Federal Tax Update Podcast

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download Ohio specific podcast
• Download podcast
• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download Ohio specific podcast
• Download podcast
• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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• Download citations

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

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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