Federal Tax Update Podcast (Federal Tax Update)

This week we look at

• IRS issues updated substantially equal payment guidance
• Final version of basis reporting form for S corporation shareholders issued by IRS
• IRS clarifies how to report expenses used to obtain PPP forgiveness on Schedule M-2
• IRS completes guidance on reporting options for timing of PPP loan forgiveness income recognition

Copyright 2022, Kaplan, Inc.

This week we look at the following items:

• Fact sheet on how the IRS contacts taxpayers--and how it doesn’t
• Ruling issued on how funds sent to state under abandoned property laws is treated for withholding and reporting purposes
• Taxpayer was found to be a statutory employee, deductions allowed above the line
• IRS issues proposed regulations that would increase number of taxpayers that must electronically file all information returns

Copyright 2018 Kaplan Inc.

This week we look at the following items:

• Congress passed bill to fix the grain glitch and passed partnership audit rule changes
• IRS warns of increasing attacks against tax professionals
• Series 8453 business forms must be signed manually
• Supreme Court rules on tax obstruction statute

Copyright 2018, Kaplan, Inc.

Current Federal Tax Developments for the week of March 19, 2018 - Love and the Tax Attorney. Current Federal Tax Developments is brought to you by the state CPA societies and Kaplan Professional Education.

This week we look at the following items:

• OVDP program to end on September 28, 2018
• Entire cost of having international firm prepare returns for employees sent overseas treated as wages
• Conundrum only a tax attorney could love - dealing with a sale case where the regulations don’t give guidance
• Guidance given on reporting and paying Section 965 transition tax

Copyright 2018 Kaplan Inc.

This week we look at the following items:

• A method that went unchallenged in two prior audits did not fare well at all in third IRS exam
• Treasury officials speak on timing of TCJA guidance, Section 199A reasonable compensation and fiduciary income tax issues at ABA Tax Section meeting
• Treasury Secretary Mnuchin testifies that IRS will issue guidance to shut down S corporation carried interest structure inspired by TCJA
• Odd result is nevertheless the proper result appellate court informs taxpayer
• IRS to release W4 online calculator this week

Copyright 2018, Kaplan, Inc.

This week we look at the following items:

• The Bipartisan Budget Act of 2016 includes extenders and other items
• IRS updates priority guidance for TCJA items, adding 18 TCJA projects
• Special relief granted to those with pyrrhotite damage, allowing losses to be claimed on 2017 returns
• Qualified plan and IRA 2018 inflation adjusted figures will not have to change due to TCJA
• A journal entry did not create a shareholder debt, leading to a denial of multi-million dollar loss
• Engineer is potentially liable for penalties if positions on cost segregation study are not justified

Copyright 2017 Kaplan Inc.

This week we look at the following items:

• The AICPA sends a letter to Treasury regarding areas needing immediate guidance on TCJA - and the list is long
• IRS issues interim Form W-4 guidance until they can update the forms for TCJA
• A new proposed regulation added to the Centralized Partnership Audit Regime (CPAR) guidance
• IRS updates its maybe again annual disclosure Revenue Procedure, but doesn’t really change anything

Copyright 2018, Kaplan, Inc.

This week we look at the following items:

• IRS publishes plan for dealing with government shutdown during tax season
• 2017 Roth conversions can be recharacterized through October 15
• Tenth Circuit limits trust’s deduction for property donation to basis in property
• IRS begins sharing information with State Department for those with seriously delinquent tax debts

Copyright 2018, Kaplan, Inc.

This week we look at the following items:

• Supreme Court to take on South Dakota’s challenge to the 1992 Quill decision on nexus for sales taxes
• FASB will allow private companies and not-for-profits to apply SEC Staff Accounting Bulletin 118 to deal with TCJA deferred taxes
• Joint Committee on Taxation publishes its annual list of expired and expiring tax provisions, now updated for TCJA’s individual items
• IRS finds a fuel reward programs where it agrees that a taxpayer can take accrued but unredeemed amounts as a current deduction
• IRS publishes early percentage withholding tables for wages under TCJA

Copyright 2018, Kaplan, Inc.

