Federal Tax Update Podcast (Federal Tax Update)

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

Section: 401 Rules Provided for Permitted Mid-Year Changes in Safe Harbor 401(k) Plans

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

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This week's podcast includes:

Section: 401 Proposed Regulations Providing for Allowed Normal Retirement Ages in Government Plans

Section: 7121 IRS Failure to Abide by Closing Agreement Does Not Invalidate Assessment

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: 401 Failure To Follow Anti-Alienation Provisions in Dealing With Account Balance in Divorce Causes Disqualification of ESOP

Section: 877A Entire Gain on Installment Sale Taxed to Former Legal Permanent Resident on Date He Formally Gave Up Status

And Much More...

Nichols Patrick CPE Weekly Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

Section:61 Whistle-blower Settlement Taxable as Ordinary Income, Not Excluded as Personal Injury Settlement Nor a Capital Gain from Sale of Personal Goodwill

Section: 132 IRS Provides Procedures for Employers Who Included Transit Benefits in Taxable Wages During 2015 That Were Retroactively Nontaxable

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: 62 Television Worker is an Independent Contractor & Not an Employee Despite Being Covered by Union Contract

Section: 170 IRS Withdraws Controversial Alternative Charitable Contribution Substantiation Regulations

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 61: Data Breech Victims(Nor those Who May Later become Victims) Will Not Be Deemed to Have Taxable Income From Receipt of Identity Protection Services

Section 165: National Office Concludes No Ordinary Loss Allows to s Corporation for Worthless Subsidiary

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: Scams IRS Issues Program Manager Technical Advice on Business Related Identity Theft 

Section: 6662 "Editing
 Information Provided to Tax Advisers Meant Taxpayer Could Not Claim Reliance on Their Advice

And Much More...

Nichols Patrick SPECIAL EDITION YEAR END Current Federal Tax Developments Weekly Update Podcast 

with Ed Zollars, CPA

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This week's podcast includes:

Protecting Americans From Tax Hikes Act of 2015 (PATH Act)

PERMANENT EXTENSIONS

Nichols Patrick Current Federal Tax Developments Weekly Podcast

with Ed Zollars, CPA

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This week's  podcast includes:

Section: New Law FAST Act Contains Tax Collections Provisions, Repeal of Change to 5500 Extension Due Dates

Section 263 Analysis Found in 2002 PLR Represents Proper Treatment of ERP Software Costs in the View of the IRS Chief Counsel's Office

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 Reminds Preparers to Check EFIN Information & Monitor Use

Section:55 Alternative Minimum Tax Applies Despite Taxpayer's Unique Circumstantces in His Job

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 De Minimis Safe Harbor Invoice Raised to $2,500 for Tax Payers Without an Applicable Financial Statement

Section 469 Restricted Stock Interest Still Found to Constitute Ownership Interest for Qualifying as Real Estate Professional

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 30D Electric Vehicle Not Placed In Service by Year End, Credit Denied

Section: 263 Safe Harbor Allocation of Refresh-Remodel Costs for Retail & Restaurants Provided 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: 163 Extenders Safe Harbor Method for Recipients of Hardest Hit Fund Relief Through 2017

Section: 642  Trust Granted Deduction for Full Fair Value pf Donated Property, Not Limited to Basis in Property

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: Representation Each Representative Must Personally Sigh Form 2848

Section: 6109 PTIN Renewal Fee Decreases fo 2016

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:

Bipartisan Budget Act of 2015: Partnership Provisions, Including Major Partnership Audit Reform, Included in Budget Bill

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 1 Inflation Adjustment Numbers Issued by IRS for 2016

Section: 415 IRS Announces 2016 Qualified Plan Inflation Adjusted Limits

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 Non-Compete Agreement Was Not Properly Taxable to Partnership, Since It Bound Corporation & Two Employees Only

Section: 3121 Social Security Wage Base & Other Related Items for 2016

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: 401 ESOP Disqualified Due to Failure to Comply and Plan Document

Section: 613A IRS Published "Updated" Applicable Percentage for Marginal Oil and Gas Wells

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 No Hardship Exception Exists for Recognition of Cancellation of Debt Income Despite Advice from Bank & IRS Office

Section: 166 Taxpayer Failed to Show in Business of Loaning Money or That Debts Totally Worthless

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast

with Ed Zollars, CPA

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This week's podcast includes:

