Dispute
  • Final Report on Retirement Plan Questionnaire Results
  • 2013 Allowable Living Expense Standards
  • Rental Losses Are Passive, Accuracy-Related Penalty Upheld
  • CPA Firm Seeks Clarity In Proposed Net Investment Income Tax Regs
  • Net Investment Income Tax May Not Qualify for Foreign tax Credit
  • Sixth Circuit Affirms Enforcement of IRS Summons to Payroll Company
  • Ninth Circuit Affirms Estate's Liability for Late-Filing Penalty
  • Texas CPAs Say Repair Regs Fail to Reflect How Small Businesses Operate
Direct download: Federal_Tax_Update_4_8_2013.mp3
Category:Federal Tax Update -- posted at: 3:24pm EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • How to Dispute Employment Tax Assessment
  • State Law Determines Who Can Bind Partnership
  • Questionnaire Sent to Groups That Declare Themselves to Be Tax Exempt
  • Tax Court Determines Reasonable Compensation for Corporate Officers and Employees, Then Determines Reasonable Rental for Warehouse and Office
  • Transfer of Patents Was a Sale Subject to Amortization
  • Payments for Compensatory Damages Are Ordinary Business Expenses
  • Hawkins Elaborates on Conflicts of Interest
  • Appeals Court Refuses to Lift Injunction on Return Preparer Regulations
  • 2012 Employee Plans Issue Focus Paper on Plan Terminations
Direct download: Federal_Tax_Podcast_4_1_2013.mp3
Category:Federal Tax Update -- posted at: 10:59am EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Federal Agency's Commissioners Are Employees for Tax Purposes
  • Distributions of Damages Are Excludable From Victims' Income
  • IRS Publishes Final, Temporary Regs on Outbound Asset Transfers
  • IRS Publishes Proposed Regs on Waiting Period for Health Insurance
  • IRS Announces Penalty Relief for Delayed 2012 Tax Forms
  • IRS Provides Penalty Relief for Delayed 2012 Tax Forms
Direct download: Federal_Tax_Update_3_25_2013.mp3
Category:Federal Tax Update -- posted at: 3:13pm EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • IRS Stops Printing Paper Copies of Internal Revenue Bulletin
  • Exterior HVAC Units Are Not Qualified Leasehold Improvement Property
  • Ruling Permitting Late S Corp Election Has Limited Effect
  • Value of Interests in Artwork Determined for Estate Tax Purposes
  • ank Deposits Determine Taxable Income of Pastors
  • Family Support Payments Are Deductible as Alimony
  • Application of UNICAP Method to OREO Property Costs
  • FAQ on Schedule UTP Revised
Direct download: Federal_Tax_Update_3_18_2013.mp3
Category:Federal Tax Update -- posted at: 8:52pm EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • 2nd Circuit Reverses Tax Court; Tax Assessments Are Timely
  • E & Y Pays $123 Million to Settle Tax Shelter Investigation
  • Proposed Regs on Health Insurance Provider Fee
  • Recognized Built-In Loss Not Treated Separately in Annual Tax Calculation
  • OREO Property Not Considered Acquired for Resale; Not Subject to 263A
  • Couple Deceived by Construction Company May Claim Theft Loss Deduction
  • Certification Period for Work Opportunity Credit Extended 
  • Judicial Doctrines Should Not Prevent Deferred Gain Recognition
  • Loan Proceeds Are Includable in Income When All Events Test Is Met
  • Minimum Royalties Must Be Capitalized
Direct download: Federal_Tax_Update_3_11_2013.mp3
Category:Federal Tax Update -- posted at: 10:55am EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • IRS Files Notice of Appeal in Return Preparer Regulations Case
  • Government Seeks Stay in PTIN Reg Case
  • Payments Under Settlement Agreement Are Deductible Business Expenses
  • Proper Year to Deduct Theft Loss Claim Based on Fraudulent Investment
  • IRS Addresses Effect on Amounts at Risk for Guarantees of LLC Debt
  • 2013 Limits on Depreciation Deductions for Autos
  • Bank Must Capitalize Costs Associated With Holding OREO Property
  • IRS Releases Publication on Choosing a Small Business Retirement Plan
