Federal Tax Update Podcast

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

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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

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

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• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Federal Tax Update Podcast

With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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

Federal Tax Update Podcast
With E. Lynn Nichols, CPA

• Download podcast
• Download citations

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