Federal Tax Update Podcast

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

• Download Ohio specific podcast
• Download podcast
• Download citations

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

• Download podcast
• 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

• Download podcast
• 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

• Download podcast
• 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

• Download podcast
• 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

• Download podcast
• 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

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

• Download podcast
• Download citations

This week's podcast includes:

• Proposed Regs on Limitations on Importation of Net Built-In Losses
• IRS Issues Guidance Clarifying Treatment of Preventive Healthcare Services
• Federal Circuit Affirms Payroll Company is Not Employer for FICA and FUTA
• No Refund to Estate; Remittance Was a Payment, Not a Deposit
• Q&A on Health Insurance Premium Tax Credit
• FAQ on Individual Shared Responsibility Provision of Affordable Care Act
• IRS Publication Explains Taxpayer Advocate Service
• Final Regs on Deduction and Capitalization of Tangible Assets
• Proposed Regs on Dispositions of Tangible Depreciable Property

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

This week's podcast includes:

• Sixth Circuit Dismisses Appeal in FedEx Research Tax Credit Case
• Proposed Regs on Research and Experimental Expenses
• Final Regs on Limitations on Duplication of Net Built-In Losses
• Final Loss Duplication Rules With Fix for Transfers of Partnership Interests
• IRS Addresses Tax Treatment of Attorney Fees Paid Under Settlement Agreements
• IRS Must Honor Corporation's Designation of Voluntary Tax Payments
• Final, Temporary Regs on Application of Straddle Rules to Debt Instruments
• Proposed Regs on Healthcare Coverage Information Reporting
• Proposed Regs on Information Reporting of Minimum Essential Coverage

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

This week's podcast includes:

• Proposed Regs on Small Business Healthcare Tax Credit
• Sixth Circuit Affirms Tax Court Decision Denying S Corp Losses, Deductions
• Court Refuses to Dismiss Suit Challenging Church Exemption From Filing Requirements
• Gift Tax Consequences of Proposed Disclaimers
• Married Taxpayer Can't Claim Head of Household Status During Spouse's Temporary Absence
• Tax Court Sides With IRS in Revocation of Booster Club's Tax-Exempt Status
• Second Circuit Affirms Settlement Payment Was Subject to FICA Taxation
• Tax Court Holds Individual Wasn't a Trader in Securities; Penalties Sustained
• Treasury and IRS Announce Recognition of All Legal Same-Sex Marriages
• All Legal Same-Sex Marriages Recognized for Federal Tax Purposes, IRS Rules
• FAQ on Same-Sex Couples Married Under State Law
• FAQ on Tax-Related Concerns for Registered Domestic Partners

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

This week's podcast includes:

• IRS Launches Affordable Care Act Website
• Late-Filed 1120S Wasn't Disclosure; 6 Year Statute of Limitations Applies
• Photo Processing Qualifies for Domestic Production Activity Deduction
• 40 Questions (and 40 Answers!) on the New 3.8 Percent Tax
• Transaction Lacked Economic Substance, Nontax Business Purpose

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

This week's podcast includes:

• 2013-14 Priority Guidance Plan Adds 501(c)(4) and DOMA Guidance
• Individual an Employee; Made Excess Contributions to SEP
• Purchase/Sale of Life Insurance Policy Does Not Affect Income Exclusion
• Proposed Regs on Requesting Equitable Innocent Spouse Relief
• Estate Made Partial Tax Payment, Not Deposit; Refund Denied
• S Corp Liable for Employment Tax Deficiency, Additions Taxes
• Final Regs on Information Disclosure for Insurance Affordability Programs
• Doctor Must Report Income From S Corporation Interest
• Rev. Proc. Consolidates Late S Corporation Election Procedures
• Musician's Business Expense Deductions Allowed; No Penalties Imposed
• IRS Announces Cuts to Refundable Corporate AMT Credit Payments

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

This week's podcast includes:

• Owners of Gift Basket Company Granted Summary Judgment Allowing Section 199 “Qualified Domestic Production Deduction”
• Manufacturing Tax Break Gone Wild
• Individual Granted “Innocent Spouse” Relief From Liability on Joint Return
• Couple Did Not Underreport Income: Credible Testimony Established Agency Relationship
• S Corp Liable for Employment Tax Deficiencies and Penalties for Failure to Treat Payment to Shareholder as Wages
• Losses From Bull Breeding Activity Limited by Failure to Satisfy Recordkeeping Requirements of Passive Activity Rules
• Disability Payment Included in Income, Taxpayer Liable for Additions to Tax
• Insurance Company Loses Tax-Exempt Status
• Research Organization Is Denied Tax-Exempt Status

