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 and connect on LinkedIn.

  • The IRS announced it will resume sending “Balance Due” notices. If you have any unpaid balance on your 2019 tax return, you can expect correspondence from the IRS. Don’t ignore it! The notices progress over a period of about 120 days from a simple reminder to a real threat to attach your bank account or garnish your wages. They can even take part of your Social Security benefit. (News release, 10/23/2020)
  • Want to know the amount of an income tax deduction – or maybe your tax bracket for 2021? The IRS has published a complete list of “Inflation-Adjusted Items for 2021.”  You can find 62 items in Revenue Procedure 2020-45, from the Tax Rate Schedule to the Foreign Earned Income Exclusion.
  • Partnership Reporting – New IRS Enforcement Priority
  • Draft Form 1040 Instructions -2021
  • Penalty Abatement
  • D. Lucero et ux; DC NM
  • Shirehampton Drive Trust v. U.S. Dept. of Treasury, et al

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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