2016-12-12 Reimbursement Relief

This is Current Federal Tax Developments for the week of December 12, 2016 - Reimbursement Relief.  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.

This week we’ll look at the following:

• Farm expenses deducted in two consecutive years--and the Tax Court is fine with it
• Franchisee group denied tax exempt status
• Early copy of payroll tax withholding tables released
• Congress grants some relief for insurance reimbursement arrangements

The podcast audio is available for streaming/downloading:

Articles for this week's developments can be downloaded below:

• 2016-12-12 Current Federal Tax Developments

2016-12-05 Defining Due Diligence

This is Current Federal Tax Developments for the week of December 5, 2016 - Defining Due Diligence. Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.

This week we’ll look at the following:

• Department of Justice moves forward with Coinbase summons
• Many professionals will need to confirm their identities to continue to use e-Services for transcripts
• IRS raises installment agreement fees effective January 1, 2017
• IRS gives notice regarding how far homeowners must be through PRMP and HAMP mortgage relief to qualify for COD exclusion in 2017
• Rules for expanded preparer due diligence issue by IRS

Audio can be streamed or downloaded below:

A PDF of articles for the updates described above can be downloaded below:

2015-12-05 Current Federal Tax Developments

2016-11-28 John Doe and Bitcoin

This is Current Federal Tax Developments for the week of November 28, 2016 - John Doe and Bitcoin.  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.

This week we’ll look at the following:

Revised mediation program for collections announced
Department of Justice pursues “John Doe” summons for list of users of a major Bitcoin exchange
The Tax Court changes its mind on a dividend exclusion issue

The audio for this week's podcast can be streamed or downloaded below

The PDF with this week's stories:  2016-11-28 Current Federal Tax Developments

2016-11-21 Delays Reign

This is the Current Federal Tax Developments for the week of November 21, 2016, brought to you by your state society of CPAs and Nichols Patrick, CPE.

This week we look at:

A taxpayer who thought limited records were needed for a 100% business used car

A religious organization denied exemption for coffee shop

MoneyGram really is a bank per Fifth Circuit

Taxpayer fails to show lack of tax avoidance in related Section 1031 exchange

IRS issues pair of delays - one for delivering Forms 1095-B and C for 2016 and another for reporting tuition paid, not billed, on Forms 1098-T for 2017

The audio version of this week's podcast can be downloaded below

A PDF of the articles for this week can be downloaded below.

2016-11-21 Current Federal Tax Developments

2016-11-14 A New President's Tax Proposal

This is Current Federal Tax Developments for the week of November 13, 2016, brought to you by your state society of CPAs and Nichols Patrick CPE.

This week we're doing something a little different.  The one major development this week is that we now have a President Elect so we will take a look at the proposal listed on the www.donaldjtrump.com site.  It seems very possible this will become the starting point for a 2016 tax bill.

The audio podcast can be streamed or downloaded below.

There is no PDF this week, but rather you can look at the proposal at:

• Tax Proposal - Donald J. Trump website

2016-11-07 Sometimes Signing Just Ain't Enough

This is Current Federal Tax Developments for the week of November 7, 2016 - Sometimes Signing Just Ain’t Enough.  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.

This week we’ll look at the following:

• More phishing for preparer’s creditials
• Employer match created material difference in present value for deferred compensation purposes
• Retirement plan limits for 2017 are out
• Suspended corporation left without a means to challenge IRS action
• Signing checks did not make taxpayer a responsible person

The audio for this week's podcast can be streamed or downloaded via the link below.

A PDF with this week's articles can be downloaded from the link below.

• 2016-11-07 Current Federal Tax Developments

2016-10-31 Indexed Treats for Halloween

This is Current Federal Tax Developments for the week of October 24, 2016 - Indexed Treats for Halloween.  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE,

This week we’ll look at the following:

• Former Tax Court Judge Enters a Guilty Plea to Conspiracy
• IRS gives inflation adjusted numbers for 2017
• Love offerings turn out to be taxable
• The meaning of “incluidng” is key to a Tax Court decision
• Social security indexed numbers issues for 2017 (including domestic worker numbers)
• ACA relief for colleges extended

The audio version of this week's podcast can streamed or downloaded below.

Articles for each of this week's developments can be found in the PDF you can download below:

• 2016-10-31 Current Federal Tax Developments

2016-10-24 Can't Escape the Lien

This is Current Federal Tax Developments for the week of October 24, 2016 - Can’t Escape the Lien.  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE,

This week we’ll look at the following:

• IRS issues updated capitalization Audit Technique Guide
• Retirement plans given flexibility to assist participants affected by Hurricane Matthew
• Omission of prior year’s gifts does not extend statute to assess tax
• Former spouses’s tax liens can be foreclosed upon even though property transferred as division of community property
• Inauguration Day is a due date holiday

The audio only version can be streamed or downloaded via the links below.

