Nichols Patrick Weekly Federal Tax Update Podcast with Ed Zollars, CPA

This week's podcast includes:

  • Section: 163 Safe Harbor Repair & Capitalization Methods for Cable System Operators Under New Tangible Property Repair & Capitalizations Published by IRS
  • Section: 469 Taxpayer with Single Triplex Rental Found to be Real Estate Professional & Met Material Participation Standard
  • Section: 6901 Tax Court Erred in Finding New York Fraudulent Conveyance Statute Did Not Apply
  • And Much More...
Direct download: SS_AUDIO_12_29_2014.mp3
Category:Federal Tax Update -- posted at: 1:55pm EST

Nichols Patrick Weekly Federal Tax Update Podcast with Ed Zollars, CPA

This week's podcast includes:

  • Section: 170 Right to Substitute Land Subject to Conservation Easement Rendered Contribution Not a Qualified Conservation Contribution
  • Section: 501 Organization LacksStanding to Challenge Church's Exemption from Filing Form
  • Section: 7436 TEFRA Procedures Do Not Apply to Payroll or Worker Classification Examinations of Partnerships
Direct download: SS_AUDIO_12-22-2014.mp3
Category:Federal Tax Update -- posted at: 6:33pm EST

Nichols Patrick Federal Tax Update Weekly Podcast with Ed Zollars, CPA

This week's podcast includes:

  • Legislation Revenue Provisions of the Achieving a Better Life Experience (ABLE) Act of 2014
  • Section: 274 Auto Mileage Rates for 2015 Published by IRS
  • Section: 6038D IRS Issues Final Regulations for Reporting Foreign Financial Assets Under FACTA
  • And Much More...

 

Direct download: SS_AUDIO_12_15_2014.mp3
Category:Federal Tax Update -- posted at: 12:22pm EST

Nichols Patrick Weekly Federal Tax Update Podcast with Ed Zollars, CPA

This week's podcast includes:

  • Tax Increase Prevention Act for 2014
  • Achieving a Better Life Experience (ABLE) Act of 2014
  • Section:  6511 Use of the Wrong Form for an Innocent Spouse Claim for Refund Did Not Qualify as Informal Claim, Perfected Claim Filed After Closing of Statute of Limitations
  • And Much More...
Direct download: SS_AUDIO_12_08_2014.mp3
Category:Federal Tax Update -- posted at: 8:09am EST

Nichols Patrick Weekly Federal Tax Update Podcast with Ed Zollars, CPA

This week's podcast includes:

  • Section: 36B Affordable Percentages for 2016 Released by IRS
  • Safe Harbor Structure for Partnerships Allocating Rehabilitations Credits Provided by IRS
  • Section: 5000A IRS Publishes List of Hardship Exemptions for Which a Specific Application to State Exchange Not Required
  • And Much More...
Direct download: SS_AUDIO_12_01_2014.mp3
Category:Federal Tax Update -- posted at: 8:46am EST

Nichols Patrick Weekly Federal Tax Update with Don Paul Cochran, JD, CPA, CFP

This week's podcast includes:

  • Section: 106 Department of Labor Clarifies in FAQ Types of Employer Arrangements that Run Afoul of Notice 2013-54
  • Section: 162 Sponsorship of Corporation Shareholder's Son's Motocross Activity Found to Be a Reasonable Business Expense
  • Section: 280A Tax Court Analyzes Application of Rules on Personal Use to Vacational Rental
  • And Much More...
Direct download: SS_AUDIO_11_24_2014.mp3
Category:Federal Tax Update -- posted at: 8:44am EST

Nichols Patrick Weekly Federal Tax Update Podcast with Ed Zollars, CPA

This week's podcast includes:

  • Section: 36B IRS Provides Special Rule for Pregnant Women Temporarily Eligible for Medicaid or CHIP Coverage, May Continue to Qualify for Premiums
  • Section: 368 Final Regulations Issues on Allocation of Basis in All Cash D Reorganizations
  • Section: 3301 DOL Releases List of States That Face Reduction of FUTA Credit for 2014
  • And Much More...

 

Direct download: SS_AUDIO_11_17_2014.mp3
Category:Federal Tax Update -- posted at: 12:49pm EST

Nichols Patrick Weekly Federal Tax Update Podcast with Ed Zollars, CPA

This week's podcast includes:

  • Section: 36B  Plans that  Fail to Offer Significant In-Patient Hospitalization and/or Physician Coverage Will Not Offer Minimum Value
  • Section: 381 Regulations Provide for Transfer of Earnings & Profit in Certain Corporate Tax Free Transactions
  • And Much More...