Section: 368 Final Regulations Revising the Definition of an F reorganization Published

Section: 1362 relief Granted for Inadvertent Termination Due to Excess Passive Income of S Corporation

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast with

Edward K. Zollars, CPA

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This week's podcast includes:

Section: 168 Guidance Given for Taxpayers Impacted by Retroactive Reinstatement of Depreciation Related Tax Provisions in TIPA

Section: 274 IRS Publishes Revised Special Per Diem for Period from October1, 2015 to September 30, 2016

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast with

Edward K. Zollars, CPA

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This week's podcast includes:

Section: Payments IRS to Stop Accepting Checks for $100 Million or Greater

Section: 61 Taxpayer Not Allowed to Use Open Transaction Doctrine to Avoid Reporting Interest Income, Penalties Applied

And Much More...

Nichols Patrick CPE Federal Tax Developments Weekly Tax Update with

Edward K. Zollars, CPA

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This week's podcast includes:

Section: 36B Plans that Fail to Offer Significant In-Patient Hospitalization and/or Physician Coverage Will Not Offer Minimum Value

Section: 6501 IRS Concludes One Paragraph Was Inadequate Disclosure of Gift, Statute Remains Open Indefinitely

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast with

Edward K. Zollars, CPA

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This week's podcast includes:

Section: 911 IRS Regulation on Required time to Make Foreign Earned Income Exclusion Election Is Reasonable

Section: 937 IRS Issues Proposed Regulations Upon Which Taxpayers May Rely Expanding Constructive Presence Days for Bona Fide Resident U.S. Territory Test

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast with Edward K. Zollars, CPA

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This week's podcast includes:

Section: Scams over 300,00 Taxpayers Had Transcripts Accessed by Criminals Who Creating Accounts on IRS Get Transcript Website

Section: 72 Taxpayer Finds Annuity Distribution Taxable Even Though He Claimed He Had Never Made Money On It

And Much More...

Nichols Patrick Current Federal Tax Development Weekly Update Podcast               with Edward K. Zollars, CPA

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This week's podcast includes:

Section: Liability Failure to Object to Tax Shelter By Tax Preparer Treated As Recommendation of Shelter, Insurance Carrier Allowed to Deny Coverage

Section: 280E Cost of Marijuana Seized by DEA Not Deductible as Cost of Sale

And Much More...

Nichols Patrick CPE Current Federal Tax Developments Weekly Update Podcast with Edward K. Zollars, CPA

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This week's podcast includes:

Section: 162 Cash Basis Farmer Can Expense Packaging Materials as Purchased Rather Than When Used, But Decision Based on Regulation Changed Substantially Beginning in 2014

Section: 911 Taxpayer Was a US Agency Employee Not Eligible for Foreign Income Exclusion Despite IRS Concession in Prior Exam

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

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This week's podcast includes:

Section: New Tax Law Highway Fund Bill Changes Due Dates for Returns

Section: 162 Cash Basis Farmer Can Expense Packaging Materials as Purchased Rather Than When Used, But Decision Based on Regulation Charged Substantially Begining in 2014.

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast with Edward K. Zollars, CPA

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This week's podcast includes:

Section: 165 Damage from Automobile Accidents Does Not Result in Casualty Loss for Rental Car Company

Section: 408 Taxpayer Who Erroneously Established Non-IRA Account With Online Bank Allowed Late Rollover Relief

And Much More...

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

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This week's podcast includes:

Section: 61 Tax Court Finds Economic Benefit Portion of Split-Dollar Regulations Valid

Section: 707 Purported Purchases of Limited Partnership Interests Were Actually Disguised Sales

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: Bankruptcy Tenth Circuit, Agreeing with Fifth, Holds that BACPA law Change Means Late Filed Return Liabilities Generally Cannot Be Discharged in Bankruptcy

Section: 61 Advance Taxable to Employee in Year Paid, Not in Later Year When Employee Left an Unpaid Advance Balance

And Much More...

Nichols Patrick Current Federal Tax Developments Weekly Update Podcast with Edward K. Zollars, CPA

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This week's podcast includes:

Section: New Law Additional Early Distribution Penalty Relief Added for Certain Federal Government Employees

Section: New Law Number of Tax related Provisions, Many Revenue Raisers, Found in New Trade Bill

And Much More...

