Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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
Direct download: SS_AUDIO_06_09_2014.mp3
Category:Federal Tax Update -- posted at: 4:04pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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
Direct download: SS_AUDIO_06_02_2014.mp3
Category:Federal Tax Update -- posted at: 3:21pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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

 

Direct download: SS_AUDIO_05_27_2014.mp3
Category:Federal Tax Update -- posted at: 3:43pm EST

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

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
Direct download: SS_AUDIO_05_19_2014.mp3
Category:Federal Tax Update -- posted at: 1:20pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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
Direct download: Federal_Tax_Update_05_12_2014.mp3
Category:Federal Tax Update -- posted at: 12:36pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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
Direct download: Federal_Tax_Update_05_05_2014.mp3
Category:Federal Tax Update -- posted at: 2:32pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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
Direct download: Federal_Tax_Update_04_28_2014.mp3
Category:Federal Tax Update -- posted at: 10:20am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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
Direct download: Federal_Tax_Update_04_21_2014.mp3
Category:Federal Tax Update -- posted at: 10:07am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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
Direct download: Federal_Tax_Update_04_14_2014.mp3
Category:Federal Tax Update -- posted at: 10:25am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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
Direct download: SS_AUDIO_04_07_2014.mp3
Category:Federal Tax Update -- posted at: 8:40am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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
Direct download: SS_AUDIO_03_31_2014.mp3
Category:Federal Tax Update -- posted at: 10:22am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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
Direct download: Federal_Tax_Update_03_24_2014.mp3
Category:Federal Tax Update -- posted at: 8:33pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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
Direct download: Federal_Tax_Update_03_17_2014.mp3
Category:Federal Tax Update -- posted at: 8:16pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • IRS Modifies Procedures for Accounting Method Changes for Depreciation, Disposition of Assets
  • Form 8960 Instructions   
  • NII Tax Form Instructions Include Items Not Applicable for 2013
  • Working Capital and Inclusion Issues for IRC Sec. 1411
  • IRS Allowed to Reduce Debtor's Refund for Repayment of First-Time Home Buyer Credit
  • LB&I Issues Memorandum Updating Guidance on IDR Enforcement Process
  • Fifth Circuit Affirms Controlling Partners Entitled to Deduct Operational Expenses
  • IRS Issues Final Regs on Healthcare Coverage Information Reporting
  • IRS Issues Final Regs on Information Reporting of Minimum Essential Coverage
  • Treasury Releases Fact Sheet on Final ACA Information Reporting Regs
  • IRS Releases Video Providing Tax Tips to Same-Sex Married Couples
  • IRS Updates FAQ on Same-Sex Couples Married Under State Law
  • Couple Not Entitled to 'Currently Not Collectible' Status
  • IRS Releases Updated Audit Technique Guide on Farming Operations
Direct download: Federal_Tax_Update_03_10_2014.mp3
Category:Federal Tax Update -- posted at: 11:54am EST

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

This week's podcast includes:

  • Request to Change Accounting Period Deemed Timely Filed
  • Qui Tam Award Fails to Meet Requirements for Capital Gains Treatment
  • State Court Document Doesn't Meet Requirements to Let Noncustodial Parent Claim Dependency Exemption
  • Transaction Involving Allocation of State Tax Credits Was Disguised Sale
  • Court Dismisses Suit Challenging Levy on Retirement Benefits
  • IRS Issues Retirement Plans FAQ on EP Team Audit Program
  • Final Regs on Property Transferred for Services
  • Limits on Depreciation Deductions for Autos
  • IRS Properly Disallowed Deduction for IRA Contribution
  • Ninth Circuit Affirms Tax Lien Survived Bankruptcy, IRS May Levy on Pension Plan
  • IRS Updates FAQ on Net Investment Income Tax
Direct download: Federal_Tax_Update_03_03_2014.mp3
Category:Federal Tax Update -- posted at: 9:40am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • IRS Releases Transfer Pricing Audit Roadmap
  • Businesses Encouraged to Make Method Changes for Dispositions Now
  • Tax Court Upholds Disallowance of Couple's Rental Activity Losses
  • Individual Denied Alimony Deduction for Equalization Payment to Former Wife
  • Tax Court Grants Individual Relief From Joint Liability With Former Husband
Direct download: Federal_Tax_Update_02_24_2014.mp3
Category:Federal Tax Update -- posted at: 10:09am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  1. Final Regs on Employer Shared Responsibility for Health Insurance Coverage
  2. FAQ on Employer Shared Responsibility Provisions Under ACA
  3. D.C. Circuit Holds Return Preparer Regulations Invalid
  4. Tax Court Determines Stock Value for Estate Tax Purposes, Sustains Penalty
  5. Development Company Properly Reported Income From Home Construction Contracts
  6. Interest Accrued on Insurance Policy Loan is Includible in Distribution
  7. Third Circuit Affirms QSub Election Didn't Result in Increased Basis
Direct download: Federal_Tax_Update_02_17_2014.mp3
Category:Federal Tax Update -- posted at: 1:24pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Fact Sheet Outlines Eligibility Rules for Earned Income Tax Credit
  • Capitalization of Payments Is Not Required
  • Stock Election Is Valid
  • Schedule UTP Filing Statistics From 2012 Tax Year
  • Safe Harbor for Treatment of Indebtedness Secured by Property
  • Doctor Can't Deduct Repayment of Funds Used for Medical Education
  • Credits Reduce Amount of Deductible Excise Tax Liability
  • Tax Court Determines Proper Treatment of Neurosurgeon's Work-Related Deductions
Direct download: Federal_Tax_Update_02_10_2014.mp3
Category:Federal Tax Update -- posted at: 8:51am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Classification of Drywall Partitions for Depreciation Purposes
  • Termination of S Corp Election Inadvertent
  • 2014 NII Form Will Contain Changes
  • Deduction for Donated Building Disallowed Due to Deficient Appraisals
  • S Corporation ESOP Violated Antiabuse Provisions
  • Couple Received Taxable IRA Distributions, Liable for Penalties
  • Proposed Regs on Partnership Disguised Sales
  • Payments to Settle Lawsuit Includable in Income
  • Summary of 'myRA' Proposal
Direct download: Federal_Tax_Update_02_03_2014.mp3
Category:Federal Tax Update -- posted at: 11:11am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Promised Revenue Procedure Provides Guidance For Compliance With New Tangible Property Regulations (aka “Repair Regs”)
  • Significant Changes to Forms 990 and 990-EZ for 2013 Returns Due May 15, 2014
  • Final Regulations Offer Taxpayers Choice Of Authority For Calculating Certain Items of Investment Income For Purposes of Determining “Net Investment Income” Subject To 3.8% “Medicare Tax”
  • SB/SE Exam Unit May Disclose Federal Tax Return Information to OPR
  • Company Granted Relief From Late Association Status, S Corp Elections
  • Revenue Procedure 2013-30; 2013-36 I.R.B. 173; 8/14/2013
Direct download: Federal_Tax_Update_01_27_2014.mp3
Category:Federal Tax Update -- posted at: 9:50am EST

