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 topics this week are:

  • Insurance premium not a deductible ‘tax’
  • Company confused about Sec. 59(e) 10-year write-off election
  • Corporation may defer gain on like-kind exchange with related party; Sec. 1031(f) does not apply
  • Watch for Sec. 754 election revocation form – No. 15254
  • Electronic application required for 501(c)(4) classification
  • 22 FAQs on 2nd round of economic impact payments
  • IRS agrees: Expenses paid with PPP loan funds are deductible, prior guidance is obsolete
  • No deduction for attempted donation of a house
  • Big changes in final carried interest rules

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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