 

Direct download: SS_AUDIO_11_10_2014.mp3
Category:Federal Tax Update -- posted at: 1:25pm EST

Nichols Patrick Weekly Update Podcast with Ed Zollars, CPA

This week's podcast includes:

  • Section:1 Inflation Adjusted Numbers Issued by IRS for 2014
  • Section: 163 No Interest Deduction Allowed for Accrued Interest on Mortgage Refinanced with Same Lender
  • Section: 751 Proposed Regulations Issued That Would Revise Hot Asset Treatment for Partners
  • And Much More...
Direct download: SS_AUDIO_11_03_2014.mp3
Category:Federal Tax Update -- posted at: 10:53am EST

Nichols Patrick CPE Weekly Federal Tax Update Podcast with Ed Zollars, CPA

This week's podcast includes:

  • WBHAA Did Not Impose New Temporary Ordering Rules for Alternative Tax Net Operating Losses
  • IRS Announces 2015 Qualified Plan Inflation Adjusted Limits
  • Social Security Wage Base & Other Related Items for 2015
  • And Much More...
Direct download: 2014-10-27_Update.mp3
Category:Federal Tax Update -- posted at: 1:33pm EST

Nichols Patrick Weekly Federal Tax Update with Ed Zollars, CPA

This week's podcast includes:

  • Section: 132 Differences Between Employer Operated Van Pool & Public/Private Van Pool Detailed for Application of 80/50 Rule for Transportation
  • Section: 165 Lack of Records Leads to Denial of Gambling Losses for Taxpayer, Penalties Imposed
  • Section: 465 Moving Company's Accrued Liability for Goods Damaged in Transit Does Not Qualify for Recurring Item Exception
  • And Much More...

 

Direct download: SS_AUDIO_10_20_2014.mp3
Category:Federal Tax Update -- posted at: 11:23am EST

Nichols Patrick CPE  New "Repair Regs" Sec. 263(a)

Direct download: Repair_Regulations_Promotion.mp3
Category:general -- posted at: 11:19am EST

Nichols Patrick Weekly Federal Tax Update with Ed Zollars, CPA

This week's podcast includes:

  • Section: 61 IRS "Clarifies" Limits of California Short Sale Laws Impact on Treatment Debt as Nonrecourse, Backing Off Earlier Letter
  • Section: 4943 Foundation Fails to Show Reasonable Cause to Justify Abatement of First Tier Tax on Excess Holdings
  • Section: 7701 Letter on Treatment of Green Card Holders Published by IRS
  • And Much More...
Direct download: SS_AUDIO_10_13_2014.mp3
Category:Federal Tax Update -- posted at: 5:41pm EST

Nichols Patrick Weekly Tax Update Podcast with Ed Zollars, CPA

This week's podcast includes:

  • Section: 41 S Corporation CEO/Shareholder Found Unreasonably High, Court Substantially Reduces Research Credit
  • Section: 183 Despite Decades of Losses, Taxpayer Found to Have Profit Motive for Business as Artist
  • Section 2031 Estate's Claimed Discounts on Fractional Interest of Art Allowed in Full When IRS Only Argues No Discounts Are Allowed
  • And Much More...
Direct download: SS_AUDIO_10_06_2014.mp3
Category:Federal Tax Update -- posted at: 12:24pm EST

Nichols Patrick Weekly Federal Tax Update Podcast with Ed Zollars, CPA

This week's podcast includes:

  • Section: 125 New Options Provided Where Cafeteria Plan May Allow Participants to Revoke Health Plan Participation Election During Plan Year
  • Section: 408 Tax Court Rules, in Split Opinion, That U.S. Civil Service Retirement System Not Required to Take IRA Rollover
  • Section: 7701 Failure to Formally Abandon Lawful Permanent Resident Status Causes Individual to Be Subject to Tax on Worldwide Income
  • And Much More...
Direct download: SS_AUDIO_09_29_2014.mp3
Category:Federal Tax Update -- posted at: 1:03pm EST

Nichols Patrick Weekly Federal Tax Update Podcast with Ed Zollars, CPA

This week's podcast includes:

  • Section:61 Guarantor Who Fails to Pay Debt Guarantee Does Not Recognize Cancellation of Indebtedness Income
  • Section: 402 IRS Modifies Allocation of Before and After Tax Amounts Rolled Over from Retirement Plans
  • Section: 3402 IRS Issues Regulations Allowing IRS to Provide for Voluntary Withholding Arrangements
  • And Much More...
Direct download: SS_AUDIO_09-22-2014.mp3
Category:Federal Tax Update -- posted at: 12:48pm EST

