April 15, 2013

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

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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