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

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This week's podcast includes:

Section: 36B Supreme Court Rules Health Care Credits Available to Individuals in Federal Exchanges

Section: 165  Pump & Dump Scheme Did Not Equate to Theft, So Loss on Shares was Capital Rather Than Ordinary

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:  OPR IRS Office of Professional Responsibility Concedes That Case Law Holds It Lacks Authority to Regulate Tax Return Preparations

Section: 529A Proposed Regulations on Which Taxpayers May Rely Issued for ABLE Accounts

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 2015 Security Summit Report Released Addressing Actions to Take to Combat Tax Related Identity Theft

Section: 409A IRS Issues Audit Technique Guide on Nonqualified Deferred Compensation Plans

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: 408 Taxpayer Denied Late Rollover Relief Despite Medical Condition Due to Use of Funds to Pay Personal Bills

Section: 446 Guidance Requested By IRS on Dealing with FASB's Pending Changes to Revenue Recognition

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: Scams 100,000 Taxpayers Had Transcripts Accessed by Criminals Who Created Accounts on IRS Get Transcripts Website

Section: 543 Negative Easement Payments Found To Be Rental Income for Personal Holding Purposes

And Much More...

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

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This week's podcast includes:

Section: 104 Disability Pension Payments Converted to Taxable Amounts in Hands of Former Spouse Receiving Them Under QDRO

Section: 262 Property Never Truly Converted to Rental by Taxpayers, Losses Disallowed as Losses Incurred on Personal Use Asset

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: 61 Failure to Notify Debtor that Accepting Debt Compromise Could Lead to Taxes Not a Deceptive Practice on Part of Collection Agency

Section: 162 Regardless of Taxpayer's Actual Intention to Start Business, Expenses of Investigating a Business That Taxpayer Unable to Actually Start Not Deductible

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: 167 Ruling Issued on Proper Treatment for Depreciation of Partially Recovered Metals Used in Taxpayer's Business

Section: 223 HSA Limits Set for 2016

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: 36B Mere Eligibility for CHIP "Buy-In" Program Will Not Prevent Taxpayer from Qualifying for Premium Tax Credit
• Section:72 Taxpayer Taxable on IRA Distribution Despite Following Father's Wishes that Sibling Recieve Part of Account Balance Left to Him
• And Much More...

Nichols Patrick CPE, Inc., Current Federal Tax Developments Weekly Podcast with Ed Zollars, CPA

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This week's podcast includes:

• Section: 274   Calendar & Log Book Formed Adequate Records to Support 100% Business Use for Two Autos
• Section: 911 Flight Attendant Based in Hong Kong Could Not Exclude All Earnings As Foreign Earned Income
• And Much More...

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

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This week's podcast includes:

• Section: Tax Research Google App Provides Chrome Browser Button to Bring Up Full Text of Court Cases
• Section: 195 Business Had Not Yet  Commenced, Therefore No Deductions Were Allowed
• And Much More...

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

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 April 13th  podcast includes:

• Section: 62 Partner Not Able to Deduct Taxes Imposed by State in Which He Performed No Services As A Business Deduction
• Section: 71 Contingency Found Related to Ex-Spouse & Not Child, Thus Payments Deductible As Tax Alimony
• and Much More...

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

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This week's podcast includes;

• FBAR Reporting Taxpayer Failed to Exercise Ordinary Business Care & Prudence in Determining if Required to File FBAR Reports
• Section: 170 Contributions Made by Unextended Filing Deadline for 2014 in Support of Two Slain Officers Can Be Treated as 2014 Contributions Even Though Made in 2015
• 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: 162 Payment Under Deferred Prosecution Agreement Argued in IRS Memo to be Nondeductible Despite DOJ's Intent to Use if to Pay Restitution to Victims
• Section: 402 2014 Return Paper Filing Mandated for Airline Employees Taking Advantage of Expansion of IRA Rollover Program
• And Much More...

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

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This week's podcast includes:

• Scams Recipients of IRS Identity Letters (Letter 5011C) Given Information on Steps to Take
• Section: 6110 Tax Court Refuses to Consider Chief Counsel Advise Cited by Taxpayer in Deciding Case
• 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: 61 State's Label of Refundable Credits as Overpayments of State Income Tax Not Binding on Federal Courts
• Section: 170 Taxpayer's Right to Make Up to 5% Substitution of Land Covered by Conservation Enough to Disqualify Charitable Deduction
• 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: 61 Proposed Revenue Procedure that would Provide Safe Harbor Slot Machine Session Treatment Issued by IRS
• Section: 1031 Transactions Structured to Avoid Related Party LKE Rules, Gain Must Be Recognized
• And Much More...