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

This week's podcast includes:

  • Final Regs on Sales-Based Royalties and Vendor Allowances
  • Expired Extenders Trigger Financial Reporting Complications
  • JCT Lists Expiring Federal Tax Provisions Through 2024
  • Eighth Circuit Affirms Surgeon's Tax Evasion, Fraud Convictions
  • IRA Distribution Rollover Requirement Waived
  • Each Spouse Files Separate Schedule C for Qualified Joint Venture
  • IRS May Assess Penalty for Failure to File Foreign Gift Information Return
  • Corporation May Deduct Insurance Premiums Paid to Captive
  • Taxpayers Did Not Act on Plans to Develop Land and Can Not Deduct Planning Expenses
  • Partnership Loss Transfer and Basis Reduction Rules
Direct download: Federal_Tax_Update_01_20_2014.mp3
Category:Federal Tax Update -- posted at: 12:16pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Draft Instructions for Form 8960 and Pass-Thru Entities Provide Insight Into NII Tax Reporting
  • Business's Relocation Expenses
  • Tax Implications of Short Sale of California Home
  • Reporting Obligations for Payments in Possible 2-Step Transaction
  • Payments to Care for Disabled Son Not Excludable From Parent’s Income
  • Executive Sues Deutsche Bank and BDO Seidman for Fraud
  • Gain on Property Sales Was Taxable as Ordinary Income
  • Minister Not Liable for Self-Employment Tax; Exemption Form Timely Filed
  • Interest Paid on Unrecorded Mortgage Loan Was Not Deductible
Direct download: Federal_Tax_Update_01_13_2014.mp3
Category:Federal Tax Update -- posted at: 8:39am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • IRS Refuses to Abate Excise Taxes on Foundation
  • Dissolved Partnership Should Use Its Former EIN to File Employment Tax Returns
  • Loss Allowed on Surrender of Bank Owned Life Insurance Policies
  • Immediate Family Member May Represent Taxpayer Before Appeals
  • Tax Court Denies MBA Tuition Deduction
  • Safe Harbor Guidance for Purposes of Allocating Rehabilitation Credits
  • Temporary Regs on Ownership of Passive Foreign Investment Companies
  • Corporation Not Entitled to Deductions; Couple Received Constructive Dividends
  • Procedures to Regain Tax-Exempt Status Following Automatic Revocation
Direct download: Federal_Tax_Update_01_06_2014.mp3
Category:Federal Tax Update -- posted at: 8:47am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Proposed Regs on Allocation of Partnership Liabilities
  • Required Records Doctrine Overrides Fifth Amendment Privilege Claim
  • Cafeteria Plan Guidance for Same-Sex Couples
  • Nonprofit Corporation Not Operated for Charitable Purpose
  • IRS to Delay Opening of 2014 Filing Season Until January 31
  • Business Filing Season Starts January 13
  • Tenth Circuit Affirms Tax Court's Economic Substance, Penalty Determinations
  • Tax Court Denies Professor's Unsubstantiated Deductions, Holds Him Liable for Penalties
Direct download: Federal_Tax_Update_12_23_2013.mp3
Category:Federal Tax Update -- posted at: 1:21pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Proposed Regs on Deductibility of Start-Up, Organizational Expenses for Partnerships
  • 2014 Standard Mileage Rates
  • Payments to Veterinarian Not Exempt From Information Reporting
  • Couple Prevailed in Tax Dispute, Court Awards Attorney Fees
  • Manufacturer Using Improper Accounting Method for Advance Payments
  • Fifth Circuit Affirms Corporation Wasn't Entitled to Bad Debt Deductions
  • Surrender of Securities Resulted in Capital Loss
Direct download: Federal_Tax_Update_12_16_2013.mp3
Category:Federal Tax Update -- posted at: 9:32am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Temporary Regs Allow IRS to Designate Payments Eligible for Voluntary Withholding
  • Final Regs Raise User Fees for Installment Agreements, Offers in Compromise
  • Bonus Payment Under Oil and Gas Lease Is Ordinary Income
  • Inherited IRA Not Exempt From Bankruptcy Estate
  • Supreme Court Asked to Resolve Whether Inherited IRAs Are Exempt From Bankruptcy Estate
  • Valuation Misstatement Penalty Applies in Tax Shelter Case
  • Ninth Circuit Affirms Tax Crime Convictions
Direct download: Federal_Tax_Update_12_9_2013.mp3
Category:Federal Tax Update -- posted at: 1:33pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Second Circuit Affirms Couple's Liability for Deficiency, Penalty
  • Value of Insurance Polices Included in Couple's Income; Penalty Upheld
  • Professional Employer Organization Not Entitled to FICA Tax Tip Credit
  • Individual Granted Extension to Elect Foreign Earned Income Exclusion
  • Compensatory Damages, Including Lost Wages, Are Excludable From Gross Income
