Mon, 19 May 2014
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 EDT
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Mon, 12 May 2014
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 EDT
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Mon, 5 May 2014
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 EDT
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Mon, 28 April 2014
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 EDT
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Mon, 21 April 2014
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 EDT
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Tue, 15 April 2014
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 EDT
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Wed, 9 April 2014
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 EDT
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Thu, 3 April 2014
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 EDT
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Mon, 24 March 2014
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 EDT
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Tue, 18 March 2014
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 EDT
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