Current Federal Tax Developments for the week of January 8, 2018 - The Calm After the Storm  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we look at the following items:

• IRS to accept efiled returns beginning January 29
• Employer retirement account being paid to surviving spouse cannot be transferred to beneficiary of surviving spouse at spouse’s death
• Rollover of after-tax funds from 401(k) into traditional IRA creates basis
• Innocent spouse relief granted despite fact that husband should have known about the income
• Additional 6 year statute on unreported income from specified foreign assets does not apply until those assets were subject to information reporting

Copyright 2018, Kaplan, Inc.

Current Federal Tax Developments for the week of January 2, 2018 - The Year of TCJA and CPAR.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we discuss the following items:

• SEC issues bulletin on handling deferred taxes related to TCJA
• IRS requires use of Secure Access accounts to access e-Services
• IRS issues news release on deducting prepaid real estate taxes
• Safe harbor created for residential casualty losses just as personal casualty losses generally go away
• In other not long to be useful guidance, the IRS holds that a group of films licensed together can qualify as Section 199 property
• No deduction is allowed for tuition discount until student meets attendance requirement
• IRS announces will continue to use same format W-4s for TCJA withholding
• CPAR opt-out final regulations are issued
• IRS extends date for providing Forms 1095-B and C for 2017

This week we look at the following developments:

• Conference committees appointed and Joint Committee on Taxation issues report on differences

• IRS memo clarifies the tax treatment of a disgorgement payment following U.S. Supreme Court decision

• Qualified plan required amendment (RA) list published for 2017

• No loss allowed on sale to former spouse

• IRS found not to have conducted a second examination of the taxpayers’s books and records

Copyright 2017 Kaplan Inc.

This week we look at the following developments:

• Senate passes their version of HR1, setting up moving to a conference committee
• IRS gets access to information from bitcoin exchange
• The Tax Court uses English law to determine if a payment was alimony for federal tax purposes
• A safe harbor casualty loss rule is adopted for damage to concrete foundations caused by pyrrohite
• A taxpayer is denied a deduction for legal fees to recover overpaid alimony
• More relief for partnerships due to change in filing dates for 2016 returns
• The Tax Court updates its views on how to evaulate Stamps.com postmarks under timely filing rules

Copyright 2017 Kaplan Inc.

Current Federal Tax Developments for the week of November 23, 2017 - S Corporation Difficulties. Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we look at the following developments:

• HR1 moves to the Senate floor this week
• Taxpayer does not have COD income when relieved of requirement to pay back overpayments on pension
• Qualified plan relief provisions extended to victims of California wildfires
• Court does not accept attempt to use FLP discount to create income tax loss from liquidation of S corporation formed to hold FLP interest
• No basis to shareholders in debt to S corporation other S corporation shareholders controlled
• IRS issues FAQ on QSEHRAs

Copyright 2017 Kaplan Inc.

Another week as Congress continues down the path towards comprehensive tax reform. This week we look at the changes the Senate made to its bill, as well as the passage by the House of their version of the bill. We also discuss what comes next in this process.

The PDF below has the description of the two bills as they stood when this was recorded on November 18, 2017.

2017-11-20 Current Federal Tax Developments

Copyright 2017 Kaplan Inc.

Loscalzo Institute/A Kaplan Corporation Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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• Citations link

This week we look at the following developments:

• South Dakota petitions the Supreme Court for its Quill challenge
• Congress passes a Hurricane relief bill
• Taxpayer did not willfully fail to file FBAR
• Parents are held liable to repay dependent son’s advanced health insurance credit
• LB&I announces method that can be used to start with ASC 750 research expenses in computing qualified research expenditures
• Time off donation programs expanded to cover Hurricane Maria relief donations
• IRS releases special per diem rates for new fiscal year

Copyright 2017 Kaplan Inc.

