Tue, 9 July 2013
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 EDT
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Mon, 1 July 2013
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 EDT
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Thu, 27 June 2013
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 EDT
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Wed, 19 June 2013
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 EDT
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Tue, 11 June 2013
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 EDT
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Mon, 3 June 2013
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 EDT
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Thu, 30 May 2013
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 EDT
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Mon, 20 May 2013
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 EDT
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Tue, 14 May 2013
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 EDT
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Wed, 8 May 2013
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 EDT
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