Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

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
Direct download: Federal_Tax_Update_4_15_2013.mp3
Category:Federal Tax Update -- posted at: 9:14pm EST

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