  • Court Holds Ministers' Housing Allowance Exemption Is Unconstitutional
  • Individual Can't Deduct Health Insurance Payments Made to Former Wife
  • Final Regs on Net Investment Income Tax
  • Proposed Regs on Net Investment Income Tax
  • Proposed Regs Define Candidate-Related Political Activities for Social Welfare Groups
Direct download: Federal_Tax_Update_12_2_2013.mp3
Category:Federal Tax Update -- posted at: 10:03am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Correcting Deduction of Commissions Is Not Accounting Method Change
  • Publication for 403(b)Tax-Sheltered Annuity Plan Sponsors
  • Rental Property Repairs, Expenses Not-Currently-Deductible Startup Costs
  • Partnership's Deduction for Qualified Conservation Contribution Is Disallowed
  • New York Cigarette Dealer Must Capitalize Costs of Cigarette Tax Stamps
  • Corporation Not Entitled to Claim Accelerated Deductions
  • Grant Thornton Ordered to Pay $100 Million in Damages for Sale of Tax Shelter
Direct download: Federal_Tax_Update_11_25_2013.mp3
Category:Federal Tax Update -- posted at: 12:23pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • IRS, HHS, and Labor Publish Final Regs on Equity for Mental Health Treatment
  • Taxpayer Advocate Slams IRS Customer Service
  • Fifth Circuit Affirms Disallowance of Bad Debt Deduction
  • Couple Not Allowed to Present Assessment Limitations Period Defense
  • Final Regs Providing Hardship Relief to Retirement Plan Sponsors
  • Second Circuit Vacates Tax Court Decision That Held Foundation Wasn't Liable as a Transferee
  • Couple Denied Deductions for Business Expenses
Direct download: SS_AUDIO_11_18_2013.mp3
Category:Federal Tax Update -- posted at: 11:02pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Contract Manufacturing Developments May Increase Coordination Among Parties
  • Proposed Bequest to Camp Would Constitute an 'Unusual Grant'
  • LB&I Issues Memorandum on IDR Enforcement Process
  • Bonuses Not Deductible Until Year of Payment
  • IRS Forcing All Applicants for Same-Day EINs to Apply Online
  • Officials Hope Taxpayers and Agents Will Be Reasonable Regarding Repair Regs' De Minimis Rule
  • IRS Announces Nationwide Availability of Fast-Track Settlement Program for Small Businesses, Self-Employed
  • Couple Denied Mortgage Interest Deduction for Interest Paid on Loan From Parent
Direct download: Federal_Tax_Update_11_12_2013.mp3
Category:Federal Tax Update -- posted at: 2:37pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Up-Front Incentive Payments Are Currently Deductible
  • Reinsurance Company's Exempt Status Revoked
  • Termination of S Corp Election Inadvertent
  • Status of TIGTA's Recommended Actions for IRS's Exempt Organization Division
  • Portion of Employment Discrimination Settlement Is Excludable From Income
  • Prohibited Transaction Resulted in Taxable Deemed Distribution
  • Inflation-Adjusted Tables for 2014
  • 2014 PTIN Renewal Period Opened 10/31/2013
  • Updated FAQ on Net Investment Income Tax
Direct download: Federal_Tax_Update_11_4_2013.mp3
Category:Federal Tax Update -- posted at: 12:12pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • PTIN Statistics
  • Individual's Prison Sentence for Failure to Remit Payroll Taxes Affirmed
  • Siblings Are Liable for Capital Gain Taxes on Sale of Inherited Property
  • Consideration Paid for Assignment Agreement Is Ordinary Income to Seller
  • Record Label Activity Not for Profit, Couple Liable for Deficiency + Penalty
  • IRS Failed to Corroborate Information On Form 1099 R
  • Guidance on Determining Timeliness of CDP or Equivalent Hearing Requests
Direct download: Federal_Tax_Update_10_28_2013.mp3
Category:Federal Tax Update -- posted at: 3:21pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Summary Judgment Denied in IRC Sec. 2035(b) Gift Valuation Issue
  • Custom Home Builder Subject to IRC Sec. 263A and Must File 3115 to Change
  • Supreme Court Grants Cert in Quality Stores
  • Bike-Share Program Is Not a Qualified Transportation Fringe
  • Individual's Claim of Tax Fraud Against Trustees Fails on Technical Grounds
Direct download: Federal_tax_update_10_07_2013.mp3
Category:Federal Tax Update -- posted at: 12:32pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • BB&T STARS Transaction Lacked Economic Substance; Penalties Apply
  • DOJ Announces $112 Million in Penalties in Abusive Tax Shelter Case
  • Guidance on Application of Windsor to Employment Taxes
  • Guarantors May Need to Document Net Worth
  • Parent Allowed to Claim Dependency Deductions, Credits, Head of Household Status
Direct download: Federal_Tax_Update_9_30_2013.mp3
Category:Federal Tax Update -- posted at: 12:37pm EST

