Federal Tax Update Podcast

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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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

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

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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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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• Download citations

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