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

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This week's podcast includes:

• Section:23 Re-Adoption in U.S. Not Required for Taxpayer with Valid Foreign Adoption to Claim Adoption Credit
• Section:71 Amounts Individual Ordered to Pay on Mortgage Not Alimony, Had Child Related Contingency
• 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: Scams IRS Warns of Phishing Aimed at Tax Professionals
• Section: 408 Attempt to Avoid Fees on Transferring IRA Creates late Rollover, IRS Grants Relief
• 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: 446 Simplified Accounting Method Change Procedures Issued by IRS for Small Taxpayers to Comply With Repair/Tangible Property Regulations
• Section: IRS List of Attorney, CPA, AE & ATFSP Preparers Issued by the IRS
• And Much More...

Nichols Patrick CPE Current Federal Tax Development weekly podcast withn Ed Zollars, CPA

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This week's podcast includes:

• Section:41  Capped Cost-Plus Contracts Amounted to Funded Research, Research Credit Denied
• Section 52  Daughter Not in Common Law Marriage, Mom Allowed To Claim As Dependent 
• and Much More...

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

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This week's podcast includes:

• Scams TIGTA Warns of Phone Scams Related to IRS
• Section: 408 Late Rollover Allowed When Custodian Transferred Funds to State Agency Without Taxpayer's Knowledge
• 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: 162 Truck Driver Found to be a "Tax Turtle" Without a Tax Home, Meals Per Diem Deduction Disallowed
• Section:5000A Average Monthly Bronze Premium Amounts for 2015 Published to be Used in Computing Cap on Shared Responsibility Payments
• And Much More...

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

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This week's podcast includes:

• Section: 48 Certification & Qualification Rules for Small Wind Energy Property Qualifying for 30% Business Tax Credit
• Section: 446 Accounting Method Change Revenue Procedures Consolidated & Revised
• And much more...

Nichols Patrick Weekly Federal Tax Update with Ed Zollars, CPA

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This week's podcast includes:

• Section: 274 Attorney's Expenses Related to Aircraft Primarily Found to Be Personal in Nature, Most Deductions Disallowed
• Section:581 Money Services Business Is Not a Bank, Loss on Disposal of Securities Required by Regulators Is Not an Ordinary Loss
• And Much More...

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

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This week's podcast includes:

• Section: 25A Taxpayer Claimed American Opportunity Credit in Wrong Year, No Credit Allowed
• Section: 402 IRS Modifies Allocation of Before & After Tax Amounts Rolled Over from Retirement Plans
• And Much More...

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

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This week's podcast includes:

• Section: 163 Safe Harbor Repair & Capitalization Methods for Cable System Operators Under New Tangible Property Repair & Capitalizations Published by IRS
• Section: 469 Taxpayer with Single Triplex Rental Found to be Real Estate Professional & Met Material Participation Standard
• Section: 6901 Tax Court Erred in Finding New York Fraudulent Conveyance Statute Did Not Apply
• And Much More...

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

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This week's podcast includes:

• Section: 170 Right to Substitute Land Subject to Conservation Easement Rendered Contribution Not a Qualified Conservation Contribution
• Section: 501 Organization LacksStanding to Challenge Church's Exemption from Filing Form
• Section: 7436 TEFRA Procedures Do Not Apply to Payroll or Worker Classification Examinations of Partnerships

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

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This week's podcast includes:

• Legislation Revenue Provisions of the Achieving a Better Life Experience (ABLE) Act of 2014
• Section: 274 Auto Mileage Rates for 2015 Published by IRS
• Section: 6038D IRS Issues Final Regulations for Reporting Foreign Financial Assets Under FACTA
• And Much More...

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

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This week's podcast includes:

• Tax Increase Prevention Act for 2014
• Achieving a Better Life Experience (ABLE) Act of 2014
• Section:  6511 Use of the Wrong Form for an Innocent Spouse Claim for Refund Did Not Qualify as Informal Claim, Perfected Claim Filed After Closing of Statute of Limitations
• And Much More...

