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).

March 18, 2019  |  Podcast Video  |  Notes
This week we look at the following items:

  • Software glitches in the first years under TCJA
  • Lump sum social security benefits are part of MAGI for the premium tax credit
  • Safe harbor statements have to be signed and then attached to electronically filed returns as a PDF
  • Taxpayer’s mistake in listing old address on tax return proves costly
  • Tax Court rejects no harm, no foul view with regard to penalties for filing an S corporation return late

March 11, 2019  |  Podcast  |  Video  |  Notes
This week we look at:

  • Items causing confusion over §199A on discussion forums as returns are prepared
  • Treasury announces changes in temporary regulations and subregulatory guidance
  • Recipients of sexual harassment and sexual abuse settlements with confidentiality clause allowed to deduct legal fees
  • Gambling loss triggered by impulse control problem side effect of prescribed drug not a casualty loss
  • Proposed regulations issued for FDII and GILTI
  • IRS no longer plans to issue regulations to bar post-retirement lump-sum distributions from defined benefit plans
  • Partnerships required to add tax basis disclosures given until March 15, 2020 to provide information to IRS

March 6, 2019  |  Podcast  |  Video  |  Notes
This week we look at:

  • Tax Refunds and the 2019 Tax Returns
  • A look at the special rules under §111 for tax benefit and how it impacts state tax refunds from 2018 returns
  • No Fifth Amendment defense against assertion that taxpayer is trafficking under §280E
  • IRS grants extension of time to file returns for farmers and fishermen
  • Tax Court looks at the application of the penalty review process to automated exams
  • IRS gave insufficient notice that a third party would be contacted for information

February 25, 2019  |  Podcast  |  Video  |  Notes
This week we look at:

  • State found to illegally discriminate against federal law enforcement retirees due to tax break for state law enforcement retirees
  • IRS decides expanded availability of meal delivery means fewer meals are truly for the convenience of the employer
  • IRS acquiesces in case regarding meals for hockey teams
  • Politico points out loophole that may exist for owners of co-op shares with regard to $10,000 tax limitations
  • Looking at options beyond the safe harbor for rentals under §199A

February 18, 2019  |  Podcast  |  Video  |  Notes
This week we look at:

  • Fix for auto depreciation quirk added by TCJA released by IRS
  • A subtrust qualified as a conduit trust for IRA distribution purposes
  • AICPA asks for relief from the potential impact of syndicate rules on small business tax relief
  • Form 1065 instructions add a requirement for certain partnerships to disclose negative tax basis
  • Checkbox added for when basis calculation required with Form 1040 and situations where it is required expanded by IRS

February 11, 2019  |  Podcast  |  Video  |  Notes
This week we look at:

  • Situations where an employer can recover HSA funds from employee accounts
  • IRS decides taxpayers can use Rev. Proc. 2018-60 even if currently using an impermissible method of accounting
  • Taxpayer reasonably relied on CPA’s advice and escapes penalties
  • Airline passenger discovers he can’t sue the TSA for his lost tax paperwork

February 4, 2019  |  Podcast  |  Video  |  Notes
This week we look at:

  • IRS delays end of faxing transcripts after Chair and ranking minority member of Senate Finance Committee send a joint letter requesting a delay
  • Taxpayers could not avoid NOL carryforward election they claimed they were unaware of
  • IRS publishes corrected version of §199A regulations, changes one word some see as potentially important
  • Article discusses risks to marijuana businesses from electing small business inventory relief added by TCJA

January 28, 2019  |  Podcast  |  Video  |  Notes
This week we look at:

  • Reported IRS backlog of unanswered letters that arrived during the shutdown
  • IRS publishes information on impact of shutdown on matters before the Tax Court
  • W-2 wages Revenue Procedure made final at same time §199A final regulations come out
  • More thoughts on the §199A final regulations

January 21, 2019  |  Podcast  |  Video  |  Notes
This week we look at:

  • Key changes in the §199A Final Regulations
  • New York State Publishes Its Wayfair Guidance, Demanding Immediate Compliance
  • Trust Case Going to US Supreme Court
  • Sequestration Does Not Apply to Minimum Tax Credit
  • Proposed Safe Harbor for Rental as a Trade or Business Under §199A
  • Final Regulations Are Out – §965 and, the Big One, §199A \
  • IRS Grants Limited Waiver of Underpayment Penalties

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

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