The articles for the items discussed this week can be downloaded in the PDF below.

• 2016-10-24 Current Federal Tax Developments

2016-10-17 Dealing with Disaster Issues

This is Current Federal Tax Developments for the week of October 17, 2016 - Dealing with Disaster Issues. Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.

This week we’ll look at the following:

• IRS delays secure access for e-Services
• IRS describes method to elect prior year disaster loss deduction
• Non-acquiesence in Giant Eagle
• Trust denied charitable contribution
• S election terminated by shareholder leaving U.S.
• IRS takes position that guaranteed payments can’t limit partner’s SE income
• Ninth Circuit agrees only original return counts for Section 6707A penalty
• Matthew relief for affected North Carolina individuals announced by IRS

You can stream or download audio below.

A PDF of the articles for this week's material can be downloaded below.

• 2016-10-17 Current Federal Tax Developments

2016-10-03 Relief for IRS Relief

This is Current Federal Tax Developments for the week of September 26, 2016 - A Week of Cases.  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.

This week we’ll look at the following:

• IRS tells more employees not to initiate contact by phone
• When is a health benefit plan not a health benefit plan
• Taxpayer fails to present proof plan had more than 10 employers
• Another SILO transaction fails to lead to the expected tax benefits
• The Tax Court does not accept that land was held for investment at time of sale

The audio only version of this week's update can be streamed below or downloaded.

A PDF of the articles for this week's update can be downloaded below.

• 2016-10-03 Current Federal Tax Developments

2016-09-26 A Week of Cases

This is Current Federal Tax Developments for the week of September 26, 2016 - A Week of Cases.  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.

This week we’ll look at the following:

• IRS tells more employees not to initiate contact by phone
• When is a health benefit plan not a health benefit plan
• Taxpayer fails to present proof plan had more than 10 employers
• Another SILO transaction fails to lead to the expected tax benefits
• The Tax Court does not accept that land was held for investment at time of sale

The audio can be stream or downloaded below.

Articles for this week's developments can be downloaded below:

• 2016-09-26 A Week of Cases

2016-09-19 Reasonable Cause

This is Current Federal Tax Developments for the week of September 19, 2016 - Reasonably Late  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.

This week we’ll look at the following:

• Minister’s vow of poverty failed to allow him to escape tax
• Former spouse discovers payment is actually alimony
• Taxpayers can’t ignore the corporation they created - despite IRS doing so on two prior exams
• Merely serving a deserving individual not enough to gain tax exempt status
• The IRS looks at what is and is not reasonable cause - and states a preference for using the first time abatement program

The audio update can be downloaded or streamed below.

A PDF file with articles on this week's updates can be downloaded from the following link:

• 2016-09-19 Reasonable Cause

2016-09-12 Justified Paranoia

This is Current Federal Tax Developments for the week of September 12, 2016 - Justified Paranoia, recorded from my hotel room outside Newark Liberty International Airport this week.  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.

This week we’ll look at the following:

• IRS announces two dozen preparer’s systems have been cormpromised for ID theft
• A non-tax motivated grouping can’t be changed by the IRS
• Income from forfeited deposit on purchase of building used in business is ordinary income
• A request to re-elect S status early is denied by the IRS
• Court analyzes whether advances to S corporation were loans or capital contributions
• Taxpayer discovers limits of relief provision for IRA overcontributions
• Court of Appeals finds TEFRA doesn’t block managing partner from raising reasonable cause defense disallowed at partnership level

The audio version of this week's broadcast can be streamed or downloaded below.

The articles for this weeks development are available for download at the link below;

• 2016-09-12 Current Federal Tax Developments

2016-09-06 Old Court Cases Get Another Look

This is Current Federal Tax Developments for the week of September 6, 2016 - Old Court Cases Get Another Look. Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.

This week we’ll look at the following:

• IRS to start notifying taxpayers of employment related ID theft
• Taxpayer finds buying a computer didn’t qualify for American Opportunity Tax Credit
• Ninth Circuit upholds Shea Homes case on appeal
• IRS decides Coverdell ESAs subject to same rollover limits as traditional IRAs
• Regulations finalized on post Obergefell and Windsor definition of marriage

The audio session can be streamed or downloaded below

A PDF with the articles for the cases discussed this week can be downloaded below.

• 2016-09-06 Current Federal Tax Developments

August 29, 2016 - Stop Asking Us for Letters

This is Current Federal Tax Developments for the week of August 29, 2016 - Stop Asking Us For Letters.  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.