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

This week's podcast includes:

  • Guidance on Dispositions of Tangible Depreciable Property
  • Guidance on Application of ACA Provisions to Healthcare Arrangements
  • Revised Rules for Spouses Requesting Equitable Relief From Tax Liability
  • IRS Enforcement Revenue and Employment Both Down Double Digits
  • TIGTA Recommends Improved Paid Preparer Penalty Assessment and Enforcement
Direct download: Federal_Tax_Update_9_23_2013.mp3
Category:Federal Tax Update -- posted at: 10:09am EST

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

This week's podcast includes:

  • Proposed Regs on Limitations on Importation of Net Built-In Losses
  • IRS Issues Guidance Clarifying Treatment of Preventive Healthcare Services
  • Federal Circuit Affirms Payroll Company is Not Employer for FICA and FUTA
  • No Refund to Estate; Remittance Was a Payment, Not a Deposit
  • Q&A on Health Insurance Premium Tax Credit
  • FAQ on Individual Shared Responsibility Provision of Affordable Care Act
  • IRS Publication Explains Taxpayer Advocate Service
  • Final Regs on Deduction and Capitalization of Tangible Assets
  • Proposed Regs on Dispositions of Tangible Depreciable Property
Direct download: Federal_Tax_Update_9_16_2013.mp3
Category:Federal Tax Update -- posted at: 12:34pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Sixth Circuit Dismisses Appeal in FedEx Research Tax Credit Case
  • Proposed Regs on Research and Experimental Expenses
  • Final Regs on Limitations on Duplication of Net Built-In Losses
  • Final Loss Duplication Rules With Fix for Transfers of Partnership Interests
  • IRS Addresses Tax Treatment of Attorney Fees Paid Under Settlement Agreements
  • IRS Must Honor Corporation's Designation of Voluntary Tax Payments
  • Final, Temporary Regs on Application of Straddle Rules to Debt Instruments
  • Proposed Regs on Healthcare Coverage Information Reporting
  • Proposed Regs on Information Reporting of Minimum Essential Coverage
Direct download: Federal_Tax_Update_9_9_2013.mp3
Category:Federal Tax Update -- posted at: 8:44am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Proposed Regs on Small Business Healthcare Tax Credit
  • Sixth Circuit Affirms Tax Court Decision Denying S Corp Losses, Deductions
  • Court Refuses to Dismiss Suit Challenging Church Exemption From Filing Requirements
  • Gift Tax Consequences of Proposed Disclaimers
  • Married Taxpayer Can't Claim Head of Household Status During Spouse's Temporary Absence
  • Tax Court Sides With IRS in Revocation of Booster Club's Tax-Exempt Status
  • Second Circuit Affirms Settlement Payment Was Subject to FICA Taxation
  • Tax Court Holds Individual Wasn't a Trader in Securities; Penalties Sustained
  • Treasury and IRS Announce Recognition of All Legal Same-Sex Marriages
  • All Legal Same-Sex Marriages Recognized for Federal Tax Purposes, IRS Rules
  • FAQ on Same-Sex Couples Married Under State Law
  • FAQ on Tax-Related Concerns for Registered Domestic Partners
Direct download: Federal_Tax_Update_09_03_2013.mp3
Category:Federal Tax Update -- posted at: 2:48pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • IRS Launches Affordable Care Act Website
  • Late-Filed 1120S Wasn't Disclosure; 6 Year Statute of Limitations Applies
  • Photo Processing Qualifies for Domestic Production Activity Deduction
  • 40 Questions (and 40 Answers!) on the New 3.8 Percent Tax
  • Transaction Lacked Economic Substance, Nontax Business Purpose
Direct download: Federal_Tax_Update_8_26_2013.mp3
Category:Federal Tax Update -- posted at: 12:46pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • 2013-14 Priority Guidance Plan Adds 501(c)(4) and DOMA Guidance
  • Individual an Employee; Made Excess Contributions to SEP
  • Purchase/Sale of Life Insurance Policy Does Not Affect Income Exclusion
  • Proposed Regs on Requesting Equitable Innocent Spouse Relief
  • Estate Made Partial Tax Payment, Not Deposit; Refund Denied
  • S Corp Liable for Employment Tax Deficiency, Additions Taxes
  • Final Regs on Information Disclosure for Insurance Affordability Programs
  • Doctor Must Report Income From S Corporation Interest
  • Rev. Proc. Consolidates Late S Corporation Election Procedures
  • Musician's Business Expense Deductions Allowed; No Penalties Imposed
  • IRS Announces Cuts to Refundable Corporate AMT Credit Payments
Direct download: Federal_Tax_Update_8_19_2013.mp3
Category:Federal Tax Update -- posted at: 10:09am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Owners of Gift Basket Company Granted Summary Judgment Allowing Section 199 “Qualified Domestic Production Deduction”
  • Manufacturing Tax Break Gone Wild
  • Individual Granted “Innocent Spouse” Relief From Liability on Joint Return
  • Couple Did Not Underreport Income: Credible Testimony Established Agency Relationship
  • S Corp Liable for Employment Tax Deficiencies and Penalties for Failure to Treat Payment to Shareholder as Wages
  • Losses From Bull Breeding Activity Limited by Failure to Satisfy Recordkeeping Requirements of Passive Activity Rules
  • Disability Payment Included in Income, Taxpayer Liable for Additions to Tax
  • Insurance Company Loses Tax-Exempt Status
  • Research Organization Is Denied Tax-Exempt Status
Direct download: Federal_Tax_Update_8_12_2013.mp3
Category:Federal Tax Update -- posted at: 11:05am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Transfers in Exchange for Self-Canceling Notes Are Taxable Gifts
  • Final Regs on Reimbursed Entertainment Expenses
  • No Transfer of Goodwill in Radio Station Like-Kind Exchange
  • Notices of Deficiencies Timely Due to Fraud, Omissions From Gross Income
  • Mortgage, Credit Card, and Utility Payments Were Income to Minister
  • Same-Sex Surviving Spouse Awarded Spousal Death Benefits
  • U.S. District Court Orders Recognition of Same-Sex Marriage in Ohio
Direct download: Federal_Tax_Update_8_5_2013.mp3
Category:Federal Tax Update -- posted at: 8:41am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Exemptions From Inclusion in Bankruptcy Estate Disallowed for Bad Faith
  • Minister Not Entitled to Parsonage Allowance Exclusion
  • Individual Who Supported Minor Denied Child Tax Credit and EITC
  • Couple Denied Deductions for “Business” Expenses, Penalties Assessed
  • IRS Releases Publication on Return Disclosure
  • Deferral of Advance Payments Under Gift Card Arrangements Clarified
  • Bad Debt Deduction Denied for Transfers to Family-Owned Business; Penalties Upheld
Direct download: Federal_Tax_Update_7_29_2013.mp3
Category:Federal Tax Update -- posted at: 8:26pm EST