  • Voluntary Worker Classification Settlement Program Expanded
  • FAQ on Voluntary Classification Settlement Program
  • Workers Were Employees; Company Owner Liable for  Employment Taxes
Direct download: Federal_Tax_Update_3_4_2013.mp3
Category:Federal Tax Update -- posted at: 12:15pm EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Electronic Health Record Incentive Payments Must be Included in Income, and Reported by Payor
  • Updated List of Farm Crops That Must Be Capitalized
  • Termination of Insurance Policy Results in Taxable Income
  • Updated Publication Gives Contact Information for Taxpayer Advocate Service
  • Home Mortgage Interest Deduction Limited by Choice of Filing Status
  • Horse Breeding Not For-Profit; Deductions Denied; Accuracy Penalty Upheald
  • Horse Breeding Not for Profit, Deductions Denied, No Accuracy Penalty
  • Deductions Disallowed, Accuracy-Related Penalties Applied
  • No Deductions for Rental Real Estate Losses; Penalties Upheld
Direct download: Federal_Tax_Update_2_25_2013.mp3
Category:Federal Tax Update -- posted at: 8:32am EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • First Circuit Affirms Dismissal of Malpractice Suit Against Accountant
  • Extension to File Request to Change Accounting Period Denied
  • Request to Change Accounting Period Deemed Timely Filed
  • Final Regs on Tax Treatment of Noncompensatory Partnership Options
  • Proposed Noncompensatory Partnership Option Regs
  • Partnership Options Regs Finalized, Expanded Recharacterization Rule Proposed
  • Real Estate Losses, Deductions Denied; Accuracy-Related Penalties Upheld
  • Failure to Provide Qualified Appraisal Results in Denial of Charitable Deduction
  • Improper Basis Adjustment to S Corporation Stock
  • Accountants Liable for Trust Fund Recovery Penalties
  • Easement Granted In Exchange for Subdivision Exemption Wasn't Deductible as Charitable Contribution
  • Settlement Payments Not Deductible; Government Granted Summary Judgment
Direct download: Federal_Tax_Update_Feb._11_2013.mp3
Category:Federal Tax Update -- posted at: 8:59am EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • No Deduction for Conservation Easement Donation
  • Taxpayers Failed to Disclose Listed Transaction; Penalty Upheld
  • Proposed Regs on Individual Shared Responsibility Provision
    • FAQ on Individual Shared Responsibility Provision
    • Fact Sheet on Healthcare Shared Responsibility Rules
  • Tax Court Rejects IRS Adjustments to Automobile Businesses' Gross Receipts
  • Claims Court Has Jurisdiction to Determine Application of Accuracy-Related Penalty

Direct download: Federal_Tax_Update_Feb._4_2013.mp3
Category:Federal Tax Update -- posted at: 4:47pm EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • TIGTA Releases Fiscal 2013 Audit Plan
  • Applicable Federal Rates for February
  • Penalty Relief for Farmers and Fishermen
  • Reasonable Cause Can Be Considered in Partnership-Level Proceeding
  • Individual Liable for Additional Tax on IRA Distribution
  • Tax Court Asserts Accuracy-Related Penalty in Like-Kind Exchange
  • Government Asks Court to Suspend Injunction in Return Preparer Regs Case
Direct download: Federal_Tax_Update_Jan._28_2013.mp3
Category:Federal Tax Update -- posted at: 2:21pm EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Proposed Regs on Employer Shared Responsibility for Health Insurance Coverage
  • Q&A on Employer Shared Responsibility Provisions Under Affordable Care Act
  • Proposed Regs on Truncated Taxpayer Identification Numbers
  • Cost of Fiscal Cliff Avoidance Bill Estimated at $3.9 Trillion
  • IRS Publication on Taxable and Nontaxable Income
  • Social Security Disability Benefits Are Includable in Income
Direct download: Federal_Tax_Update_Jan._7_2013.mp3
Category:Federal Tax Update -- posted at: 8:50am EST

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