Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

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
Direct download: Federal_Tax_Update_2_25_2013.mp3
Category:Federal Tax Update -- posted at: 8:32am EDT

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

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
Direct download: Federal_Tax_Update_Feb._11_2013.mp3
Category:Federal Tax Update -- posted at: 8:59am EDT

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

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

Direct download: Federal_Tax_Update_Feb._4_2013.mp3
Category:Federal Tax Update -- posted at: 4:47pm EDT

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