Nichols Patrick Weekly Federal Tax Update Podcast with Ed Zollars, CPA

This week's podcast includes:

  • Section OPR Describes When Employees of Corporation Under Examination Become Subject to OPR Jurisdiction
  • Section 61: Damage Award Recieved From Tax Advisor Related to Tax Shelter Advice Not Includible In Gross Income As Taxpayer Abandoned Alternative  Plan That Would Have Reduced Tax
  • Section 170 : IRA Payment Made to Charity to Comply with Retain State Operating Certificate Found to be Business Expense, Not Charitable Contributions
  • And Much More...
Direct download: SS_AUDIO_09_15_2014.mp3
Category:Federal Tax Update -- posted at: 1:04pm EST

Nichols Patrick Weekly Federal Tax Update with Ed Zollars, CPA

This week's podcast includes:

  • Section:31 Voluntary Payment Designation That Designates Payment to be Applied to Taxes of Another Taxpayer Must Be Respected by IRS, IRS Announces Non-Acquiesence
  • Section:723 No Basis for Partners' Own Promissory Notes Contributed to Partnership
  • Section: 1001 Taxpayer's "Swap" Did Not Create Basis to Shelter Gain on Sale of Stock
  • And Much More...

 

Direct download: SS_AUDIO_09_08_2014.mp3
Category:Federal Tax Update -- posted at: 1:28pm EST

Nichols Patrick Weekly Federal Tax Update Podcast with Ed Zollars, CPA

This week's podcast includes:

  • IRS Issues Warning About Phone Scams
  • IRS Determines Virtual Sorority Cannot Be a Section 501(c)(7) Social Club
  • Tax Court Clarifies Calculation of Gross Income Following Home Concrete Decision
  • And Much More...
Direct download: SS_AUDIO_09_02_2014.mp3
Category:Federal Tax Update -- posted at: 2:07pm EST

Nichols Patrick Federal Tax Update Podcast with Ed Zollars, CPA

This week's podcast includes:

  • Taxpayer Met Material Participation Standard Based on the "Facts & Circumstances" Test
  • IRS Makes Revisions to LCM Retail Inventory Method & Provides for Automatic Accounting Method Change
  • CFO Still Responsible Person Despite Lender's Refusal to Advance Funds to Pay Payroll Taxes, Rather Demanding Payment of Other Expenses
  • And Much More...

 

Direct download: SS_AUDIO_08_25_2014.mp3
Category:Federal Tax Update -- posted at: 1:07pm EST

Nichols Patrick Weekly Federal Tax Update with Ed Zollars, CPA

This week's podcast includes:

  • Taxpayers Participating in Gambling Treatment Program Where Any Winnings are Forfeited to the State Not Taxable on Winnings Forfeited
  • "Disregarded" LLC Must Be Considered When Valuing Charitable Contribution
  • IRS Issues Last Set of Final Regulations from Tangible Property Project Related to Group Asset Accounts
  • Fact that TMP Was Under Criminal Investigation Did Not Invalidate FPAA
  • And Much More...

 

Direct download: SS_AUDIO_08_18_2014.mp3
Category:Federal Tax Update -- posted at: 9:32pm EST

Nichols Patrick Weekly Federal Update Podcast with Ed Zollars, CPA

 

This week's podcast includes:

  • Office in Home Rules Applied to RV, No Deduction Allowed Despite Showing of Business Use
  • Despite Admission of Advisor of Giving Bad Advice, IRS Denies Late Rollover Relief
  • Aircraft Was Separate Activity from Business, Taxpayer Failed to Show Material Participation
  • Final Whistleblower Regulations Issued by IRS
  • And More...

 

Direct download: SS_AUDIO_08_11_2014.mp3
Category:Federal Tax Update -- posted at: 12:46pm EST

Nichols Patrick Weekly Tax Update with Edward K. Zollars, CPA

This week's podcast includes:

  • Court Allows for Unavoidable Personal Use of Office Portion of Studio Apartment, Grants Deduction
  • Advisor's Assurance that Investment Would Be Returned Within 60 Days Found to Provide Cause to Grant Relief for Late Rollover
  • No Current Deduction Allowed for Unredeemed Portion of Customer Loyalty Program Discounts, as Fact of Liability Not Yet Established
  • Draft Form to Report Individual Shared Responsibility Payment Exemption Released by IRS
  • IRS Releases Reconciliation of Premium Tax Credit Form
  • And More....