This week we’ll look at the following:

• IRS offers an option for signing up for secure services online other than a postpaid cell phone
• Installment agreements are likely to become more costly to enter into - unless it’s all done online
• The Sharing Economy Tax Center created by the IRS
• The IRS creates a greatly expanded option to obtain late IRA/qualified plan rollover relief without requiring a letter ruling
• Poor records cause taxpayer to be taxed on all distributions of S corporation as in excess of basis
• Average monthly bronze premiums for 2016 for individual shared responsibility payments released

This week's audio can be either streamed via the link below or downloaded to your system.

Articles related to this week's broadcast are found in the following PDF file.

• 2016-08-29 Current Federal Tax Developments

August 22, 2016 - Being Reasonable

This is Current Federal Tax Developments for the week of August 22, 2016 - Courts Tell IRS to Be Reasonable.  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.

This week we’ll look at the following:

• A taxpayers finds no deduction allowed because she hadn’t begun a business
• IRS wins, but most likely ends up having given taxpayer an additional deduction
• An email looks at the employment status of adult companions
• A partnership had reasonable cause for late filing due to extremely unreliable information on its only investment
• §501(c)(3) corporation still subject to lower large corporation interest on overpayment
• A taxpayers mistake regarding year of deduction provided reasonable cause for late filing

An audio only version can be streamed or downloaded below

The articles for the topics discussed this week can be found in the PDF file listed below.

• 2016-08-22 Current Federal Tax Developments

August 15, 2016 - Seeing if the Phish Will Bite

This is Current Federal Tax Developments for the week of August 15, 2016 - Seeing if Phish Will Bite.  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.

This week we’ll look at the following:

• IRS issues phishing attack masquerading as tax software update being aimed at preparers
• IRS agents ordered not to initiate contact via phone in another situation
• A taxpayer discovers divorce decree determination for claiming exemption irrelevant for federal taxes
• A real estate professional discovers the difference between “not automatically passive” and “materially participating”
• Relief granted to CRATs due to low interest rates
• The Tax Court looks to form over substance in reverse §1031 exchange
• IRS gives guidance on ITIN changes imposed by PATH--and modifies a difficult to administer portion of the Act

An audio version of this week's update can be streamed or downloaded below.

A PDF containing all articles for the items discussed this week is available below.

• 2016-08-15 Current Federal Tax Developments

August 8, 2016 - The IRS Strikes Back

This is Current Federal Tax Developments for the week of August 8, 2016 - The IRS Strikes Back.  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.

This week we’ll look at the following:

• AICPA has its turn to lose in court over IRS voluntary preparer licensing program
• An accountant losing his job didn’t cost him a deduction for an MBA degree
• IRS throws in the towel regarding home mortgage interest deductions for unmarried couples
• While a bankruptcy estate owned income taxes on income that was part of the estate, the debtor had to pay the self-employment tax
• The IRS attempts to bring the §2704 hammer back from the ashes
• The IRS decides to kick the can down the road on the new partnership audit rules by allowing an early “opt-in” decision to be made only after the notice of exam

The audio for the update can be streamed or downloaded below.

You can download a PDF with the articles for this week from the link below.

• 2016-08-08 Current Federal Tax Developments

August 1, 2016 - The Cost of Doing the Right Thing

This is Current Federal Tax Developments for the week of July 25, 2016 - The Cost of Doing the Right Thing.  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.

This week we’ll look at the following::

• Online poker site isn’t a financial institution
• IRS formally reduces the paperwork associated with an §83(b) election
• Network and not sports league can get §199 deduction
• Draft of expanded preparer due diligence form released by IRS
• Paying laid off employee’s final payroll exposed CEO to trust fund penalty (moral - nice guys pay all the bills)

The audio version of this week's update can be downloaded below or you can listen to it online.

This week's articles in PDF form can be downloaded below:

• 2016-08-01 Current Federal Tax Developments

July 25, 2016 - Fraud and Changing Procedures

This is Current Federal Tax Developments for the week of July 25, 2016 - Fraud and Changing Procedures.  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.

This week we’ll look at the following:

• IRS restarts program to allow obtaining replacement IP PINs online-but many may not be able to use it
• Letters will be sent before the IRS contacts employers for federal tax deposit alerts
• Do you need to own oil and gas properties to claim the benefits of the rapid write off of geological and geophysical expenses?
• IRS creates safe harbors that apply to certain transactions attempting to meet the requirements for a tax free distribution under §355
• The word “excessive” does not include what might be considered “unfair” interest
• Taxpayer tries to block imposition of pre-notice interest on transferee liability

The audio only version of this week's broadcast can be streamed online or downloaded for listening offline via the link below:

You can download a PDF with this week's articles below:

• 2016-07-25 Current Federal Tax Developments