2017-05-22 Relying on the Outside Auditor

Current Federal Tax Developments for the week of May 22, 2017 - Relying on the Outside Auditor.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute.

This week we look at the following developments

• Divorce agreement found not to control innocent spouse result
• Dealing with refunds for tax returns filed/amended under OVDP
• How does a taxpayer inform the IRS of information related to a listed transaction
• Officers reasonably relied on outside auditors in assuming payroll tax deposits had been made

An audio version of the podcast can be streamed or downloaded below:

The articles for this week's developments can be downloaded in PDF form below.

2017-05-22 Current Federal Tax Developments

2017-05-15 Don't Believe Everything the IRS Tells You

Current Federal Tax Developments for the week of May 15, 2017 - Don’t Believe Everything the IRS Tells You. Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute.

his week we look at the following developments

• Third Circuit decides around the “one day late” question for tax returns and bankruptcy
• IRS adds Get Transcript function to View Tax Account Information
• Taxpayer finds she couldn’t rely on the date the IRS gave her for filing a Tax Court petition
• FAA states that deposits cannot be transferred to a different taxpayer

An audio only version of this broadcast may be downloaded or streamed below:

A PDF with articles describing this week's developments may be downloaded below.

2017-05-15 Current Federal Tax Developments

2017-05-08 Week of Health Care

Current Federal Tax Developments for the week of May 8, 2017 - Week of Health Care.  Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute.

This week we look at the following developments

• IRS issues 2018 ACA numbers at the same time the House passes the modified AHCA
• IRS issues HSA related numbers for 2018
• North-South spinoff ruled to be tax free by IRS
• The Tax Court tells a taxpayer what is meant by a tax refund
• Laboratory ruled not to be a health service business under Section 1202
• IRS can directly penalize partner who did not report items on K-1 from TEFRA partnership

An audio only version of the presentation can be streamed or downloaded below.

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

2017-05-08 Current Federal Tax Developments

2017-05-01 The Problem with Bright Lines

Current Federal Tax Developments for the week of May 1, 2017 - The Problem with Bright Lines. Current Federal Tax Developments is brought to you by the state CPA societies and the Loscalzo Institute, a Kaplan Company.

This week we look at the following developments

• Taxpayer not allowed to use estimation method for research credit wages
• New terminal charge and SIFL rates published
• Memo discusses how to apply maximum qualified plan loan rule
• Veteran ends up on the wrong side of a bright line test in a regulation

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

2017-05-01 Current Federal Tax Developments

2017-04-24 Working 13 Hours a Day Every Day

Current Federal Tax Developments for the week of April 24, 2017 - Working 13 Hours a Day Every Day.  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

• IRS examining agent abused his discretion in denying IRA rollover relief
• A new list of automatic accounting method changes is issued for 2017
• Taxpayer’s claim of hours of work not found to be believable
• Extension of variable prepaid forward contracts did not trigger gain recognition

An audio version of this week's presentation can be downloaded or streamed via the link below:

The articles for the developments discussed this week can be downloaded below:

2017-04-24 Current Federal Tax Developments

2017-04-17 Guaranteed Payments and LLC Member Managers

Current Federal Tax Developments for the week of April 17, 2017 - Guaranteed Payments and LLC Member Managers. 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

• IRS announces two cases it will not generally follow
• Getting hit with a judgement by a lender for a guaranty still doesn’t create S corporation basis in debt
• The Tax Court continues to refined the application of the limited partnership self-employment tax rules to LLC members

The audio version can be streamed or downloaded below:

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

2017-07-17 Current Federal Tax Developments

2017-04-10 What the IRS Knows, the IRS Has to Tell

Current Federal Tax Developments for the week of April 10, 2017 - What the IRS Knows the IRS Has to Tell.  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

• News Briefs on FAFSA breech, $1 billion about to become the government’s money, end of tax season phishing scam
• Not all costs triggered by a merger are required to be capitalized
• IRS has to tell taxpayer whether alleged employees had reported income on their returns
• Private collection agencies begin receiving accounts from the IRS

An audio only version of this week's broadcast can be streamed or downloaded below:

The articles on this week's developments can be found in the PDF below:

2017-04-10 Current Federal Tax Developments

2017-04-03 IRS, FASB and Accounting

Current Federal Tax Developments for the week of April 3, 2017 - FASB Meets the IRC.  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

• Guidance issued on payroll tax version of reserach credit just as preparation of first quarter 941s begins
• The Tax Court denies a deduction for a management fee paid to a related party
• 2017 vehicle depreciation limits and lease inclusion tables released
• IRS releases proposed Revenue Procedure to deal with accounting changes caused by FASB’s Revenue Recognition Standard

The audio only version can be streamed or downloaded below.