 

Direct download: SS_AUDIO_08_04_2014.mp3
Category:Federal Tax Update -- posted at: 6:20pm EST

Nichols Patrick Weekly Federal Tax Update Podcast with Edward K. Zollars, CPA

 

 

This week's podcast includes:

  • Fact Mother Named Custodial Parent in Divorce Not Relevant to Dependency Exemption When Child Spends More Nights with Father
  • Organization Offering Qualified Plans to Attorneys Only Not a Tax Exempt Business League
  • Final Regulations Clarify that Partnership May Not Write-off Unamortized Start-up Costs or Partnership Organization Costs Due to a Technical Termination
  • And More...
Direct download: SS_AUDIO_07_28_2014.mp3
Category:Federal Tax Update -- posted at: 5:00pm EST

Nichols Patrick  Federal Tax Update Podcast with Edward K. Zollars, CPA

 

This week's podcast includes:

  • Contingent Fee Rule in Circular 230 Struck Down Provisions Regulating Preparations By CPAs Brought Into Question
  • IRS Unveils Voluntary Tax Preparer Registration Program Despite Complaints of AICPA & NAEA, AICPA Files Suit To Block While National Taxpayer Advocate Praises The Program
  • IRS Issues Final Regulations On Deductions Subject to 2% Limitation For Fiduciary Returns, Delays Effective Date
  • Debt Secured By Different Residence Not Acquisition Debt For Qualified Mortgage Debt Exclusion
  • And More...
Direct download: SS_AUDIO_07_21_2014.mp3
Category:Federal Tax Update -- posted at: 12:25pm EST

Nichols Patrick Federal Tax Update Podcast with Edward K. Zollars, CPA

 

 

This week's podcast includes:

  • PROPERTY WAS NO LONGER (IF EVER) A RENTAL TRADE OR BUSINESS, INTEREST ONLY POTENTIALLY DEDUCTIBLE AS HOME MORTGAGE INTEREST
  • FAILURE TO ESTABLISH A BONA FIDE DEBT FATAL TO TAXPAYER'S CLAIMED BUSINESS BAD DEBT DEDUCTION
  • IRS OFFICIALLY WITHDRAWS PROPOSED REGULATIONS AT ODDS WITH COURT RULINGS IN THE BOBROW IRA CASE
  • AND MORE....
Direct download: 2014-07-14_Update.mp3
Category:Federal Tax Update -- posted at: 2:27pm EST

Nichols Patrick Federal Tax Update  with Edward K. Zollars, CPA

 

 

This week's podcast includes:

  • IRS Unveils Voluntary Tax Preparer Registration Program Despite Complaints of AICPA &  NAEA
  • IRS Issues Proposed Final Regulations On Post - 2013 Smaller Employer Health Care Credit
  • Participants in Defined Contribution Plans to be Allowed to Use a Portion of Benefits to Purchase Qualified Longevity Annuity Contract
  • IRS Issues Simplified Form 1023 fir Small Section 501 (C)(3) Organizations
  • Merged Corporations Allowed to use Interest Netting Rules for Pre & Post Merger Tax Overpayments & Underpayments
  • IRS Not Required to "Piece Together" Hints Regarding Omitted Income, Tax- Payer Hit With Six Year Statute of Limitations
Direct download: SS_Audio_07_07_2014.mp3
Category:Federal Tax Update -- posted at: 7:47pm EST

Nichols Patrick Federal Tax Update Podcast  with E. Lynn Nichols, CPA

 

 

This week's podcast includes:

  • Fraternal Group's Insurance Sales Related to Exempt Purpose
  • Loan to ESOPs Is a Prohibited Transaction
  • Final Regs on Waiting Period for Health Insurance
  • IRS May Investigate, Assess Preparer Penalties 
    Before Return Examined
  • Individual Who Didn't Retrieve Mail Can't Challenge Tax Liability
  • Tax Court Disallows Business Deductions, Upholds Penalty
  • And much more!!
Direct download: SS_AUDIO_06_30_2014.mp3
Category:Federal Tax Update -- posted at: 9:47am EST

Federal Tax Update Podcast    With E. Lynn Nichols, CPA

This week's podcast includes:

