Current Federal Tax Developments

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2017-02-27 What's My Number?

Current Federal Tax Developments for the week of February 27, 2017 - What’s MyNumber?. Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE.

This week we look at the following developments

  • Taxpayer is unable to justify deduction for payment to controlled corporation

  • A debt must be actual in order to have a bad debt, and this taxpayer didn’t have a real debt

  • The IRS makes public the list of organizations that have qualified as exempt using Form 1023-EZ

  • Court rejects estate’s value for art, finds appraiser had a conflict of interest and appraisal flawed

  • IRS publishes notices to be used when accounts referred to third party collection agencies

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2017-02-27 What's My Number Ed Zollars, CPA

A PDF with the articles for this week's developments can be downloaded below: