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 EDT

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 EDT

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 EDT

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 EDT

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 EDT

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 EDT

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 EDT

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 EDT

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 EDT

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 EDT



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