  • Sixth Circuit Affirms Business Expense Deductions for Lease Buyout
  • Tax Court Disallows Rental Real Estate Losses, Imposes Penalty
  • Complexity Causes Students to Forgo Tax Credit
  • Tax Court Disallows Travel Agent's Business Expense Deductions
  • Partnership's Charitable Contribution Deduction Denied
  • Individual Allowed Deductions for stepchildren, Not Former Wife
  • Tax Practitioner's Rights in Circular 230 Disciplinary Cases
Direct download: SS_AUDIO_06_23_2014.mp3
Category:Federal Tax Update -- posted at: 11:06am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Taxpayer Not Securities Dealer Under Section 475
  • Online Poker Accounts are “Foreign Bank Accounts” for FBAR Inclusion
  • Termination of S Corp Election Inadvertent
  • IRS Discusses Application of Reportable Transaction Penalty
  • Final Circular 230 Regs Eliminate Covered Opinion Rules
  • Individual's Transaction Can't Be Treated as Like-Kind Exchange
  • IRS Revises Guidance for Practitioners Sanctioned Under Circular 230
  • Stock Rights Aren't Considered Nonqualified Deferred Compensation Plans
  • Tax Court Allows Some Deductions but Upholds Penalties
  • Supreme Court Holds Inherited IRA Not Exempt in Bankruptcy
  • Additional Alimony Deduction Denied; Penalty May Apply
Direct download: SS_AUDIO_6_16_2014.mp3
Category:Federal Tax Update -- posted at: 10:29am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  1. Termination of S Corp Election Inadvertent
  2. Foundation's Operation of Apartments Not Excess Business Holdings
  3. Final, Temporary Regs on Research Credit Election
  4. Development Companies' Contracts Not Home Construction Contracts
  5. PwC Discusses Effect of New Revenue Standard on Tax Accounting
  6. Tax Court Can Review Whistleblower Claim Award Determination
    Tax Court Refuses to Dismiss Whistleblower Petition
  7. Owner Didn't Receive Intangible Assets From Trucking Company
  8. Purchase of Property Resulted in Taxable Distribution From IRA
Direct download: SS_AUDIO_06_09_2014.mp3
Category:Federal Tax Update -- posted at: 4:04pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Disallowed Loss Still Reduces Shareholders' Bases in S Corp Stock
  • Refund of State ITC Is Treated as Ordinary Income
  • Jury Upholds FBAR Fines Totaling 145 Percent of Account Value
  • FASB and IASB Release Long-Awaited Revenue Standard
  • IRS Didn't Abuse Discretion in Rejecting Compromise Offer
Direct download: SS_AUDIO_06_02_2014.mp3
Category:Federal Tax Update -- posted at: 3:21pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Individual Must Recognize Previously Excluded Gain on Property
  • IRS Guidance Expected on Dual Partner/Employee Status
  • Suspended Passive Losses Not Deductible – No Disposition
  • Retirement Plan Penalty Relief Program Begins in June
  • IRS Denied Summary Judgment in Estate Tax Deficiency Case
  • LLC Owner at Risk for Loan; Aircraft Leasing Wasn't Passive
  • IRS Releases Draft Form 990-EZ for 2014
  • Ranch Not Required to Use Accrual Method

 

Direct download: SS_AUDIO_05_27_2014.mp3
Category:Federal Tax Update -- posted at: 3:43pm EST

