2017-02-06 Double Dose of Reasonable Cause Failures

This is Current Federal Tax Developments for the week of February 6, 2017 - Double Dose of Reasonable Cause Failures.  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

• Last minute changes to separation agreement doom alimony deduction
• The IRS comments on the tax treatment of employer medical indemnity programs
• Percentage of completion method is not just for construction contracts, though this taxpayer may or may not have had one
• A taxpayer found not to have reasonably relied on tax professional, penalized over $100,000 for failures to file Forms 5471
• Taxpayer told the Ninth Circuit won’t allow a reasonable cause defense for the trust fund penalty

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

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

2017-02-06 Current Federal Tax Developments

2017-01-30 Not Quite Proposed Partnership Audit Regulations

This is Current Federal Tax Developments for the week of January 30, 2017 - Not Quite Proposed Partnership Audit Regulations.  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE.

This week we’ll look at the proposed regulations the IRS initially released on January 18 and then pulled from being printed in the Federal Register due to the moratorium on new regulations imposed after the change of administrations.  While they are now on hold, they are still likely going to be the basis for both the actual proposed regulations issued and, subject to modifications Congress may make in a technical corrections bill, the final regulations to implement the new partnership audit regime.

The audio version of the podcast can be streamed or downloaded below.

The article describing the regulations in far more detail can be downloaded below:

Not Quite Proposed Partnership Audit Regulations

2017-01-23 Sometimes You Can't Give Them Money

This is Current Federal Tax Developments for the week of January 23, 2017 - Sometimes You Can’t Give Them Money.  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:

• Relief granted when CPA firm accidentally fails to have client file Form 3115
• IRS loses a case on passive activity issue when Court accepts logic of TAM issued after the trial
• The Tax Court applies the Renkemeyer decision to deny IRS assertion that income was subject to self-employment tax
• IRS will not allow employer to voluntarily fix erroneous payroll reports and pay tax
• Proposed regulations on partnership audits released by IRS

he audio version of this week's program can be downloaded or streamed below:

A PDF with articles on this week's developments is available below:

• 2016-01-23 Current Federal Tax Developments

2017-01-16 Fake Clients, Real Attacks

This is Current Federal Tax Developments for the week of January 16,, 2017 - Fake Clients, Real Attack. 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:

• CPAs find themselves under attack via phishing emails
• Annual limits published for cents per mile and fleet average valuation
• Charity gets ruling that its charges to other nonprofits don’t amount to UBIT
• IRS tries to sell interested parties on transcripts in lieu of estate closing letters

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

Articles for this week's developments can be downloaded as a single PDF below:

• 2017-01-16 Current Federal Tax Developments

2017-01-09 Making Extensions

This is Current Federal Tax Developments for the week of January 9, 2017 - Making Extensions.  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, a Division of the Loscalzo Institute

This week we’ll look at the following:

• The Joint Committee on Taxation Updates the List of Expired and Expiring Tax Provisions
• FinCEN creates a permanent automatic extension for FBAR reports
• The fact a corporation had no cash did not mean it shouldn’t be subject to the accumulated earnings tax
• Guidance is issued on the PATH rule reducing the requirement to send out amended 1099s
• The IRS outlines how to maintain CPEO status

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

Articles for this week's updates can be found in the PDF linked to below:

2017-01-09 Current Federal Tax Developments

2017-01-02 Keep Your Income to Yourself

This is Current Federal Tax Developments for the week of January 2, 2017 - Keep Your Income to Yourself.  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:

• Exemption denied for scholarship that it appears only founder’s son ever likely to qualify for
• Final regulations on PFICs issued
• Investment adviser improperly tried to assign income to an S corporation to avoid self-employment tax
• IRS identifies a conservation easement listed transaction
• Use of wrong form did not invalidate statute extension - but fact only one spouse signed it meant other spouse’s statute was not extended

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

A PDF containing this week's articles can be downloaded below:

2017-01-02 Current Federal Tax Developments

2016-12-26 Boxing Up 2016 Tax Developments

This is Current Federal Tax Developments for the week of December 26, 2016 - Boxing Up Tax Developments for 2016.  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:

• Some injured veterans have a chance to claim a refund
• IRS extends automatic accounting method relief for issue related to tangible property regulations
• Organization denied exempt status where 50% of the benefits would go to one pre-selected person
• Modifications to trust did not allow for trust income tax deduction
• Partner discovers that taxes, like life, are unfair
• Partner who cannot show debt allocated to her found not to have basis with which to claim a loss

The audio version of the podcast can be streamed or downloaded below

The articles for this week's podcast can be downloaded below.

• 2016-12-26 Current Federal Tax Developments

2016-12-19 Pre-Holiday Tax Topics

This is Current Federal Tax Developments for the week of December 19, 2016 - Pre-Holiday Tax Topics.  Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, a Division of the Loscalzo Institute.

This week we’ll look at the following:

• Supreme Court declines to review Colorado use tax decision from Tenth Circuit
• Couple found to have willfully failed to file FBAR reports
• Interest on purchase of land ends up being capitalized into almond trees
• The 2017 mileage rates are out
• Grading and soil compaction work on residence lots found to qualify as homebuilding and for completed contract accounting
• Failure to conduct activities causes a loss of exempt status
• Remember that due dates to get W-2s and 1099-MISC with nonemploye compensation have moved to January 31 this year

An audio only version can be streamed or downloaded below:

A PDF article for this week's podcast can be downloaded below:

• 2016-12-19 Current Federal Tax Developments

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