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

This week's podcast includes:

• Transfers in Exchange for Self-Canceling Notes Are Taxable Gifts
• Final Regs on Reimbursed Entertainment Expenses
• No Transfer of Goodwill in Radio Station Like-Kind Exchange
• Notices of Deficiencies Timely Due to Fraud, Omissions From Gross Income
• Mortgage, Credit Card, and Utility Payments Were Income to Minister
• Same-Sex Surviving Spouse Awarded Spousal Death Benefits
• U.S. District Court Orders Recognition of Same-Sex Marriage in Ohio

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

This week's podcast includes:

• Exemptions From Inclusion in Bankruptcy Estate Disallowed for Bad Faith
• Minister Not Entitled to Parsonage Allowance Exclusion
• Individual Who Supported Minor Denied Child Tax Credit and EITC
• Couple Denied Deductions for “Business” Expenses, Penalties Assessed
• IRS Releases Publication on Return Disclosure
• Deferral of Advance Payments Under Gift Card Arrangements Clarified
• Bad Debt Deduction Denied for Transfers to Family-Owned Business; Penalties Upheld

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

• Download podcast
• Download citations

This week's podcast includes:

• Claim of Right Doctrine Does Not Apply to Unpaid Promissory Notes
• Right to Receive “Dividends” Not an Incident of Ownership in Life Insurance Policies
• CFC's Rental Income Is Foreign Personal Holding Company Income
• Compensation for Psychological Damages Is Excludable From Income
• IRS Fact Sheet Warns Employers Outsourcing Payroll Duties
• FASB Finalizes Guide for Private Company Decision-Making
• Thirty-one Percent of 2011 Schedules UTP Failed Concise Description Requirements

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

This week's podcast includes:

• Couple's Earnings From CFC Were Taxable as Ordinary Income
• QSST Beneficiary May Deduct Interest Expense on Loan to Acquire S Stock
• Voting Trust and S Corporation Can Survive Death of Grantor
• IRS Rules on Tax Consequences of Proposed Voting Trust
• Final Rules Implementing Some Affordable Care Act Provisions
• Transitional Relief From Health Insurance Reporting Requirements
• D.C. Circuit Reverses Tax Court on Taxing Nonresident Alien Gambling Income
• IRS Must Calculate Gambling Winnings Consistently for Citizens and Foreigners
• Guidance on Tax Lien Notice Withdrawals Involving Installment Agreements

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

This week's podcast includes:

• IRS Publication on Requesting Certificate of Release of Tax Lien
• Final Report on Tax-Exempt Colleges and Universities Compliance Project
• Settlement Guidelines on Federal Tax Treatment of Refundable New York State Enterprise Zone Credits
• Scary Tax Reform Concepts
• CFO's Signature Ineffective on Power of Attorney Form
• Marketplace Fairness Act Clears Another Procedural Hurdle in Senate
• Ninth Circuit Affirms Tax Court Valuation of Life Insurance
• Couple Had Unreported Income; Deposits Analysis Found Credible

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

This week's podcast includes:

• California CPA Disbarred for Disreputable Conduct
• Only a Portion of Disability Benefits Excludable From Gross Income
• Offset of Self-Employment Tax Refunds Limited
• Domestic Corporation’s Attempt to Disguise Dividends From CFC Fails
• Requiring Joint Filing to Claim Adoption Credit Is Not Unconstitutional
• IRS Destroyed More Than 12,000 Reports of Fraud in Fiscal 2012

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

This week's podcast includes:

• TIGTA Releases Fiscal 2013 Audit Plan
• Applicable Federal Rates for February
• Penalty Relief for Farmers and Fishermen
• Reasonable Cause Can Be Considered in Partnership-Level Proceeding
• Individual Liable for Additional Tax on IRA Distribution
• Tax Court Asserts Accuracy-Related Penalty in Like-Kind Exchange
• Government Asks Court to Suspend Injunction in Return Preparer Regs Case

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

This week's podcast includes:

• Proposed Regs on Employer Shared Responsibility for Health Insurance Coverage
• Q&A on Employer Shared Responsibility Provisions Under Affordable Care Act
• Proposed Regs on Truncated Taxpayer Identification Numbers
• Cost of Fiscal Cliff Avoidance Bill Estimated at $3.9 Trillion
• IRS Publication on Taxable and Nontaxable Income
• Social Security Disability Benefits Are Includable in Income