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

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
Direct download: SS_AUDIO_05_19_2014.mp3
Category:Federal Tax Update -- posted at: 1:20pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Rehabilitation of Contiguous Properties Is Single Project
  • Who is Eligible Tax Matters Partner?
  • Consultant Received Guaranteed Payments as Partner
  • Partnership Overvalued Conservation Easement, But Not By Much!
  • Vehicle Expense Deduction Denied Due to Poor Records
  • Unsubstantiated Deductions Denied; Accuracy Penalties Upheld
  • Final Regs Address Estate, Trust Costs Subject to 2 Percent Floor
  • Arrangement to Fund Benefits Through Subsidiary Is Insurance
  • Tax Court Finds Couple's Home Improvement Wasn't a Business
Direct download: Federal_Tax_Update_05_12_2014.mp3
Category:Federal Tax Update -- posted at: 12:36pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • IRS Approves LLC's Alternative Basis Recovery Method
  • Plan Distribution Includable in Income; Penalty Upheld
  • Tax Court Grants Individual Innocent Spouse Relief
  • IRS Publication on 401(k) Plans for Small Businesses
  • Horse Activities Were for Profit for Some Years, Not Others
  • District Court Reverses Bankruptcy Court's Discharge of Taxes
  • More Than Expected Eligible for ACA Premium Assistance Credits
Direct download: Federal_Tax_Update_05_05_2014.mp3
Category:Federal Tax Update -- posted at: 2:32pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Streamlined Exemption Application Available to Small EOs
  • Tenth Circuit Affirms Decision Denying Tax Refund for Corporation
  • Fellowship Cash Stipend, Grant Funds Subject to Tax
  • Couple Didn't Operate Amway Activity for Profit, Deductions Denied
  • 2015 Inflation-Adjusted Amounts for HSAs
  • SB/SE Interim Guidance on OIC Payment Options
  • SB/SE Guidance on Principal Residence Foreclosure Suits
Direct download: Federal_Tax_Update_04_28_2014.mp3
Category:Federal Tax Update -- posted at: 10:20am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Foreclosure on Passive Activity Property Is Taxable Transaction
  • Estate Failed to Make a Valid Installment Payment Election
  • Tax Court Orders Production of Opinion Letters, Privilege Waived
  • Individual Entitled to Dependency Exemption Deduction and Child Credits
  • Individual Not Allowed to Deduct Losses From Rental Activity
Direct download: Federal_Tax_Update_04_21_2014.mp3
Category:Federal Tax Update -- posted at: 10:07am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Guidance on Application of Windsor to Pension Plans
  • Penalty for Failure to Deposit Employment Taxes
  • Tax Consequences of Guaranteeing LLC Debt
  • Thoroughbred Owner Materially Participated, Entitled to Losses
  • Guidance on State-Chartered Credit Unions and UBIT
  • Company Officers Held Liable for Trust Fund Recovery Penalties
  • Individual Didn't Reasonably Rely on Tax Savings Plan Promoter
  • 6-Year Limitations Period Applies to Injured Spouse Claims
Direct download: Federal_Tax_Update_04_14_2014.mp3
Category:Federal Tax Update -- posted at: 10:25am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Health FSA Participants Are Ineligible for HSAs
  • Scope of Power of Attorney in Light of Disclosure Rules
  • IRS Reissues SB/SE Interim Guidance on In-Business Trust Fund Express Installment Agreements
  • Individual Denied Vehicle Expenses for Lack of Substantiation
  • Vehicle Expense Deductions Disallowed; Penalty Imposed
  • Separate Filings Rule Should Apply to Allocate Joint Refund in Bankruptcy
  • Real Estate Professional Failed to Show Material Participation
  • Accountants Awarded Damages Following False Information Return Filings
  • How To Prepare a Collection Information Statement
  • Couple Co-owners of Property Despite Quitclaim Deed, Tax Lien Valid
  • IRS Publication Provides Guidance for Religious Groups
Direct download: SS_AUDIO_04_07_2014.mp3
Category:Federal Tax Update -- posted at: 8:40am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Maximum Values of Employer-Provided Vehicles for 2014
  • Passive Activity Properly Treated as an Insurance Business
  • Lawsuit Settlement Liabilities Were Deductible Business Expenses
  • Countries for Which Income Exclusion Requirements Are Waived
  • Supreme Court Reverses Sixth Circuit in Quality Stores, Severance Payments Subject to FICA Taxes
  • Guidance on Application of Tax Principles to Virtual Currency Transactions
  • Trust Materially Participated in Real Property Business, Qualifies for Passive Activity Exception
Direct download: SS_AUDIO_03_31_2014.mp3
Category:Federal Tax Update -- posted at: 10:22am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Estate's Representative Held Liable for Decedent's Outstanding Tax Debt
  • HHS Extends Individual Healthcare Mandate Hardship Exemption
  • Examining the First-Quarter Effect of the Expired Extenders
  • Wyden Planning Extenders Markup in Early April
  • Toyota Cannot Deduct Record $1.2 Billion Penalty
  • IRS to Hold Public Hearing on 501(c)(4) Proposed Rules
  • IRS Bars Appraisers From Valuing Facade Easements for 5 Years
  • IRA Rollover Limit Will Be Applied on an Aggregate Basis
  • Estate Denied Refund of Taxes Paid on Constructively Received Income
Direct download: Federal_Tax_Update_03_24_2014.mp3
Category:Federal Tax Update -- posted at: 8:33pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Tax Treatment of Per Capita Distributions to Members of Indian Tribes
  • Guidance on Failure to File Affiliated Group Form
  • Separately Filing Wife Not Protected by Husband’s Participation Under Passive Activity Rules
  • Individual Didn't Meet Qualifications for Dependency Exemption or Credits
  • Self-Insured Taxpayer's Legal Fees Are Not Specified Liability Losses
  • State Law Bars Charitable Contribution Deductions for Easements 
  • 7Estate's Deduction for Uncertain Litigation Claim Denied
  • Amounts Forfeited After Insider Trading Conviction are Deductible
Direct download: Federal_Tax_Update_03_17_2014.mp3
Category:Federal Tax Update -- posted at: 8:16pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • IRS Modifies Procedures for Accounting Method Changes for Depreciation, Disposition of Assets
  • Form 8960 Instructions   
  • NII Tax Form Instructions Include Items Not Applicable for 2013
  • Working Capital and Inclusion Issues for IRC Sec. 1411
  • IRS Allowed to Reduce Debtor's Refund for Repayment of First-Time Home Buyer Credit
  • LB&I Issues Memorandum Updating Guidance on IDR Enforcement Process
  • Fifth Circuit Affirms Controlling Partners Entitled to Deduct Operational Expenses
  • IRS Issues Final Regs on Healthcare Coverage Information Reporting
  • IRS Issues Final Regs on Information Reporting of Minimum Essential Coverage
  • Treasury Releases Fact Sheet on Final ACA Information Reporting Regs
  • IRS Releases Video Providing Tax Tips to Same-Sex Married Couples
  • IRS Updates FAQ on Same-Sex Couples Married Under State Law
  • Couple Not Entitled to 'Currently Not Collectible' Status
  • IRS Releases Updated Audit Technique Guide on Farming Operations
Direct download: Federal_Tax_Update_03_10_2014.mp3
Category:Federal Tax Update -- posted at: 11:54am EST