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

This week's podcast includes:

  • Claim of Right Doctrine Does Not Apply to Unpaid Promissory Notes
  • Right to Receive “Dividends” Not an Incident of Ownership in Life Insurance Policies
  • CFC's Rental Income Is Foreign Personal Holding Company Income
  • Compensation for Psychological Damages Is Excludable From Income
  • IRS Fact Sheet Warns Employers Outsourcing Payroll Duties
  • FASB Finalizes Guide for Private Company Decision-Making
  • Thirty-one Percent of 2011 Schedules UTP Failed Concise Description Requirements
Direct download: Federal_Tax_Update_7_22_2013.mp3
Category:Federal Tax Update -- posted at: 12:13pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Couple's Earnings From CFC Were Taxable as Ordinary Income
  • QSST Beneficiary May Deduct Interest Expense on Loan to Acquire S Stock
  • Voting Trust and S Corporation Can Survive Death of Grantor
  • IRS Rules on Tax Consequences of Proposed Voting Trust
  • Final Rules Implementing Some Affordable Care Act Provisions
  • Transitional Relief From Health Insurance Reporting Requirements
  • D.C. Circuit Reverses Tax Court on Taxing Nonresident Alien Gambling Income
  • IRS Must Calculate Gambling Winnings Consistently for Citizens and Foreigners
  • Guidance on Tax Lien Notice Withdrawals Involving Installment Agreements
Direct download: Federal_Tax_Update_7_15_2013.mp3
Category:Federal Tax Update -- posted at: 11:33am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • S Corp Not Deemed to Have More Than 1 Class of Stock
  • Eleventh Circuit Affirms Decision Refusing to Quash IRS Summonses
  • Treasury Delays Employer Healthcare Insurance Mandate Until 2015
  • Final Regs on Deferred Discharge of Indebtedness Income of Corporations and Deferred OID Deductions
  • Final Regs on Deferred Discharge of Indebtedness Income of Partnerships, S Corps
  • S Corp Can Expense Business Assets Up to Maximum Sec. 179 Amount
  • IRS Advises on Tax Treatment of Severance Pay
  • Government Seeks Certiorari on FICA Tax Treatment of Severance Payments
  • IRS Provides Instructions for Optional Expedited Process for Some Tax-Exempt Applications
  • Eleventh Circuit Affirms Tax Court; Corporation Bound by Original Price Allocations
  • Individual's Rental Activity Losses Denied Under Passive Activity Loss Rules
Direct download: Federal_Tax_Update_07_08_2013.mp3
Category:Federal Tax Update -- posted at: 12:51pm EST

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

This week's podcast includes:

  • Repair Regs' Transition Guidance Will Give Taxpayers Flexibility
  • Application of Sale Proceeds to Pay Down Credit Line Not Fatal to Like-Kind Exchange
  • Conditional Return of Donation of Conservation Easement and Cash Bars Charitable Contribution Deduction
  • IRS Offers Streamlined Option to Free Some Groups From Backlog of Tax-Exempt Applications
  • Individual Owes Tax on Distribution From Former Wife's Retirement Account
  • Company's Services to Owner Shouldn't Be Treated as Constructive Dividend
  • Second Circuit Affirms Tax Court; Company Liable for Taxes, Penalties
Direct download: Federal_Tax_Update_07_01_2013.mp3
Category:Federal Tax Update -- posted at: 12:26pm EST

