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.

Trending this week:

  • IRS issues a ‘Practice Unit’: 26-page slide show on inventory costs and valuation
  • “Can Bankruptcy Courts Issue Letter Rulings?” No, but they can do a lot of other things when applying tax law to bankruptcy law
  • Final Regs address ‘Qualified Plan Loan Offset’ extended rollover period provided by Tax Cuts and Jobs Act
  • Guidance, in the form of 16 Q&As on safe harbor retirement plans after changes in the law made by the SECURE Act
  • Fair warning: IRS is sending warning letters to taxpayers who self-certify as a Qualified Opportunity Fund, warning of the likely need to take further action to meet an annual reporting requirement

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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