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

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This week's podcast includes:

• Section: 36B Affordable Percentages for 2016 Released by IRS
• Safe Harbor Structure for Partnerships Allocating Rehabilitations Credits Provided by IRS
• Section: 5000A IRS Publishes List of Hardship Exemptions for Which a Specific Application to State Exchange Not Required
• And Much More...

Nichols Patrick Weekly Federal Tax Update with Don Paul Cochran, JD, CPA, CFP

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This week's podcast includes:

• Section: 106 Department of Labor Clarifies in FAQ Types of Employer Arrangements that Run Afoul of Notice 2013-54
• Section: 162 Sponsorship of Corporation Shareholder's Son's Motocross Activity Found to Be a Reasonable Business Expense
• Section: 280A Tax Court Analyzes Application of Rules on Personal Use to Vacational Rental
• And Much More...

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

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This week's podcast includes:

• Section: 36B IRS Provides Special Rule for Pregnant Women Temporarily Eligible for Medicaid or CHIP Coverage, May Continue to Qualify for Premiums
• Section: 368 Final Regulations Issues on Allocation of Basis in All Cash D Reorganizations
• Section: 3301 DOL Releases List of States That Face Reduction of FUTA Credit for 2014
• And Much More...

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

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This week's podcast includes:

• Section: 36B  Plans that  Fail to Offer Significant In-Patient Hospitalization and/or Physician Coverage Will Not Offer Minimum Value
• Section: 381 Regulations Provide for Transfer of Earnings & Profit in Certain Corporate Tax Free Transactions
• And Much More...

Nichols Patrick Weekly Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

• Section:1 Inflation Adjusted Numbers Issued by IRS for 2014
• Section: 163 No Interest Deduction Allowed for Accrued Interest on Mortgage Refinanced with Same Lender
• Section: 751 Proposed Regulations Issued That Would Revise Hot Asset Treatment for Partners
• And Much More...

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

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This week's podcast includes:

• WBHAA Did Not Impose New Temporary Ordering Rules for Alternative Tax Net Operating Losses
• IRS Announces 2015 Qualified Plan Inflation Adjusted Limits
• Social Security Wage Base & Other Related Items for 2015
• And Much More...

Nichols Patrick Weekly Federal Tax Update with Ed Zollars, CPA

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This week's podcast includes:

• Section: 132 Differences Between Employer Operated Van Pool & Public/Private Van Pool Detailed for Application of 80/50 Rule for Transportation
• Section: 165 Lack of Records Leads to Denial of Gambling Losses for Taxpayer, Penalties Imposed
• Section: 465 Moving Company's Accrued Liability for Goods Damaged in Transit Does Not Qualify for Recurring Item Exception
• And Much More...

Nichols Patrick Weekly Federal Tax Update with Ed Zollars, CPA

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This week's podcast includes:

• Section: 61 IRS "Clarifies" Limits of California Short Sale Laws Impact on Treatment Debt as Nonrecourse, Backing Off Earlier Letter
• Section: 4943 Foundation Fails to Show Reasonable Cause to Justify Abatement of First Tier Tax on Excess Holdings
• Section: 7701 Letter on Treatment of Green Card Holders Published by IRS
• And Much More...

Nichols Patrick Weekly Tax Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

• Section: 41 S Corporation CEO/Shareholder Found Unreasonably High, Court Substantially Reduces Research Credit
• Section: 183 Despite Decades of Losses, Taxpayer Found to Have Profit Motive for Business as Artist
• Section 2031 Estate's Claimed Discounts on Fractional Interest of Art Allowed in Full When IRS Only Argues No Discounts Are Allowed
• And Much More...

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

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This week's podcast includes:

• Section: 125 New Options Provided Where Cafeteria Plan May Allow Participants to Revoke Health Plan Participation Election During Plan Year
• Section: 408 Tax Court Rules, in Split Opinion, That U.S. Civil Service Retirement System Not Required to Take IRA Rollover
• Section: 7701 Failure to Formally Abandon Lawful Permanent Resident Status Causes Individual to Be Subject to Tax on Worldwide Income
• And Much More...

