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:

  • No Tax-Exempt-Status for Girls’ Softball Team
  • Form 7202 for Self-Employed to Claim COVID Tax Credits
  • FAQs on Recovery Rebate Credit
  • “Practice Unit” on LIFO record-keeping requirements
  • Very Rare Tax Court Decision Allows Taxpayer to Recharacterize an Asset Transfer by Applying the “Step-Transaction” Doctrine
  • Final Regulations Tell Us What Penalties are Still Deductible After Expansion of Code Sec. 162(f) in Tax Cuts and Jobs Act

Nichols note: “Let’s talk about guidance for Self-Employed Individuals to claim credits for Sick leave and Family Leave. Released on Monday, Feb. 8, new Form 7202 (35 lines to report information), has three pages of instructions and questions and answers.

“Check out this information release (IR-2021-31) for a head start on what you might need to learn.”

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 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. Check out his Tax Updates video playlist.

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