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). 

July 16, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • More Wayfair fallout
  • North Dakota out of state seller collections required beginning October 1
  • South Carolina to use South Dakota minimums for out of state sellers
  • Wisconsin will use the South Dakota minimums for the October 1 out of state seller start
  • IRS updates security guidance for tax professionals
  • Trusts and Estates will get to deduct trustee fees and other Section 67(e) expenses following TCJA
  • IRS sticks to its position on prepaid real estate taxes when questioned by NJ Attorney General
  • IRS employee indicates the agency accepts that the back door Roth contribution is legal

July 9, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • States take various actions regarding forcing out of state sellers to collect tax
  • Louisiana looks to adopt its law to fit within Justice Kennedy’s outline of acceptable protections for interstate commerce
  • Alabama, though not a member of SSUTA, will begin requiring collection on October 1
  • Wisconsin, an SSUTA member but without a de minimis limit, will also want collections on October 1
  • New Jersey adopts a law that duplicates South Dakota and adds marketplace provisions
  • IRS LB&I Division announces five new compliance campaigns
  • IRS agent wonders if a preparer penalty could be assessed directly against an equity holder who did not otherwise violate Section 6694

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

  • IRS releases a new “postcard” draft for Form 1040 along with 6 schedules
  • CPA who advised on ESOP and prepared 5500s was still found to be an independent appraiser on third time to court
  • IRS publishes the list of qualified opportunity zones under TCJA’s Section 1400Z-1
  • A amendment of a return with fraudulent positions does not reduce the fraud penalty
  • Taxpayer discovers IRS had not agreed to waive all penalties when taxpayer agreed to exam changes

June 25, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • This week the podcast is devoted to a look at the Supreme Court’s decision in South Dakota v. Wayfair.

June 18, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • IRS indicates that TCJA UBIT provisions may be delayed, but no specific commitment
  • Physician’s attempt to claim that social security disability is not taxable fails
  • Taxpayer found to be solely in the business of selling controlled substances
  • Shareholder barred from unilaterally changing S corporation’s election not to claim FICA credit
  • Taxpayer who relied on two IRS employees for last date to file Tax Court petition finds herself without access to the court

June 11, 2018  |  Podcast  |  Video  |  Notes

This week we look at the following items:

  • Updated timeline for some TCJA guidance
  • Court accepted father’s testimony for where son lived during tax year
  • Dad denied deduction for payments related to revenue collected for son who lacked a general contractor’s license
  • The IRS grants some relief for §965 transition tax payments
  • Memo deals with confusion that arose due to special meaning certain words have in a tax context

June 4, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • Fact sheet on how the IRS contacts taxpayers–and how it doesn’t
  • Ruling issued on how funds sent to state under abandoned property laws is treated for withholding and reporting purposes
  • Taxpayer was found to be a statutory employee, deductions allowed above the line
  • IRS issues proposed regulations that would increase number of taxpayers that must electronically file all information returns

May 28, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • FBAR penalty limited to lower amount in old regulation
  • Taxpayer had not started a business yet, so no current deduction allowed for expenses incurred
  • IRS to issue regulations on SALT/charity workarounds, raises substance over form issue
  • DC Circuit agrees with Ninth Circuit that partnerships with disregarded entity partners are subject to TEFRA (and presumably subject to CPAR) audits

May 21, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • Update on TCJA guidance from the ABA Tax Section Meeting
  • Tax due on tuition waiver received as part of severance package when used by daughter 22 years later
  • Connecticut becomes the next state to adopt SALT workarounds
  • IRS updates revenue procedure for use of information on status of charity
  • Taxpayer reliance on advice from one adviser could not be in good faith and received no advice from other

May 14, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • Taxpayer had to include son’s savings account in determination of solvency
  • 2019 HRA amounts announced by the IRS
  • IRS changes Section 382 recognized built-in gain/loss safe harbors due to changes made by TCJA
  • Revenue procedure issued to deal with requests to change accounting methods due to ASC 606 adoption for financial statements
  • General automatic method change revenue procedure annual update published by IRS
  • Taxpayer found to have no asset to sell and, due to that, income was ordinary and not capital in nature

May 7, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • Oklahoma governor vetoes an expansion of tattletale law
  • Small businesses warned about tax ID theft targeted at them
  • Organization denied exempt status, was ruled to be the organizer’s consulting business
  • IRS delays TCJA third party life insurance policy sale reporting rules
  • Taxpayer did not reasonably rely on advice in taking a tax position, penalties applied

April 30, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • Colorado reports disappointing results from tattletale use tax law
  • Oklahoma enacts a second tattletale use tax law
  • IRS grants relief for last minute change in HSA maximum contribution amount for 2018
  • Volunteers who divided amounts in tip jar at end of shift received tips subject to FICA
  • Taxpayer who failed to check and find return was never accepted held liable for late filing penalty

April 23, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • IRS computer system failure ends up adding one extra day to tax season
  • The Supreme Court hears oral arguments in the Wayfair case
  • IRS gives details on blended rates to be used by fiscal year C corporations
  • IRS issues the rates for valuing employer owned aircraft trips for the first half of 2018
  • The IRS clarifies how the repeal of the special alimony trust provision in TCJA will work
  • The AICPA asks the IRS to reconsider its position on refunds of overpayments for those with remaining 965 transition tax installments

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