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

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This week's podcast includes:

• Section:61 Guarantor Who Fails to Pay Debt Guarantee Does Not Recognize Cancellation of Indebtedness Income
• Section: 402 IRS Modifies Allocation of Before and After Tax Amounts Rolled Over from Retirement Plans
• Section: 3402 IRS Issues Regulations Allowing IRS to Provide for Voluntary Withholding Arrangements
• And Much More...

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

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This week's podcast includes:

• Section OPR Describes When Employees of Corporation Under Examination Become Subject to OPR Jurisdiction
• Section 61: Damage Award Recieved From Tax Advisor Related to Tax Shelter Advice Not Includible In Gross Income As Taxpayer Abandoned Alternative  Plan That Would Have Reduced Tax
• Section 170 : IRA Payment Made to Charity to Comply with Retain State Operating Certificate Found to be Business Expense, Not Charitable Contributions
• And Much More...

Nichols Patrick Weekly Federal Tax Update with Ed Zollars, CPA

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This week's podcast includes:

• Section:31 Voluntary Payment Designation That Designates Payment to be Applied to Taxes of Another Taxpayer Must Be Respected by IRS, IRS Announces Non-Acquiesence
• Section:723 No Basis for Partners' Own Promissory Notes Contributed to Partnership
• Section: 1001 Taxpayer's "Swap" Did Not Create Basis to Shelter Gain on Sale of Stock
• And Much More...

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

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This week's podcast includes:

• IRS Issues Warning About Phone Scams
• IRS Determines Virtual Sorority Cannot Be a Section 501(c)(7) Social Club
• Tax Court Clarifies Calculation of Gross Income Following Home Concrete Decision
• And Much More...

Nichols Patrick Federal Tax Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

• Taxpayer Met Material Participation Standard Based on the "Facts & Circumstances" Test
• IRS Makes Revisions to LCM Retail Inventory Method & Provides for Automatic Accounting Method Change
• CFO Still Responsible Person Despite Lender's Refusal to Advance Funds to Pay Payroll Taxes, Rather Demanding Payment of Other Expenses
• And Much More...

Nichols Patrick Weekly Federal Tax Update with Ed Zollars, CPA

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This week's podcast includes:

• Taxpayers Participating in Gambling Treatment Program Where Any Winnings are Forfeited to the State Not Taxable on Winnings Forfeited
• "Disregarded" LLC Must Be Considered When Valuing Charitable Contribution
• IRS Issues Last Set of Final Regulations from Tangible Property Project Related to Group Asset Accounts
• Fact that TMP Was Under Criminal Investigation Did Not Invalidate FPAA
• And Much More...

Nichols Patrick Weekly Federal Update Podcast with Ed Zollars, CPA

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This week's podcast includes:

• Office in Home Rules Applied to RV, No Deduction Allowed Despite Showing of Business Use
• Despite Admission of Advisor of Giving Bad Advice, IRS Denies Late Rollover Relief
• Aircraft Was Separate Activity from Business, Taxpayer Failed to Show Material Participation
• Final Whistleblower Regulations Issued by IRS
• And More...

Nichols Patrick Weekly Tax Update with Edward K. Zollars, CPA

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This week's podcast includes:

• Court Allows for Unavoidable Personal Use of Office Portion of Studio Apartment, Grants Deduction
• Advisor's Assurance that Investment Would Be Returned Within 60 Days Found to Provide Cause to Grant Relief for Late Rollover
• No Current Deduction Allowed for Unredeemed Portion of Customer Loyalty Program Discounts, as Fact of Liability Not Yet Established
• Draft Form to Report Individual Shared Responsibility Payment Exemption Released by IRS
• IRS Releases Reconciliation of Premium Tax Credit Form
• And More....

Nichols Patrick Weekly Federal Tax Update Podcast with Edward K. Zollars, CPA

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This week's podcast includes:

• Fact Mother Named Custodial Parent in Divorce Not Relevant to Dependency Exemption When Child Spends More Nights with Father
• Organization Offering Qualified Plans to Attorneys Only Not a Tax Exempt Business League
• Final Regulations Clarify that Partnership May Not Write-off Unamortized Start-up Costs or Partnership Organization Costs Due to a Technical Termination
• And More...