Loscalzo Institute/A Kaplan Corporation Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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This week we look at the following developments

• IRS Extends Harvey Relief to Victims of Irma
• South Dakota Ready to Ask Supreme Court to Throw Out Quill
• Massachusetts Releases Regulations That Broadly Define Physical Presence
• IRS Has Right to Examine First Deceased Spouse Form 706 to Decrease DSUE at Second Death

Copyright 2017 Kaplan, Inc.

Loscalzo Institute/A Kaplan Corporation Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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This week we look at the following developments

• IRS Extends Harvey Relief to Victims of Irma
• South Dakota Ready to Ask Supreme Court to Throw Out Quill
• Massachusetts Releases Regulations That Broadly Define Physical Presence
• IRS Has Right to Examine First Deceased Spouse Form 706 to Decrease DSUE at Second Death

Copyright 2017 Kaplan Inc.

Loscalzo Institute/A Kaplan Corporation Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

Section: 72 IRS Memorandum Gives Examples of Applying Plan Loan Grace Period Rules

Section: 165 Loss Does Not Qualify for Special Relief Revenue Procedure from Madoff Era

And Much More...

Loscalzo Institute Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

Section: 36B Taxpayer Had to Repay Excess Premium Credit Despite Exchange Not Reacting to Notice of Change in Income

Section: 73 Loss from Competing in Pageants Reportable on Return of Minor Daughter, Not Parents

And Much More...

Loscalzo Institute Current Federal Tax Developments Weekly Update podcast  with Ed Zollars, CPA

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This week's podcast includes:

Section: 162 No Deduction Allowed for Premiums Paid to Related Entity in Microcaptive Structure

Section: 401 ESOP Failed to Cover Employees of Related Corporation, Plan Disqualified

And Much More...

Loscalzo Institute Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

Section: 72 Tax Court Refuses to Take Birth Certification Provided by Taxpayer as Proof of Age When Taxpayer Provided Issuing Agency with Date of Birth

Section 162 No Deduction for Employee Who Failed to Submit Expenses for Reimbursement by Employer

And Much More...

Loscalzo Institute Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

Section: 166 Moneylending Was a Business for Taxpayer, So Debt Was a Business Bad Debt

Section: 170 Proceeds From Sale of Land Used for Farming Is Not Income From Farming or Ranching for Purpose of Expanded Conservation Easement Deduction

And Much More...

Loscalzo Institute Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: State Tax Colorado Publishes Rules for Sellers to Comply with Tattletale Use Tax Reporting

Section: Security Another Phishing Scam Makes the Rounds Attacking Tax Professional

And Much More...

Loscalzo Institute Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

Section: Tax Reform Congressional and Administration Officials Release Statement on Tax Reform 

Section: Appeals to Begin Offering Web-based Conferences in Pilot Program

And Much More...

Loscalzo Institute Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

Section: 85 Taxpayer Had to Report Unemployment Benefit Income Even Though He Later Repaid the Benefits

Section:IRS for the Third Time Extends Safe Harbor for Recipients of Hardest Hit Fund Relief Through 2021

And Much More...

Loscalzo Institute Current Federal Tax Developments Weekly Update Podcast with

Ed Zollars, CPA

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This week's podcast includes:

Section: 72 Employer's failure to Deduct 401(k) Loan Payment form Employer's Pay While on Leave Resulted in Taxable Distribution.

Section: 162 Legal Fees Related to Employment, Not Taxpayer's New Business Venture

And Much More...

Loscalzo Institute Current Federal Tax Developments Weekly Update Podcast with

Ed Zollars, CPA

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This week's podcast includes:

Section: State Tax Washington State Enacts Use Tax Tattletale Bill with Very Low Threshold

Section: 32 IRS Will Not Follow Case That Allowed Taxpayer Filing Married Filing Separate to Claim Earned Income Tax credit

And Much More...

Loscalzo Institute Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 72 No taxable IRA Distribution Where Taxpayer Had Funds Wired to Buy Stock That Custodian Later Refused to Accept

Section: 274 Full Deduction Allowed to Hockey Team for Meal's Provided to Players at Away Games

And Much More...

Loscalzo Institute Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

Section: Security Latest Phishing Email to Target Tax Professionals Uses Spoofed Emails from Education Providers

Section: 3401 Corporation Liable for Payroll Taxes Left Unpaid by PEO

And Much More...

