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.

The commentary is brief, and you should not take a position on the items discussed until you thoroughly examine it with authoritative sources. All 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 lynnnicholscpa@outlook.com or 714.321.3387.

Topics in this installment include:

  • More guidance on PPP loan forgiveness (SBA-2020-0044)
  • Liens attached to annuity payments survived bankruptcy
  • IRS Memo on designating taxpayer disputes for litigation
  • 5th Circuit affirms Tax Court’s denial of claim for litigation costs
  • Geophysical company entitled to Sec. 199 deduction (pre-2018)
  • IRS issues “Practice Unit” explaining foreign earned income
  • 5th Circuit holds portion of Texas bankruptcy statute invalid
  • Fact sheet: FS-2020-13 on Opportunity Zones


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. Check out his Tax Updates video playlist.

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