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.
Nichols note: The Exxon decision includes a great discussion of “reasonable basis,” which is important because that can be a reason to avoid penalty. It also shows the value of even an old decision that has analysis applicable to current problems.
Also trending in this edition:
- Final like-kind exchange regulations define “real property”
- Final EO exec compensation rules (in case you have a $1 million issue)
- S Corp can’t claim credits when research done for another (read the contract!)
- Final regulations on deductible penalties (not so bad after all)
- Partner “contributions” were loans (debt forgiveness income when not paid)
- Final regulations on HRA arrangements integrated with Medicare or other account-based individual coverage in group plan
- Exxon had “reasonable basis” for tax return position, and it was not a change in method accounting
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.
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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