Loscalzo Institute Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 267 ESOP Participants Accrued Compensation Found Not Deductible Until Paid

Section: 6103 Taxpayer Can Obtain Information on Payment of Tax By Contractors From IRS in Employment Tax Dispute, But Only During Court Dispute

And Much More...

Loscalzo Institute Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

Section 2010 Automatic Late Portability Election Relief Produce Published by IRS

Section: 6109 IRS Can Require PTINs for Tax Preparers, But Cannot Charge User Fees for Issuance and Renewal

And Much More...

Loscalzo Institute Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

Section: Exam IRS Warns Agents Against Using IRS Website FAQs to Sustain Positions in Exam

Section: Payments User Fees For Certain Rulings, Including Private Letter Ruling, Must Be Submitted via Pay.gov

And Much More...

Loscalzo Institute's Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

Section: 61 Court Accepts IRS's Reconstruction of Business Using Bank Deposits and Form 1099K

Section: 501 Organization Formed to Support "Community Journalism" Did Not Quality for Exempt Status

And Much More...

Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

Section: 6015 Divorce Decree Splitting Ex-spouse's Liability for Prior Taxes Did Not Control Innocent Spouse Relief

Section: 6511 CCA Outlines When Refunds Created by OVDP Filing Can Be Offset Against Tax Due

And Much More...

Loscalzo Institute Current Federal Tax Developments Weekly Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

Section: Bankruptcy Return Filed After IRS Assessment Did Not Allow Tax Debt to Be Discharged in Bankruptcy

Section: Various IRS Adds Direct Link to Get Transcript to View Your Tax Account Information Page

And Much More...

Loscalzo Institute's Current Federal Tax Developments Weekly Podcast with 

Ed Zollars, CPA

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This week's podcast includes:

Section: 36B IRS Releases Inflation Adjusted Individual Affordable Care Percentages for 2018

Section: 223 HSA Limits Increased for 2018

And Much More...

Current Federal Tax Developments Weekly Update Podcast with

Ed Zollars, CPA

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This week's podcast includes:

Section: 41 Taxpayer Not Allowed to Use Estimation Method to Determine Wages That Represented Qualified Research Expenses

Section: 61 IRS Published Terminal Charge and SIFL Mileage Rates for January - June 2017

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 402 Examining Agent Abused Discretion by Refusing ot Consider Late Rollover Relief Requested by Taxpayer

Section: 446 2017 Revision of Comprehensive List of Automatic Accounting Method Changes Issued by IRS 

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 167 IRS announces It Will Not Follow Court Decision Treating Retail Building as Placed in Service Before It Had Been Ready to Open

Section: 460 IRS Announces Its Disagreement With Allowing Costs of Entire Development for Purposes of the Completed Contract 95% Test 

and Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section 263 Expenditures Required by Regulatory Agency to Obtain Approval for Merger Not Automatically Required to be Capitalized

Section: 6103 Taxpayer Can Obtain Information on Payment of Tax by Contractors From the IRS in Employment Tax Disputes

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update with

Ed Zollars, CPA

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This week's podcast includes:

Section: 41 Interim Guidance Issued for Taxpayers Electing to Claim Research Credit Against Payroll Taxes

Section: 162 No Evidence Any Services Were or Could Have Been Preformed for Management Services Paid to Related  Corporation

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly's Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: Appeals Small Business/Self-Employed Taxpayer Fast Track Settlement Program made permanent

Section: OPR Has No Authority Over Tax Preparation or Opinion Services Offered by Disbarred Attorney

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section 162 Students Participating in State Department Summer Work Programs Denied Travel Deductions Despite Limitations Contained in Visas

Section: 168 Racing Team May Treat Individual Auto Parts, Rather Than Entire Racing Car, as Unit of Property for Disposition Purposes

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section 36B Ways and Means Committee to Begin Mark Up of American Health Care Act

Section 911 Taxpayer's Abode Remained in the :United States Now Foreign Earned Income Exclusion Allowed

