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). 

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

  • South Dakota enacts remote seller law to implement Wayfair decision beginning November 30
  • Colorado tests the limits of Justice Kennedy’s holdings in Wayfair
  • Even though records were imperfect, Tax Court finds taxpayer was a real estate professional
  • Opportunity Zone regulations at OMB, expected out around end of the month
  • IRS rules math error procedures can be used even after refunds are issued

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

  • South Dakota to hold a special session so the state can begin to take advantage of their victory in the Wayfair case
  • Taxpayer who withdrew IRA funds based on a notice of intent to levy cannot escape 10% additional tax
  • IRS clarifies the application of the proposed SALT regulations leading to a bevy of questions
  • IRS memorandum concludes seismic fees for offshore drilling must be amortized and cannot be treated as intangible drilling costs
  • President issues an Executive Order for DOL and Treasury to consider certain changes to retirement plans
  • Tax Court disagrees with the IRS’s view on how §1291(c) gains interact with six year statute

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

  • IRS warns tax professionals about FTC’s Safeguards Rule for confidential data
  • Clarification of how change in exemption amounts will apply to items tied to exemption amounts
  • Lessee is not able to claim conservation deduction for facade easement
  • Letter ruling approves program where employer makes plan contribution for employees who pay on their student loans
  • Taxpayer allowed extra time for late rollover where she had relied on spouse for tax and financial matters when couple separated while rollover was pending

August 27, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • Taxpayers creating multiple entities to try and avoid double taxation of C corporation income find their plan fails
  • IRS issues SALT workaround regulations and affect both new and pre-existing state tax credit programs
  • Modifications made to automatic accounting method revenue procedure to deal with S corporation revocations under special TCJA rule
  • Guidance provided on applying the rules to compute UBTI separately for each trade or business

August 20, 2018  |  Podcast   |  Video  |  Notes
This week we look at the following items:

  • Oregon Supreme Court rules no physical presence required to be subject to corporate income tax
  • Idaho sends out notices to retailers that it’s moving forward with affiliate rule for collecting sales tax
  • IRS prevails over AICPA on question of issuing credential for unenrolled tax preparers
  • AICPA sends comments to the IRS and Treasury on S corporation and Section 461(l) issues following TCJA

August 13, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • North Carolina announces out of state sellers required to begin collection of sales tax on November 1, 2018
  • Legal fees were not from a trade or business and were not expenses of the S corporation
  • IRS releases much anticipated proposed regulations on the 199A deductiton including guidance on
    • Aggregation into a single trade or business
    • Definitions of specified service activities
    • Various anti-abuse rules

August 6, 2018  |  Podcast  |  Video  |  Notes
This week we look at the following items:

  • Proposed regulations for 965 are issued, others on state and local tax workarounds submitted to OMB
  • Majority of states that impose a sales tax now have published post-Wayfair remote seller collection requirements and start dates
  • Proposed regulations on which taxpayers may rely issued on bonus depreciation
  • Automatic accounting method change guidance issued for TCJA small business accounting methods
  • 529 plan revised guidance to deal with TCJA and other recent changes
  • Guidance issued on additional contributions allowed to ABLE accounts by TCJA changes

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

  • First 199A regulations are sent to OMB for review
  • Minnesota tests whether lower limits than South Dakota will work under Wayfair
  • Utah enacts South Dakota limits for remote sellers
  • Another US District Court agrees that the IRS’s own regulations limit the FBAR willfulness penalty amount
  • Taxpayer stuck with transferee liability after entering into transaction to sell corporation

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

  • Two state supreme courts restrict their states’ ability to tax trusts
  • IRS issued PMTA on willfulness for FBAR penalty
  • Forfeitures now can be used to fund QMACs and QNECs
  • IRS discusses the impact on taxable wages of a payroll tax examination
  • Many exempt organizations will no longer have to file Schedule B with Form 990
  • Proposed regulations issued on due diligence expansion to head of household status added by TCJA

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

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