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Indemnity of a Partnership's Indebtedness Should Be Ignored, IRS Advises
  • Cash Settlement Payment Won't Be Treated as Other Than Voting Stock
  • Subsidiaries Will Be Treated as Having Joined Consolidated Return
  • Couple Liable for Self-Employment Taxes on Payments From USDA Conservation Reserve Program
  • LB&I Issues Memorandum on Information Document Requests
  • Tax Court Finds IRS Positions Justified, Denies Corporation Litigation Costs
  • IRS Analysis Finds Positive Results From Return Preparer Oversight
  • IRS Provides Information on Professional Responsibility and FBAR Filing Requirements
Direct download: Federal_Tax_Update_6_24_2013.mp3
Category:Federal Tax Update -- posted at: 2:39pm EST

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Collaboration Is a Partnership
  • Reminder - IRS Needs Judicial Approval to Levy a Principal Residence
  • Website Service Provider Denied Exempt Status . . . . 1 of 3 exemption rulings
  • Organization Supporting Polygamy Not Entitled to Tax-Exempt Status
  • Veterans Group Loses Tax-Exempt Status
  • NASBA advises private companies not to use the AICPA’s financial reporting framework for small and medium-sized entities
  • Abandonment of Property, Foreclosure of Mortgage Resulted in Capital Gain
  • Dentist Not Allowed to Deduct Expenses Incurred While Traveling to Work
  • Partner Not Allowed to Report Sale of Unrealized Receivables Under Installment  Method
Direct download: Federal_Tax_Update_06_17_2013.mp3
Category:Federal Tax Update -- posted at: 10:11am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Purported Management Fee Payments Weren't Deductible
  • Independent Contractor Can't Deduct Travel Expenses
  • Real Estate Activity Was Passive; Rental Property Losses Disallowed
  • No Carryover Deductions From Conservation Easement Contribution
  • Bankruptcy Court Denies Confirmation of Debtor's Plan for Not Including Future Tax Refunds
  • Payment to Former Spouse Not Alimony; No Penalty Imposed
  • Finance Committee Releases Tax Reform Paper on Income and Business Entities
  • Salesman Denied Deductions for Employee Business Expenses
  • Wells Fargo Not Required to Turn Over Some Tax Accrual Workpapers to IRS
Direct download: Federal_Tax_Update_06_10_2013.mp3
Category:Federal Tax Update -- posted at: 8:53am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Distribution of Foreign Company Stock Is Indirect Disposition of Intangible Property
  • Settlement Agreement Does Not Result in Self-Dealing
  • Relief for Single Rental Real Estate Activity Treatment Available At Appeals
  • New Draft Form for Reporting Specified Foreign Financial Assets
  • Supreme Court Denies Cert in Historic Boardwalk
  • Individual Granted Equitable Innocent Spouse Relief
  • Partnership Continues Following Series of Transactions That Make It A Single Member Entity
Direct download: Federal_Tax_Update_06_03_2013.mp3
Category:Federal Tax Update -- posted at: 10:22am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Fraternal Society's Sale of Insurance Policies to Nonmember Spouses Is Unrelated Trade or Business
  • Hawkins Says Tax Practitioners Don't Need Definitions of “Competence”
  • Termination of S Corp Election Inadvertent, IRS Requires Corrective Actions
  • Eleventh Circuit Affirms Stock Option Received for Performance of Services
  • Broadcaster's Promotional Service Fees Earned as Independent Contractor
  • Bankrupt QSub Did Not Have Property Interest in its QSub Status
  • Tax 'Glitch' Disallowing Traders' Losses Is Proving Hard to Resolve
  • Other Responsible Person's Payment Should Reduce Individual's Liability for Trust Fund Recovery Penalty
  • Treasury Preparing Transition Rules for Proposed Disguised Sale Regulations
Direct download: Federal_Tax_Update_5_28_2013.mp3
Category:Federal Tax Update -- posted at: 3:28pm EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Final Regs on Deemed Asset Sale Elections
  • Tax Court Vacates Summary Judgment to IRS in Whistleblower Suit
  • Restriction on Use of Property Affects Its Fair Market Value
  • Partnership Income Accrues on Last Day of Partnership Tax Year
  • Payments in Lieu of Health Benefits Are Taxable Wages
  • Couple Wasn't Entitled to Deduct Interest Added to Mortgage Principal
  • Q&A on Application Process for Groups Seeking Tax-Exempt Status
  • Class Action Alleges IRS Agents IRS Agents Illegally Seized Medical Records
Direct download: Federal_Tax_Update_5_20_2013.mp3
Category:Federal Tax Update -- posted at: 11:09am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Final Regs Require EIN Holders to Provide Current Information
  • Taxable Coop Can't Aggregate Patronage, Non-patronage Income for QDPD 
  • Elected Constables Are Employees for Tax Purposes; County Is Employer
  • Corporate Donation of Depreciated Property Not Subject to Sec. 291 Reduction
  • JCT Report and W&M Working Groups Could Smooth Route to Tax Reform
  • Tax Court Remands Case to IRS Appeals Office for Consideration, Clarification
  • Tax Court Dismisses Case Filed by Entity Whose Corporate Status Was Suspended
  • Researcher, Writer Can't Deduct Expenses for Trips to France
  • Individuals Engaged in Prohibited Transactions With IRAs
Direct download: Fedearl_Tax_Update_5_13_2013.mp3
Category:Federal Tax Update -- posted at: 11:19am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Maximum Values of Employer-Provided Vehicles for 2013
  • Determination of Trusts' Material Participation in Company
  • American Bar Retirement Association Wasn't Tax-Exempt Business League
  • Couple Denied Loss Deductions, Liable for Accuracy-Related Penalty
  • Guidance Published on Whether Health Plans Provide Minimum Value
  • Trusts Were Shams, Disregarded for Federal Tax Purposes
  • IRS to Amend Rules on Bottom-Dollar Guarantees
Direct download: Federal_Tax_Update_5_6_2013.mp3
Category:Federal Tax Update -- posted at: 8:16am EST