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

This week's podcast includes:

  • Request to Change Accounting Period Deemed Timely Filed
  • Qui Tam Award Fails to Meet Requirements for Capital Gains Treatment
  • State Court Document Doesn't Meet Requirements to Let Noncustodial Parent Claim Dependency Exemption
  • Transaction Involving Allocation of State Tax Credits Was Disguised Sale
  • Court Dismisses Suit Challenging Levy on Retirement Benefits
  • IRS Issues Retirement Plans FAQ on EP Team Audit Program
  • Final Regs on Property Transferred for Services
  • Limits on Depreciation Deductions for Autos
  • IRS Properly Disallowed Deduction for IRA Contribution
  • Ninth Circuit Affirms Tax Lien Survived Bankruptcy, IRS May Levy on Pension Plan
  • IRS Updates FAQ on Net Investment Income Tax
Direct download: Federal_Tax_Update_03_03_2014.mp3
Category:Federal Tax Update -- posted at: 9:40am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • IRS Releases Transfer Pricing Audit Roadmap
  • Businesses Encouraged to Make Method Changes for Dispositions Now
  • Tax Court Upholds Disallowance of Couple's Rental Activity Losses
  • Individual Denied Alimony Deduction for Equalization Payment to Former Wife
  • Tax Court Grants Individual Relief From Joint Liability With Former Husband
Direct download: Federal_Tax_Update_02_24_2014.mp3
Category:Federal Tax Update -- posted at: 10:09am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  1. Final Regs on Employer Shared Responsibility for Health Insurance Coverage
  2. FAQ on Employer Shared Responsibility Provisions Under ACA
  3. D.C. Circuit Holds Return Preparer Regulations Invalid
  4. Tax Court Determines Stock Value for Estate Tax Purposes, Sustains Penalty
  5. Development Company Properly Reported Income From Home Construction Contracts
  6. Interest Accrued on Insurance Policy Loan is Includible in Distribution
  7. Third Circuit Affirms QSub Election Didn't Result in Increased Basis
Direct download: Federal_Tax_Update_02_17_2014.mp3
Category:Federal Tax Update -- posted at: 1:24pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Fact Sheet Outlines Eligibility Rules for Earned Income Tax Credit
  • Capitalization of Payments Is Not Required
  • Stock Election Is Valid
  • Schedule UTP Filing Statistics From 2012 Tax Year
  • Safe Harbor for Treatment of Indebtedness Secured by Property
  • Doctor Can't Deduct Repayment of Funds Used for Medical Education
  • Credits Reduce Amount of Deductible Excise Tax Liability
  • Tax Court Determines Proper Treatment of Neurosurgeon's Work-Related Deductions
Direct download: Federal_Tax_Update_02_10_2014.mp3
Category:Federal Tax Update -- posted at: 8:51am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Classification of Drywall Partitions for Depreciation Purposes
  • Termination of S Corp Election Inadvertent
  • 2014 NII Form Will Contain Changes
  • Deduction for Donated Building Disallowed Due to Deficient Appraisals
  • S Corporation ESOP Violated Antiabuse Provisions
  • Couple Received Taxable IRA Distributions, Liable for Penalties
  • Proposed Regs on Partnership Disguised Sales
  • Payments to Settle Lawsuit Includable in Income
  • Summary of 'myRA' Proposal
Direct download: Federal_Tax_Update_02_03_2014.mp3
Category:Federal Tax Update -- posted at: 11:11am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Promised Revenue Procedure Provides Guidance For Compliance With New Tangible Property Regulations (aka “Repair Regs”)
  • Significant Changes to Forms 990 and 990-EZ for 2013 Returns Due May 15, 2014
  • Final Regulations Offer Taxpayers Choice Of Authority For Calculating Certain Items of Investment Income For Purposes of Determining “Net Investment Income” Subject To 3.8% “Medicare Tax”
  • SB/SE Exam Unit May Disclose Federal Tax Return Information to OPR
  • Company Granted Relief From Late Association Status, S Corp Elections
  • Revenue Procedure 2013-30; 2013-36 I.R.B. 173; 8/14/2013
Direct download: Federal_Tax_Update_01_27_2014.mp3
Category:Federal Tax Update -- posted at: 9:50am EST