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 170 Doctrine of Substantial Compliance Did Not Apply to Taxpayer Who Failed to Meet Documentation Requirements for Donation of Used Airplane

Section: 213 Medical Deduction Allowed for Treatments Not Generally Recognized as a Conventional Treatment 

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 162 No Deduction Allowed for Payment to Related Entity When Reasonableness of Payment Not Demonstrated

Section: 166 No Business Bad Debt Nor Partnership Loss Allowed to Taxpayer

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update

with Ed Zollars, CPA

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This week's podcast includes:

Section: Security Yet Another Phishing Email Warning from the IRS

Section: 408A Sixth Circuit Panel Finds IRS Cannot Use Substance Over Form to Recharacterize DISC-Roth IRA Structure

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast with 

Ed Zollars, CPA

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This week's podcast includes:

Section: 104 Taxpayer Not Allowed to Exclude Amounts form Income Merely Because IRS Allowed the Position on Three Prior Amended Returns

Section: 108 Value of CalPERS Pension Not Included in Calculation of Insolvency

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 71 Last Minute Changes to Separation Agreement Required Entire payment to Be Treated as Not Alimony

Section: 106 Fixed Indemnity Medical Plan Payments Are Taxable as Wages When Received If Premiums Were Not Paid from After-Tax Funds

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

IRS Issues, Then Pulls Back, Proposed Regulations for BBA Partnership Audit Regime - REG-136118-15

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 446 IRS Grants Relief to Taxpayer When CPA Firm Inadvertently Failed to Have Taxpayer File Form 3115

Section: 469 Surgeon's Interest in Surgical Center Generated Passive Income and Taxpayer Did Not Need to Group With Medical Practice

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: Security New More Sophisticated Phishing Attacks Aimed at Tax Professionals

Section 61 IRS Sets Annual Limits On Value of Vehicles for Cents Per Mile and Fleet-Average Valuation Rule

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: Various List of Expired and Expiring Federal Tax Provisions from 2016-2025 Released by Joint Committee on Taxation

Section: FBAR Reporting FinCEN Announces Grant of Automatic Six Month Extension to October 15 for FBAR Reports

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 501 Narrow Scholarship Criteria Found to Limit Benefits to Founder's Son, Exempt Status Denied

Section: 1297 Final Regulations Published Related to Determining Ownership of PFICs and Reporting Requirements

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Tax Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

Section: 104 Extended Statute Enacted to Claim Refund Related to Non-Taxable Severance Payments Made to Veterans

Section: 263 Relief Extended By One Year to Make Certain Accounting Method Change Requests Under Automatic Procedures to Comply with Tangible Property Regulations

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast with 

Ed Zollars, CPA

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This week's podcast includes:

Section: State Tax Colorado Law Requiring Out of State Sellers to Report on Colorado Customers Who May Owe Use Tax Upheld by Tenth Circuit

Section: FBAR Reporting Couple's Attempt at Only Partial Disclosure in IRS Voluntary Disclosure Program Did Not Save Them From Being Found to Have Willfully Not Filed FBAR Reports

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Tax Update with

Ed Zollars, CPA

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This week's podcast includes:

Section: 162 Surviving Spouse Can Deduct Inherited Farm Inputs Previously Deducted When Purchased In Prior Year By Decedent

Section: 4980D Exemption for Certain Small Business HRA Passed By Congress

And Much More...

Nichols Patrick Current Federal Tax Developments  Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: Enforcement Department of Justice Requests List of All Users of Bitcoin Exchange, Citing Potential for Tax Evasion

Section: Security Many Professionals Will Need to Verify Their Identity to Continue to Access Transcripts Via E-services

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Tax Update with

Ed Zollars, CPA

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This week's podcast includes:

Section: Appeals IRS Announces Fast Track Mediation Collection Program, Replacing Prior Collections Mediation Program

Section: Enforcement Department of Justice Requests List of All Users of Bit Coin Exchange, Citing Potential for Tax Evasion

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 274 Taxpayer's Assertion that Car Used 100% for Business Does Not Change Requirements for Documentation

Section: 501 Religious Organization Formed to Operate Coffee Shop Denied Tax-Exempt Status

And Much More...