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

This week's podcast includes:

  • IRS Publication on Requesting Certificate of Release of Tax Lien
  • Final Report on Tax-Exempt Colleges and Universities Compliance Project
  • Settlement Guidelines on Federal Tax Treatment of Refundable New York State Enterprise Zone Credits
  • Scary Tax Reform Concepts
  • CFO's Signature Ineffective on Power of Attorney Form
  • Marketplace Fairness Act Clears Another Procedural Hurdle in Senate
  • Ninth Circuit Affirms Tax Court Valuation of Life Insurance
  • Couple Had Unreported Income; Deposits Analysis Found Credible
Direct download: Federal_Tax_Update_4_29_2013.mp3
Category:Federal Tax Update -- posted at: 8:44am EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • California CPA Disbarred for Disreputable Conduct
  • Only a Portion of Disability Benefits Excludable From Gross Income
  • Offset of Self-Employment Tax Refunds Limited
  • Domestic Corporation’s Attempt to Disguise Dividends From CFC Fails
  • Requiring Joint Filing to Claim Adoption Credit Is Not Unconstitutional
  • IRS Destroyed More Than 12,000 Reports of Fraud in Fiscal 2012
Direct download: Federal_Tax_Update_4_22_2013.mp3
Category:Federal Tax Update -- posted at: 12:54pm EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • D.C. Circuit Affirms S Corporation Loss Cannot Be Delayed, Penalty
  • Cancellation of Notes Due From Partner Is Deemed Distribution
  • Vehicle Service Contracts Qualify as Insurance
  • S Corp Does Not Have More Than 1 Class of Stock
  • “CARDS” Transaction Lacked Economic Substance
  • Cancellation of Debt Not Compensation, No Accuracy-Related Penalty
  • Advances to New Physicians Not Loans; Medical Clinic Denied Refund of FICA Taxes Paid
  • Sole Shareholder's Compensation Unreasonable; Penalty Applies to Tax Underpayment
  • IRS Fact Sheet Explains How to Report Natural Resources Income
  • Reporting Requirements for Gifts From Foreign Individuals
Direct download: Federal_Tax_Update_4_15_2013.mp3
Category:Federal Tax Update -- posted at: 9:14pm EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Book Publisher's Activities Are Not Production Activities
  • Reporting Requirements for Condemnation Payments
  • AIG Loses Summary Judgment Motion in Economic Substance Dispute
  • Final Report on Retirement Plan Questionnaire Results
  • 2013 Allowable Living Expense Standards
  • Rental Losses Are Passive, Accuracy-Related Penalty Upheld
  • CPA Firm Seeks Clarity In Proposed Net Investment Income Tax Regs
  • Net Investment Income Tax May Not Qualify for Foreign tax Credit
  • Sixth Circuit Affirms Enforcement of IRS Summons to Payroll Company
  • Ninth Circuit Affirms Estate's Liability for Late-Filing Penalty
  • Texas CPAs Say Repair Regs Fail to Reflect How Small Businesses Operate
Direct download: Federal_Tax_Update_4_8_2013.mp3
Category:Federal Tax Update -- posted at: 3:24pm EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • How to Dispute Employment Tax Assessment
  • State Law Determines Who Can Bind Partnership
  • Questionnaire Sent to Groups That Declare Themselves to Be Tax Exempt
  • Tax Court Determines Reasonable Compensation for Corporate Officers and Employees, Then Determines Reasonable Rental for Warehouse and Office
  • Transfer of Patents Was a Sale Subject to Amortization
  • Payments for Compensatory Damages Are Ordinary Business Expenses
  • Hawkins Elaborates on Conflicts of Interest
  • Appeals Court Refuses to Lift Injunction on Return Preparer Regulations
  • 2012 Employee Plans Issue Focus Paper on Plan Terminations
Direct download: Federal_Tax_Podcast_4_1_2013.mp3
Category:Federal Tax Update -- posted at: 10:59am EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Federal Agency's Commissioners Are Employees for Tax Purposes
  • Distributions of Damages Are Excludable From Victims' Income
  • IRS Publishes Final, Temporary Regs on Outbound Asset Transfers
  • IRS Publishes Proposed Regs on Waiting Period for Health Insurance
  • IRS Announces Penalty Relief for Delayed 2012 Tax Forms
  • IRS Provides Penalty Relief for Delayed 2012 Tax Forms
Direct download: Federal_Tax_Update_3_25_2013.mp3
Category:Federal Tax Update -- posted at: 3:13pm EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • IRS Stops Printing Paper Copies of Internal Revenue Bulletin
  • Exterior HVAC Units Are Not Qualified Leasehold Improvement Property
  • Ruling Permitting Late S Corp Election Has Limited Effect
  • Value of Interests in Artwork Determined for Estate Tax Purposes
  • ank Deposits Determine Taxable Income of Pastors
  • Family Support Payments Are Deductible as Alimony
  • Application of UNICAP Method to OREO Property Costs
  • FAQ on Schedule UTP Revised
Direct download: Federal_Tax_Update_3_18_2013.mp3
Category:Federal Tax Update -- posted at: 8:52pm EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • 2nd Circuit Reverses Tax Court; Tax Assessments Are Timely
  • E & Y Pays $123 Million to Settle Tax Shelter Investigation
  • Proposed Regs on Health Insurance Provider Fee
  • Recognized Built-In Loss Not Treated Separately in Annual Tax Calculation
  • OREO Property Not Considered Acquired for Resale; Not Subject to 263A
  • Couple Deceived by Construction Company May Claim Theft Loss Deduction
  • Certification Period for Work Opportunity Credit Extended 
  • Judicial Doctrines Should Not Prevent Deferred Gain Recognition
  • Loan Proceeds Are Includable in Income When All Events Test Is Met
  • Minimum Royalties Must Be Capitalized
Direct download: Federal_Tax_Update_3_11_2013.mp3
Category:Federal Tax Update -- posted at: 10:55am EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • IRS Files Notice of Appeal in Return Preparer Regulations Case
  • Government Seeks Stay in PTIN Reg Case
  • Payments Under Settlement Agreement Are Deductible Business Expenses
  • Proper Year to Deduct Theft Loss Claim Based on Fraudulent Investment
  • IRS Addresses Effect on Amounts at Risk for Guarantees of LLC Debt
  • 2013 Limits on Depreciation Deductions for Autos
  • Bank Must Capitalize Costs Associated With Holding OREO Property
  • IRS Releases Publication on Choosing a Small Business Retirement Plan
  • Voluntary Worker Classification Settlement Program Expanded
  • FAQ on Voluntary Classification Settlement Program
  • Workers Were Employees; Company Owner Liable for  Employment Taxes
Direct download: Federal_Tax_Update_3_4_2013.mp3
Category:Federal Tax Update -- posted at: 12:15pm EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Electronic Health Record Incentive Payments Must be Included in Income, and Reported by Payor
  • Updated List of Farm Crops That Must Be Capitalized
  • Termination of Insurance Policy Results in Taxable Income
  • Updated Publication Gives Contact Information for Taxpayer Advocate Service
  • Home Mortgage Interest Deduction Limited by Choice of Filing Status
  • Horse Breeding Not For-Profit; Deductions Denied; Accuracy Penalty Upheald
  • Horse Breeding Not for Profit, Deductions Denied, No Accuracy Penalty
  • Deductions Disallowed, Accuracy-Related Penalties Applied
  • No Deductions for Rental Real Estate Losses; Penalties Upheld
Direct download: Federal_Tax_Update_2_25_2013.mp3
Category:Federal Tax Update -- posted at: 8:32am EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • First Circuit Affirms Dismissal of Malpractice Suit Against Accountant
  • Extension to File Request to Change Accounting Period Denied
  • Request to Change Accounting Period Deemed Timely Filed
  • Final Regs on Tax Treatment of Noncompensatory Partnership Options
  • Proposed Noncompensatory Partnership Option Regs
  • Partnership Options Regs Finalized, Expanded Recharacterization Rule Proposed
  • Real Estate Losses, Deductions Denied; Accuracy-Related Penalties Upheld
  • Failure to Provide Qualified Appraisal Results in Denial of Charitable Deduction
  • Improper Basis Adjustment to S Corporation Stock
  • Accountants Liable for Trust Fund Recovery Penalties
  • Easement Granted In Exchange for Subdivision Exemption Wasn't Deductible as Charitable Contribution
  • Settlement Payments Not Deductible; Government Granted Summary Judgment
Direct download: Federal_Tax_Update_Feb._11_2013.mp3
Category:Federal Tax Update -- posted at: 8:59am EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • No Deduction for Conservation Easement Donation
  • Taxpayers Failed to Disclose Listed Transaction; Penalty Upheld
  • Proposed Regs on Individual Shared Responsibility Provision
    • FAQ on Individual Shared Responsibility Provision
    • Fact Sheet on Healthcare Shared Responsibility Rules
  • Tax Court Rejects IRS Adjustments to Automobile Businesses' Gross Receipts
  • Claims Court Has Jurisdiction to Determine Application of Accuracy-Related Penalty

