Welcome to the Federal Tax Update Podcast, hosted by Lynn Nichols. This is presented as a member benefit by the South Carolina Association of CPAs. It is produced to provide current information about developments in U.S. tax law, such as cases, ruling, IRS pronouncements and expert comments on hot topics.
Trending in this edition:
- More Guidance on Employee Retention Credit
- Revised Practice Unit on when return position might be based on ‘reasonable cause’ and taxpayer acted ‘in good faith’
- IRS guidance on calculation of gain or loss from partnership distributions
- Reporting requirements on pandemic-related emergency financial aid provided to college students
- Information about various IRS letters sent to taxpayers about their impact payments and/or rebate credits … is there action required?
- FTC carryback and carryover instructions and how to apply ordering rules
- Race car expenses not ‘necessary’ in home construction and remodeling business
- IRS defines ‘restaurant’ for fully deductible business meal allowance
Interested in learning more about Practice Units? Register for Lynn’s session of “IRS Practice Units: What’s Available and How to Use Them” on Wednesday, June 23, from 11:20 a.m.-12:35 p.m. It’s part of the Tax Track of SCACPA’s Spring Splash Accounting Conference, with more than 60 hours of learning in May and June.
Missed any previous discussions on Tax topics? Catch up with Lynn on his Tax Updates video playlist.
All commentary is brief, and you should not take a position on the items discussed until you thoroughly examine it with authoritative sources. The topics can be found discussed in further length at Tax Notes Today.
“I have relied on Tax Analysts® to provide reliable and timely analysis of Federal tax developments for over 30 years. The ‘headnotes’ you see here are from ‘Tax Notes Today,’ the preeminent source of accurate information and analysis of important developments and trends in Federal taxation,” Nichols says.
You can contact Lynn Nichols at email@example.com or 714.321.3387 and connect on LinkedIn.
A federal tax specialist for 50 years, Lynn Nichols provides tax consulting services to CPA firms on complex federal income tax issues, professional standards in tax practice and effective tax practice management.
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