Nichols Patrick Current Federal Tax Developments with with Ed Zollars,CPA

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This week's podcast includes:

A New President's %27s Tax Proposal

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: Security New Phishing Email Masquerades as e-Services Security Notice and Then Steals the Professional's Credentials

Section: 409A Addition of 25% Employer Match to Delay Receipt of Salary Found to Create Substantial Risk of Forfeiture

And Much More...

Nichols Patrick Federal Tax Developments Weekly Update Podcast with 

Ed Zollars, CPA

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This week's podcast includes:

Section: Criminal Former Tax Court Judge Pleads Guilty to Conspiring to Defraud the IRS

Section 1 Inflation Adjusted Numbers Issued By IRS for 2017 Including New Indexed Items Added in 2015 By Congress

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast with 

Ed Zollars, CPA

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This week's podcast includes:

Section: 263 IRS Releases Revised Audit Technique Guide for Capitalization of Tangible Property

Section: 401 IRS Allows Retirement Plans to Allow Those Affected by Hurricane Matthew to Receive Loans and/or Hardship Distributions Under Simplified Procedures

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: Security IRS Announces Plan to Require Secure Access Registration to Use e-Services, Follow-Up with Indefinite Delay

Section: 165 Method of Electing to Claim Disaster Loss Arising from Federally Declared Disaster in Prior Year Issued by IRS

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 61 Payments Received Both From Charities and Individuals by Victims of Orlando Shooting Are Nontaxable Gifts to Recipient

Section: 61 SIFL Rates for 2016 Published

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast with

Ed Zollars, CPA

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This week's podcast includes:

Section: Scams IRS Issues Series of Memorandums to Employees Regarding Making Initial Contact by Mail Rather Than Phone

Section: 1221 Property Deemed Held for Development and Was Not a Capital Asset

And Much More...

Nichols Patrick Current Federal Tax Developments weekly Update Podcast with 

Ed Zollars, CPA

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This week's podcast includes:

Section: 61 Minister's Vow of Poverty by Itself Not Sufficient to Exempt Income from Tax

Section: 71 Former Spouse's Share of Contingent Legal Fees Found to Be Alimony

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Tax Update 

with Ed Zollars, CPA

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This week's podcast includes:

Section: Security IRS Sends Out Warnings on Multiple Attacks on Prepares and Their Systems

Section:469 TAM Finds Taxpayer's Grouping Not Tax Motivated and Lead to Appropriate Economic Units

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: Scams IRS to Start Notifying Victims of Employment-Related Identity Theft

Section: 25A Purchase of Computer from Local Retailer Did Not Qualify for American Opportunity Tax Credit  

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast with 

Ed Zollars, CPA

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This week's podcast includes:

Section: Scams IRS Restarts Get Transcript Online Program With More Rigorous Screening of Users

Section: 31 U.S.C. 9701 IRS Proposes to Raise Fees for Installments and Revise List of Charges 

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast 

with Ed Zollars, CPA

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This week's podcast includes:

Section: 162 Taxpayer Had Not Begun Operation of Business During Year, No Business Deductions Allowed 

Section: Cash Basis Taxpayer Never Received Permission to Change Method to Defer Deduction for Paying Independent Contractors

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars

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This week's podcast includes:

Section: Security Phishing Emails Claiming to be Software Updates Notices from Tax Software Firms Being Sent to Prepares

Section: Scams IRS Will Send Letter to Taxpayers Before Making Phone Contact for Federal Tax Deposit Alerts of Initiating Tip Examinations

And Much More...

Nichols Patrick Current Federal tax Developments Weekly Update Podcast with 

Ed Zollars, CPA

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This week's podcast includes:

Section: 162 Despite Being Unemployed for the Last Part of the Program, Deduction Allowed for Expenses Related to MBA Program

Section: 163 Home Mortgage Debt Amount Limitation Applies on a Per Taxpayers Basis

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: FBAR Reporting NO FBAR Required for Account with Offshore Gambling Operation...