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

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • TIGTA Releases Fiscal 2013 Audit Plan
  • Applicable Federal Rates for February
  • Penalty Relief for Farmers and Fishermen
  • Reasonable Cause Can Be Considered in Partnership-Level Proceeding
  • Individual Liable for Additional Tax on IRA Distribution
  • Tax Court Asserts Accuracy-Related Penalty in Like-Kind Exchange
  • Government Asks Court to Suspend Injunction in Return Preparer Regs Case
Direct download: Federal_Tax_Update_Jan._28_2013.mp3
Category:Federal Tax Update -- posted at: 2:21pm EST

Nichols Patrick Weekly Tax Update 

With E. Lynn Nichols, CPA

This week's podcast includes:

  • Proposed Regs on Employer Shared Responsibility for Health Insurance Coverage
  • Q&A on Employer Shared Responsibility Provisions Under Affordable Care Act
  • Proposed Regs on Truncated Taxpayer Identification Numbers
  • Cost of Fiscal Cliff Avoidance Bill Estimated at $3.9 Trillion
  • IRS Publication on Taxable and Nontaxable Income
  • Social Security Disability Benefits Are Includable in Income
Direct download: Federal_Tax_Update_Jan._7_2013.mp3
Category:Federal Tax Update -- posted at: 8:50am EST



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