Get up-to-date news on federal tax legislation, court cases, and other developments with the weekly podcast “Federal Tax Update” with E. Lynn Nichols, CPA, and Edward Zollars, CPA.

Available each week, this timely update provides access to expert analysis and insight into what is happening in the area of federal taxation. You may listen to these audio updates over the Internet directly from your desktop (Please note: These updates do not qualify for CPE credit).

January 14, 2019  |  Podcast  |  Video  |  Notes
This week we cover the following developments:

  • IRS reopens IVES and user-fees based programs
  • Advisers need to be sure to check syndicate rules to assure entity not subject to §163(j) rules
  • Treat of Realtors revised in the second draft version of a portion of Publication 535
  • Filing season to start January 28, refunds are going to be issued
  • Address to file gift tax returns has changed, estate tax return address to change in July

January 7, 2019  |  Podcast  |  Video  |  Notes
This week’s developments:

  • IRS Notice gives guidance to tax-exempt organizations on excess compensation tax
  • Outgoing W&M Chairman publishes discussion paper on TCJA technical corrections
  • §199A final regulations still sitting at OIRA

December 31, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • Loan Adviser Found Not Liable to Repay in FINRA Treated as Ordinary Income from Debt Forgiveness
  • IRS Raises Values Dramatically on Vehicles Eligible for Cents-Per-Mile and Fleet-Average Valuation Rules
  • Safe Harbor Issued on Charitable Contribution Credits Related to a Trade or Business
  • Revenue Procedure Issued to Deal with ADS Issues for Electing Farm and Real Property Businesses
  • IRS Publication Indicates Real Estate Agents/Brokers and Insurance Agents/Brokers are in a Specified Service Trade or Business
  • Proposed Regulations on Treating Sale of Partnership Interest as Effectively Connected to US Trade or Business
  • IRS Announces Plan to Issue Regulations on Two Special Enforcement Matters Under CPAR, as Well as CPAR Final Regulations
  • Annual Disclosure Revenue Procedure Updated by IRS

December 24, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • Just prior to the one year anniversary of TCJA, we finally get a Joint Committee staff Blue Book.on the law
  • Tax credits for purchases of Teslas are being phased-out during 2019
  • MFP payments found in IRS memorandum to be taxable income and part of self-employment income
  • Auto mileage rates for 2019 issued by the IRS
  • A management company that managed a marijuana dispensary was subject to the deduction disallowance rules of §280E
  • A limited amount of additional information released by the IRS on excess loss and NOL rules under TCJA

December 17, 2018  |  Podcast Video  |  Notes
This week we look at the following items:

  • IRS releases more proposed regulations
  • Lack of documentation dooms deduction for taxpayers
  • §199A final regulations sent to OIRA for review
  • Guidance issued on valuing employer-provided parking for parking lot tax
  • Relief given for some tax-exempt organizations first filing Form 990-T to pay parking lot tax
  • Taxpayers who were out of the country for much of the period of nonpayment still found to be responsible persons

December 10, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • Wisconsin passes its version of an optional passthrough tax to get around SALT limits, but with a twist
  • Guidance released on Section 81(i) stock elections
  • Taxpayer finds you still need some documentation to claim cellular phone expenses
  • IRS fails to persuade Court that a taxpayer had changed its accounting method
  • A brief revisit to the Section 451(b) automatic change revenue procedure
  • Taxpayer warned about filing Tax Court petition primarily to delay collection

December 2, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • IRS releases the 163(j) interest deduction limitation proposed regulations
  • Special real property election for infrastructure maintenance company Revenue Procedure released
  • IRS memorandum describes what the IRS can question when an employer excludes meals from employee’s wages under §119
  • Foreign tax credit proposed regulations issued
  • Automatic accounting method change procedures issued for §451(b) revenue conformity

November 26 2018  |  Podcast  |  Video  |  Notes
This week we look at the following:

  • Proposed anti-clawback regulations issued
  • Final §263A negative amount regulations issued
  • §163(j) proposed regulations leave OIRA (finally), last step before publication

November 19, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • IRS publishes 2019 inflation adjusted figures
  • IRS notes increase in breaches of systems of tax return preparers in 2018
  • Filing and deposit date relief announced for victims of California wildfires
  • IRS email discusses application of due diligence preparer penalties

November 12, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • §163(j) proposed regulations due this week
  • IRS releases final TCJA due diligence regulations
  • Country singer found not to operate night club for a profit
  • Foreign earned income denied when taxpayer did not show his abode was outside the United States

November 5, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • Inflation-adjusted retirement plan numbers for 2019 released
  • IRS publishes draft Form 990-T and instructions with details on the parking lot tax
  • Students lose at DC Circuit in attempt to claim travel deductions
  • A Blue Book on TCJA may be coming soon
  • A taxpayer is denied relief from liability for tax due on a joint return the court finds she didn’t file

October 29, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • Court finds IRA and plan balance received in divorce not protected in bankruptcy
  • Interest limitation proposed regulations (except for passthroughs) heads to OMB
  • Connecticut crumbling foundation relief clarified to also create NOLs that can be carried back in 2018
  • PTIN renewal opened up by the IRS
  • OMB announces plans for guidance on TCJA loss limitation rules–but not planned to be out until June 2019
  • Taxpayer denied innocent spouse relief.

October 22, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • A pastor had taxable income from pastoral donations
  • IRS grants filing and payment relief related to Hurricane Michael
  • A taxpayer could not apply payment where the IRS had levied the account
  • Initial Qualified Opportunity Zone proposed regulations issued

October 15, 2018  |  No podcast for this week.


Please note: Podcasts will be archived on our website for 3 months.