Section: 6695 Draft of Form for Expanded Preparer Due Diligence Released by IRS

And Much More...

Nichols Patrick Current Federal Tax Development Weekly Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

Section: Scams IRS Restarts IP PIN Program That Was Shut Down After Finding 800 Fraudulent Return Filings Attempted with Reissued PINS

Section:6404 "Unfairness" Is Not a Criteria to Be Used to Determine if Interest is Excessive

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 11 USC 523 Seven Year Late Filed Return Was Not an Honest and Reasonable Attempt to Comply with Tax Laws, No Discharge in Bankruptcy

Section: 105 Changes Proposed For Forms 5500s, Including Eliminating Most Small Employer Health Plan Exemptions to Filing Form

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Podcast 

with Ed Zollars, CPA

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This week's podcast includes:

Section: Security Prepares Warned About Risk of Data Theft in Their Practice by the IRS

Section: 36B Proposed Regulations on Health Credit Contain Instructions to Employers for Designing Opt-Out Payment Mechanisms

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: Scams 2016 Security Summit Actions and Results Released by IRS

Section: 61 Tax Aspects of Crowdfunding Discussed in IRS Information Letter

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast 

with Ed Zollars, CPA

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This week's podcast includes:

Section: 51 Procedures for Obtaining Work Opportunity Credit Certifications for 2015 & Early 2016 Hires Outlined by IRS

Section 170 Tax[payers Lose Virtually All Charitable Contributions For Failure to Meet Strict Substantiation Rules in the Law & Regulations

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 61 Duty of Consistency Requires Taxpayer to Pick Up Income in "Wrong" Year One Last Time

Section: 139F IRS Releases Guidance on Exclusion for Wrongful Incarceration Damages

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 108 Debt on Real Property Being Held for Sale Does Not Meet the Definition of Qualified Real Property Indebtedness

Section: 6662 Taxpayer's Unsuccessful Attempt to Find a Preparer to Confirm Their Own Preparer's Advice Not Reasonable Cause for Omitting Income

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 61 Incentives Paid for Participation in Wellness Program to Employees Must be Treated as Taxable Wages

Section: 408 Assignment of Portion of Decedent's IRA to Spouse as Community Property Interest in Lawsuit Settlement Creates Taxable Distribution to Named Beneficiary

And Much More...

Nichols Patrick Current Federal Tax Development Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: Scams Bogus Collection Phone Calls Being Made by Scammers Demanding Payment of "Federal Student Tax"

Section: Scams Policy Change Means IRS Win No Longer Initiate Audit Contract With Taxpayers Via Phone

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 162 Declining to Reconsider Validity of Regulation, Tax Court Denies Deduction for Law School Expenses to Accountant

Section: 402A IRS Adopts Final Regulations Removing Requirement to Treat Direct Rollover from Designated Roth Account as a Separate Distribution

And Much More...

Nichols Patrick Federal Tax Developments Weekly Update Podcast with 

Ed Zollars, CPA

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This week's podcast includes:

Section: Scams Policy Changes Means IRS Will No Longer Initiate Audit Contact With Taxpayers Via Phone

Section: Third Circuit Allow Deduction for Accrued Loyalty Reward Despite Requirement Customers Redeem Rewards Within Three Months

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Podcast

with Ed Zollars, CPA & Don Paul Cochran, JD, CPA

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This week's podcast includes:

Section: 446 New Comprehensive List of Automatic Accounting Method Changes Issued by the IRS

Section: 1361 Acquiring Corporation Forced to Seek IRS /relief for Failure to Notice That QSST Elections for Trusts Holding Stock of Acquired Company Were Not Valid for Its Stock

And Much More...

Nichols Patrick Current Federal Tax Development Weekly Update Podcast 

with Ed Zollars, CPA

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This week's podcast includes:

Section 223 Most HSA Limits Will Remain Unchanged for 2017

Section: 6721 One Year of Penalty Relief Granted to Educational Institutions Who Continue to Report Amounts Billed Rather Than Raid on Form 1098-T

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: Security IRS Has Found Cases Where Preparer's IT Systems Taken Over and Used to File Fraudulent Returns

Section: 53 Credit Carryover of Deceased Spouse Cannot Be Used by Survivor in Later Years

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 36B IRS Releases Inflation Adjusted Individual Affordable Care Percentages for 2017

Section: 61 SIFL Rates for First Six Months of 2016 Published

And Much More...