Nichols Patrick  Federal Tax Update Podcast with Edward K. Zollars, CPA

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This week's podcast includes:

• Contingent Fee Rule in Circular 230 Struck Down Provisions Regulating Preparations By CPAs Brought Into Question
• IRS Unveils Voluntary Tax Preparer Registration Program Despite Complaints of AICPA & NAEA, AICPA Files Suit To Block While National Taxpayer Advocate Praises The Program
• IRS Issues Final Regulations On Deductions Subject to 2% Limitation For Fiduciary Returns, Delays Effective Date
• Debt Secured By Different Residence Not Acquisition Debt For Qualified Mortgage Debt Exclusion
• And More...

Nichols Patrick Federal Tax Update Podcast with Edward K. Zollars, CPA

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This week's podcast includes:

• PROPERTY WAS NO LONGER (IF EVER) A RENTAL TRADE OR BUSINESS, INTEREST ONLY POTENTIALLY DEDUCTIBLE AS HOME MORTGAGE INTEREST
• FAILURE TO ESTABLISH A BONA FIDE DEBT FATAL TO TAXPAYER'S CLAIMED BUSINESS BAD DEBT DEDUCTION
• IRS OFFICIALLY WITHDRAWS PROPOSED REGULATIONS AT ODDS WITH COURT RULINGS IN THE BOBROW IRA CASE
• AND MORE....

Nichols Patrick Federal Tax Update  with Edward K. Zollars, CPA

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This week's podcast includes:

• IRS Unveils Voluntary Tax Preparer Registration Program Despite Complaints of AICPA &  NAEA
• IRS Issues Proposed Final Regulations On Post - 2013 Smaller Employer Health Care Credit
• Participants in Defined Contribution Plans to be Allowed to Use a Portion of Benefits to Purchase Qualified Longevity Annuity Contract
• IRS Issues Simplified Form 1023 fir Small Section 501 (C)(3) Organizations
• Merged Corporations Allowed to use Interest Netting Rules for Pre & Post Merger Tax Overpayments & Underpayments
• IRS Not Required to "Piece Together" Hints Regarding Omitted Income, Tax- Payer Hit With Six Year Statute of Limitations

Nichols Patrick Federal Tax Update Podcast  with E. Lynn Nichols, CPA

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This week's podcast includes:

• Fraternal Group's Insurance Sales Related to Exempt Purpose
• Loan to ESOPs Is a Prohibited Transaction
• Final Regs on Waiting Period for Health Insurance
• IRS May Investigate, Assess Preparer Penalties 
  Before Return Examined
• Individual Who Didn't Retrieve Mail Can't Challenge Tax Liability
• Tax Court Disallows Business Deductions, Upholds Penalty
• And much more!!

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

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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

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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

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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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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This week's podcast includes:

• Individual Must Recognize Previously Excluded Gain on Property
• IRS Guidance Expected on Dual Partner/Employee Status
• Suspended Passive Losses Not Deductible – No Disposition
• Retirement Plan Penalty Relief Program Begins in June
• IRS Denied Summary Judgment in Estate Tax Deficiency Case
• LLC Owner at Risk for Loan; Aircraft Leasing Wasn't Passive
• IRS Releases Draft Form 990-EZ for 2014
• Ranch Not Required to Use Accrual Method

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

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This week's podcast includes:

• Tax Consequences of Proposed Trust Division
• No Gain or Loss Recognized on Transaction
• IRS Entitled to Reconstruct Business Income, Impose Penalties
• Gain From Sale of Property Is Ordinary Income; Penalty Imposed
• Individual Denied Joint Filing Status, Exemptions, and Credits
• Couple Denied Deductions for Easement Donations; Penalties Apply
• Individual Had Wage Income Not Business Income; Deductions Denied
• IRS Issues SB/SE Guidance on Collecting Civil Penalties

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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This week's podcast includes:

• Rehabilitation of Contiguous Properties Is Single Project
• Who is Eligible Tax Matters Partner?
• Consultant Received Guaranteed Payments as Partner
• Partnership Overvalued Conservation Easement, But Not By Much!
• Vehicle Expense Deduction Denied Due to Poor Records
• Unsubstantiated Deductions Denied; Accuracy Penalties Upheld
• Final Regs Address Estate, Trust Costs Subject to 2 Percent Floor
• Arrangement to Fund Benefits Through Subsidiary Is Insurance
• Tax Court Finds Couple's Home Improvement Wasn't a Business

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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This week's podcast includes:

