Sun, 24 August 2014
Nichols Patrick Federal Tax Update Podcast with Ed Zollars, CPA
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...
Direct download: SS_AUDIO_08_25_2014.mp3
Category: Federal Tax Update
-- posted at: 1:07pm EDT
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Sun, 17 August 2014
Nichols Patrick Weekly Federal Tax Update with Ed Zollars, CPA
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...
Direct download: SS_AUDIO_08_18_2014.mp3
Category: Federal Tax Update
-- posted at: 9:32pm EDT
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Sun, 10 August 2014
Nichols Patrick Weekly Federal Update Podcast with Ed Zollars, CPA
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...
Direct download: SS_AUDIO_08_11_2014.mp3
Category: Federal Tax Update
-- posted at: 12:46pm EDT
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Sun, 3 August 2014
Nichols Patrick Weekly Tax Update with Edward K. Zollars, CPA
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....
Direct download: SS_AUDIO_08_04_2014.mp3
Category: Federal Tax Update
-- posted at: 6:20pm EDT
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Sun, 27 July 2014
Nichols Patrick Weekly Federal Tax Update Podcast with Edward K. Zollars, CPA
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...
Direct download: SS_AUDIO_07_28_2014.mp3
Category: Federal Tax Update
-- posted at: 5:00pm EDT
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Sun, 20 July 2014
Nichols Patrick Federal Tax Update Podcast with Edward K. Zollars, CPA
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...
Direct download: SS_AUDIO_07_21_2014.mp3
Category: Federal Tax Update
-- posted at: 12:25pm EDT
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Sat, 12 July 2014
Nichols Patrick Federal Tax Update Podcast with Edward K. Zollars, CPA
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....
Direct download: 2014-07-14_Update.mp3
Category: Federal Tax Update
-- posted at: 2:27pm EDT
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Sat, 5 July 2014
Nichols Patrick Federal Tax Update with Edward K. Zollars, CPA
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
Direct download: SS_Audio_07_07_2014.mp3
Category: Federal Tax Update
-- posted at: 7:47pm EDT
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Tue, 1 July 2014
Nichols Patrick Federal Tax Update Podcast with E. Lynn Nichols, CPA
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!!
Direct download: SS_AUDIO_06_30_2014.mp3
Category: Federal Tax Update
-- posted at: 9:47am EDT
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Tue, 24 June 2014
Federal Tax Update Podcast With E. Lynn Nichols, CPA
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
Direct download: SS_AUDIO_06_23_2014.mp3
Category: Federal Tax Update
-- posted at: 11:06am EDT
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Thu, 19 June 2014
Federal Tax Update Podcast
With E. Lynn Nichols, CPA
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
Direct download: SS_AUDIO_6_16_2014.mp3
Category: Federal Tax Update
-- posted at: 10:29am EDT
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Wed, 11 June 2014
Federal Tax Update Podcast
With E. Lynn Nichols, CPA
This week's podcast includes:
- Termination of S Corp Election Inadvertent
- Foundation's Operation of Apartments Not Excess Business Holdings
- Final, Temporary Regs on Research Credit Election
- Development Companies' Contracts Not Home Construction Contracts
- PwC Discusses Effect of New Revenue Standard on Tax Accounting
- Tax Court Can Review Whistleblower Claim Award Determination
Tax Court Refuses to Dismiss Whistleblower Petition
- Owner Didn't Receive Intangible Assets From Trucking Company
- 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 EDT
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Tue, 3 June 2014
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 EDT
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Wed, 28 May 2014
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 EDT
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Mon, 19 May 2014
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 EDT
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Mon, 12 May 2014
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 EDT
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Mon, 5 May 2014
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 EDT
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Mon, 28 April 2014
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 EDT
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Mon, 21 April 2014
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 EDT
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Tue, 15 April 2014
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 EDT
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Wed, 9 April 2014
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 EDT
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Thu, 3 April 2014
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 EDT
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Mon, 24 March 2014
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 EDT
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Tue, 18 March 2014
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 EDT
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Fri, 14 March 2014
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 EDT
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Thu, 6 March 2014
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 EDT
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Mon, 24 February 2014
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 EDT
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Tue, 18 February 2014
Federal Tax Update Podcast
With E. Lynn Nichols, CPA
This week's podcast includes:
- Final Regs on Employer Shared Responsibility for Health Insurance Coverage
- FAQ on Employer Shared Responsibility Provisions Under ACA
- D.C. Circuit Holds Return Preparer Regulations Invalid
- Tax Court Determines Stock Value for Estate Tax Purposes, Sustains Penalty
- Development Company Properly Reported Income From Home Construction Contracts
- Interest Accrued on Insurance Policy Loan is Includible in Distribution
- 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 EDT
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Thu, 13 February 2014
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 EDT
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Tue, 11 February 2014
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 EDT
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Fri, 31 January 2014
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 EDT
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Fri, 24 January 2014
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 EDT
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Thu, 23 January 2014
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 EDT
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Thu, 16 January 2014
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 EDT
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Mon, 13 January 2014
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 EDT
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Tue, 7 January 2014
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 EDT
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Fri, 13 December 2013
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 EDT
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Mon, 2 December 2013
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 EDT
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Mon, 25 November 2013
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 EDT
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Thu, 21 November 2013
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 EDT
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Tue, 12 November 2013
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 EDT
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Mon, 4 November 2013
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 EDT
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Mon, 28 October 2013
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 EDT
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Mon, 7 October 2013
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 EDT
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Tue, 1 October 2013
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 EDT
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Mon, 23 September 2013
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 EDT
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Tue, 17 September 2013
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 EDT
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Tue, 10 September 2013
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 EDT
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Thu, 5 September 2013
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 EDT
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Mon, 26 August 2013
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 EDT
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Wed, 21 August 2013
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 EDT
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Mon, 12 August 2013
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 EDT
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Wed, 7 August 2013
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 EDT
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Mon, 29 July 2013
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 EDT
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Tue, 23 July 2013
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 EDT
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Mon, 15 July 2013
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 EDT
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Tue, 9 July 2013
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 EDT
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Mon, 1 July 2013
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 EDT
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Thu, 27 June 2013
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 EDT
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Wed, 19 June 2013
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 EDT
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Tue, 11 June 2013
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 EDT
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Mon, 3 June 2013
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 EDT
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Thu, 30 May 2013
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 EDT
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Mon, 20 May 2013
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 EDT
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Tue, 14 May 2013
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 EDT
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Wed, 8 May 2013
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 EDT
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Wed, 1 May 2013
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 EDT
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Mon, 22 April 2013
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 EDT
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Mon, 15 April 2013
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 EDT
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Mon, 8 April 2013
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 EDT
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Wed, 3 April 2013
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 EDT
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Mon, 25 March 2013
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 EDT
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Mon, 18 March 2013
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 EDT
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Mon, 11 March 2013
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 EDT
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Mon, 4 March 2013
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 EDT
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Wed, 27 February 2013
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 EDT
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Mon, 11 February 2013
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
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Mon, 4 February 2013
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 EDT
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Tue, 29 January 2013
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
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Mon, 7 January 2013
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 EDT
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