Nichols Patrick  Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 61 IRS Announces Disagreement With Case That Allowed 
Exclusion of Tax Advice Damage Awarded That Caused Taxpayer to Deviate From Lifetime Plan

Section: 223 Letter to Bankers States That Erroneous Employer HSA Contributions My Be Refunded  in More Situations Than Just Two Mentioned in Notice 2008-59

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 1402 Income from Sale of Scrap Metal Did Not Represent Self-Employment Income to Taxpayer

Section: Estate Tax Deduction for Charitable Contribution Reduced Below Date of Death Value By Subsequent Actions of Family

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast 

with Ed Zollars, CPA

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This week's podcast includes:

Section: 170 Taxpayers Failed to Obtain Documentations That No Goods of Services Were Received By Time Return Was Filed, Thus No Charitable Deduction Could Be Allowed

Section:183 Taxpayer's Injuries Did Not Move Tax Court To Find That Her Horse Operation Had a True Profit Motive

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast 

with Ed Zollars, CPA

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This week's podcast includes:

Section: 132 Joint Committee Report Got It Wrong, As Congress Failed to Authorize Lump Sum Reimbursement of Retroactively Increased Transit Benefit.

Section: Trust Allowed Charitable Deduction for IRA Distribution Immediately Paid to Charity

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: Scams IRS Shuts Down Online IP PIN recovery After Finding 800 Fraudulent Return Filings Attempted with Reissued PINs

Section: 51 Procedures for Obtaining Work Opportunity Credit Certifications for 2015 and Early 2016 Hires Outlined by IRS

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: Scams Spoofing Emails Being Sent to Obtain Confidential Employee Information from Employers

Section: Scams Over 720,000 Taxpayers Had Transcripts Accessed by Criminals Who Created Accounts on IRS Get Transcript Website

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: State Tax Colorado Law Requiring Out of State Sellers to Report on Colorado Customers Who May Owe Use Tax Upheld by Tenth Circuit

Section: 6038D Final Regulations on Reporting of Specified Foreign Assents by Certain Entities Issued

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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This week's podcast includes:

• Section: 136 Payment to Consumer Who Installed Photovoltaic Equipment a Nontaxable Subsidy
• Section: 170 Deduction Allowed to Partnership, as Payment of Contribution by Related Corporation Found to Be a Mistake That Taxpayer Corrected
• Section: 451 Taxpayer's Right to Income Neither Fixed nor Capable of Reasonable Estimate at Year End, So Not Included in Income Until Received
• Section: 6228 Fact that TMP Had Been Dissolved Five Years Earlier Did Not Render FPAA Invalid, Petition by Notice Partner Filed One Day Late

Federal Tax Update Podcast
With Ed Zollars, CPA

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This week's podcast includes:

• Section: Scams E-Filing PIN System Subject of Automated Attack Based on Information Obtained from Non-IRS Sources
• Section: 62 Court Finds Judge Not Compensated By Fees, Business Deductions Must Be Taken as an Itemized Deduction
• Section: 179 IRS Releases PATH Inflation Adusted 2016 Numbers for §179, Transit Benefits and Above the Line Educator Deductions
• Section: 752 Impact of Guarantees on Treatment of Partnership Debt Discussed in Memorandum
• Section: 6035 IRS Delays Due Date for Basis Statements One Additional Month to Allow for Publication of Proposed Regulations
• Section: 6651 Minimum Penalty for Failure to File Returns Increased 
• Section: 6662 Law Firm Had No Substantial Authority Nor Reasonable Cause for Deducting Unreasonable Level of Compensation
• Section: 7605 IRS Has Right to Look at Records for Year Previously Examined to Verify Net Operating Deduction for Exam of Later Year