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

This week's podcast includes:

  • Final Regs on Sales-Based Royalties and Vendor Allowances
  • Expired Extenders Trigger Financial Reporting Complications
  • JCT Lists Expiring Federal Tax Provisions Through 2024
  • Eighth Circuit Affirms Surgeon's Tax Evasion, Fraud Convictions
  • IRA Distribution Rollover Requirement Waived
  • Each Spouse Files Separate Schedule C for Qualified Joint Venture
  • IRS May Assess Penalty for Failure to File Foreign Gift Information Return
  • Corporation May Deduct Insurance Premiums Paid to Captive
  • Taxpayers Did Not Act on Plans to Develop Land and Can Not Deduct Planning Expenses
  • Partnership Loss Transfer and Basis Reduction Rules
Direct download: Federal_Tax_Update_01_20_2014.mp3
Category:Federal Tax Update -- posted at: 12:16pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Draft Instructions for Form 8960 and Pass-Thru Entities Provide Insight Into NII Tax Reporting
  • Business's Relocation Expenses
  • Tax Implications of Short Sale of California Home
  • Reporting Obligations for Payments in Possible 2-Step Transaction
  • Payments to Care for Disabled Son Not Excludable From Parent’s Income
  • Executive Sues Deutsche Bank and BDO Seidman for Fraud
  • Gain on Property Sales Was Taxable as Ordinary Income
  • Minister Not Liable for Self-Employment Tax; Exemption Form Timely Filed
  • Interest Paid on Unrecorded Mortgage Loan Was Not Deductible
Direct download: Federal_Tax_Update_01_13_2014.mp3
Category:Federal Tax Update -- posted at: 8:39am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • IRS Refuses to Abate Excise Taxes on Foundation
  • Dissolved Partnership Should Use Its Former EIN to File Employment Tax Returns
  • Loss Allowed on Surrender of Bank Owned Life Insurance Policies
  • Immediate Family Member May Represent Taxpayer Before Appeals
  • Tax Court Denies MBA Tuition Deduction
  • Safe Harbor Guidance for Purposes of Allocating Rehabilitation Credits
  • Temporary Regs on Ownership of Passive Foreign Investment Companies
  • Corporation Not Entitled to Deductions; Couple Received Constructive Dividends
  • Procedures to Regain Tax-Exempt Status Following Automatic Revocation
Direct download: Federal_Tax_Update_01_06_2014.mp3
Category:Federal Tax Update -- posted at: 8:47am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Proposed Regs on Allocation of Partnership Liabilities
  • Required Records Doctrine Overrides Fifth Amendment Privilege Claim
  • Cafeteria Plan Guidance for Same-Sex Couples
  • Nonprofit Corporation Not Operated for Charitable Purpose
  • IRS to Delay Opening of 2014 Filing Season Until January 31
  • Business Filing Season Starts January 13
  • Tenth Circuit Affirms Tax Court's Economic Substance, Penalty Determinations
  • Tax Court Denies Professor's Unsubstantiated Deductions, Holds Him Liable for Penalties
Direct download: Federal_Tax_Update_12_23_2013.mp3
Category:Federal Tax Update -- posted at: 1:21pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Proposed Regs on Deductibility of Start-Up, Organizational Expenses for Partnerships
  • 2014 Standard Mileage Rates
  • Payments to Veterinarian Not Exempt From Information Reporting
  • Couple Prevailed in Tax Dispute, Court Awards Attorney Fees
  • Manufacturer Using Improper Accounting Method for Advance Payments
  • Fifth Circuit Affirms Corporation Wasn't Entitled to Bad Debt Deductions
  • Surrender of Securities Resulted in Capital Loss
Direct download: Federal_Tax_Update_12_16_2013.mp3
Category:Federal Tax Update -- posted at: 9:32am EST

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