• IRS Approves LLC's Alternative Basis Recovery Method
• Plan Distribution Includable in Income; Penalty Upheld
• Tax Court Grants Individual Innocent Spouse Relief
• IRS Publication on 401(k) Plans for Small Businesses
• Horse Activities Were for Profit for Some Years, Not Others
• District Court Reverses Bankruptcy Court's Discharge of Taxes
• More Than Expected Eligible for ACA Premium Assistance Credits

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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This week's podcast includes:

• Streamlined Exemption Application Available to Small EOs
• Tenth Circuit Affirms Decision Denying Tax Refund for Corporation
• Fellowship Cash Stipend, Grant Funds Subject to Tax
• Couple Didn't Operate Amway Activity for Profit, Deductions Denied
• 2015 Inflation-Adjusted Amounts for HSAs
• SB/SE Interim Guidance on OIC Payment Options
• SB/SE Guidance on Principal Residence Foreclosure Suits

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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This week's podcast includes:

• Foreclosure on Passive Activity Property Is Taxable Transaction
• Estate Failed to Make a Valid Installment Payment Election
• Tax Court Orders Production of Opinion Letters, Privilege Waived
• Individual Entitled to Dependency Exemption Deduction and Child Credits
• Individual Not Allowed to Deduct Losses From Rental Activity

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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This week's podcast includes:

• Guidance on Application of Windsor to Pension Plans
• Penalty for Failure to Deposit Employment Taxes
• Tax Consequences of Guaranteeing LLC Debt
• Thoroughbred Owner Materially Participated, Entitled to Losses
• Guidance on State-Chartered Credit Unions and UBIT
• Company Officers Held Liable for Trust Fund Recovery Penalties
• Individual Didn't Reasonably Rely on Tax Savings Plan Promoter
• 6-Year Limitations Period Applies to Injured Spouse Claims

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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This week's podcast includes:

• Health FSA Participants Are Ineligible for HSAs
• Scope of Power of Attorney in Light of Disclosure Rules
• IRS Reissues SB/SE Interim Guidance on In-Business Trust Fund Express Installment Agreements
• Individual Denied Vehicle Expenses for Lack of Substantiation
• Vehicle Expense Deductions Disallowed; Penalty Imposed
• Separate Filings Rule Should Apply to Allocate Joint Refund in Bankruptcy
• Real Estate Professional Failed to Show Material Participation
• Accountants Awarded Damages Following False Information Return Filings
• How To Prepare a Collection Information Statement
• Couple Co-owners of Property Despite Quitclaim Deed, Tax Lien Valid
• IRS Publication Provides Guidance for Religious Groups

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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This week's podcast includes:

• Maximum Values of Employer-Provided Vehicles for 2014
• Passive Activity Properly Treated as an Insurance Business
• Lawsuit Settlement Liabilities Were Deductible Business Expenses
• Countries for Which Income Exclusion Requirements Are Waived
• Supreme Court Reverses Sixth Circuit in Quality Stores, Severance Payments Subject to FICA Taxes
• Guidance on Application of Tax Principles to Virtual Currency Transactions
• Trust Materially Participated in Real Property Business, Qualifies for Passive Activity Exception

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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This week's podcast includes:

• Estate's Representative Held Liable for Decedent's Outstanding Tax Debt
• HHS Extends Individual Healthcare Mandate Hardship Exemption
• Examining the First-Quarter Effect of the Expired Extenders
• Wyden Planning Extenders Markup in Early April
• Toyota Cannot Deduct Record $1.2 Billion Penalty
• IRS to Hold Public Hearing on 501(c)(4) Proposed Rules
• IRS Bars Appraisers From Valuing Facade Easements for 5 Years
• IRA Rollover Limit Will Be Applied on an Aggregate Basis
• Estate Denied Refund of Taxes Paid on Constructively Received Income

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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This week's podcast includes:

• Tax Treatment of Per Capita Distributions to Members of Indian Tribes
• Guidance on Failure to File Affiliated Group Form
• Separately Filing Wife Not Protected by Husband’s Participation Under Passive Activity Rules
• Individual Didn't Meet Qualifications for Dependency Exemption or Credits
• Self-Insured Taxpayer's Legal Fees Are Not Specified Liability Losses
• State Law Bars Charitable Contribution Deductions for Easements 
• 7Estate's Deduction for Uncertain Litigation Claim Denied
• Amounts Forfeited After Insider Trading Conviction are Deductible