Federal Tax Update Podcast

Federal Tax Update Podcast    With E. Lynn Nichols, CPA

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This week's podcast includes:

• Sixth Circuit Affirms Business Expense Deductions for Lease Buyout
• Tax Court Disallows Rental Real Estate Losses, Imposes Penalty
• Complexity Causes Students to Forgo Tax Credit
• Tax Court Disallows Travel Agent's Business Expense Deductions
• Partnership's Charitable Contribution Deduction Denied
• Individual Allowed Deductions for stepchildren, Not Former Wife
• Tax Practitioner's Rights in Circular 230 Disciplinary Cases

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download Podcast
• Download Citations

This week's podcast includes:

• Taxpayer Not Securities Dealer Under Section 475
• Online Poker Accounts are “Foreign Bank Accounts” for FBAR Inclusion
• Termination of S Corp Election Inadvertent
• IRS Discusses Application of Reportable Transaction Penalty
• Final Circular 230 Regs Eliminate Covered Opinion Rules
• Individual's Transaction Can't Be Treated as Like-Kind Exchange
• IRS Revises Guidance for Practitioners Sanctioned Under Circular 230
• Stock Rights Aren't Considered Nonqualified Deferred Compensation Plans
• Tax Court Allows Some Deductions but Upholds Penalties
• Supreme Court Holds Inherited IRA Not Exempt in Bankruptcy
• Additional Alimony Deduction Denied; Penalty May Apply

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

• Download podcast
• Download citations

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