The articles for this week's developments can be downloaded as a PDF below.

2017-04-03 Current Federal Tax Developments

2017-03-27 The IRS Starts Publishing Again

Current Federal Tax Developments for the week of March 27, 2017 - The IRS Starts Publishing Again.  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

• SB/SE Fast Track Settlement Program Made Permanent
• A disbarred attorney does not need to respond to OPR demands for documents
• Corporations cannot obtain economic hardship relief for levies
• IRS updates consent procedures for employees when an employer looks to get a FICA refund

The audio only version of this week's presentation can be streamed or downloaded below:

This week's articles can be downloaded below:

2017-03-27 Current Federal Tax Developments 

2017-03-20 Mailing is Harder Than You Think

Current Federal Tax Developments for the week of March 20, 2017 - Mailing is Tougher Than You Think.  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

• IRS gives a short additional period to file extensions for those affected by Winter Storm Stella
• Students in a State Department sponsored program are not allowed to deduct their travel expenses
• The IRS applies the unit of property rules to an auto racing operation
• A taxpayer discovers why it’s not recommended to use a postage meter when mailing tax related documents

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

A PDF with the articles discussed can be downloaded below:

2016-03-20 Current Federal Tax Developments

2017-03-13 Tax Impact of Repeal/Replace

Current Federal Tax Developments for the week of March 13, 2017 - Tax Impact of Repeal/Replace. 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

• House committees mark up American Health Care Act with various tax provisions
• The “abode” issue trips up a taxpayer working in Iraq and Israel
• First Circuit decides trial court went too far in allowing claim of right relief to a receiver in a fraud matter

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

The articles for this week's developments are found in the PDF you can download below.

• 2013-03-13 Current Federal Tax Developments

2017-03-06 The Crickets Are Taking Over

Current Federal Tax Developments for the week of March 6, 2017 - The Crickets are Taking Over. 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

• Donor fails to meet documentation requirements for donation of aircraft, no deduction allowed
• Taxpayer allowed deduction for alternative medical treatments that treated a condition only diagnosed after the treatment
• Morgan Stanley discloses it reported erroneous basis on some Forms 1099B from 2011-2016
• We look back at a popular post that discussed IRS view on proper amortization periods for purchased domain names

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

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

2016-03-06 Current Federal Tax Developments

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

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

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

• 2017-02-27 Current Federal Tax Developments

2017-02-20 Silence is Confusing

Current Federal Tax Developments for the week of February 20, 2017 - Silence is Confusing.  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

• Another phishing attack goes after CPAs frustrated by new secuirty measures
• Sixth Circuit panel decides IRS went too far in a substance over form attack
• A practicing dentist managed to be found to be a real estate professional
• IRS quietly issued notice on “silent returns” that created a lot of confusion and discussion
• Estate found to have reasonable cause for late filing when attorney gave client wrong extended due date

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You can stream or download an audio only version of this week's update below.

The articles for this week's developments can be downloaded below:

2017-02-20 Current Federal Tax Developments

2017-02-13 Tax Law Can Be Unfair

Current Federal Tax Developments for the week of February 13, 2017 - Tax Law Can Be Unfair.  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

• IRS not bound by fact it allowed refund claims in prior years that treated portion of pension as tax free
• The Tax Court did not treat an interest in a defined benefit pension plan as an asset--this time under these facts
• The Tax Court gives what it admits is an unfair decision related to claiming an exemption for a child
• Husband could not file a joint return unilaterally for couple, even if wife had strange ideas regarding why she should file a separate return
• IRS grants an extra month to the automatic extension period for calendar year C corporations
• Preparer found not to have exercised proper due diligence in confirming taxpayer’s business income

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

This week's articles can be downloaded as a PDF from the link below:

2017-02-13 Current Federal Tax Developments

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