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Ed Zollars' Tax Update Podcast

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IRSâs New View on §§6694 and 6695
The IRS celebrated the end of 2007 by releasing three Notices late on December 31 that provide guidance on the application of the revised preparer penalties contained in the Small Business and Work Opportunity Tax Act of 2007 that was passed last May.  The IRS had previously released interim relief in Notice 2007-54, but that relief was set to expire as 2007 did.The centerpiece of this guidance is Notice 2008-13, which provides interim guidance on applying the Â6694 preparer penalty standar...

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[ Tue, 1 Jan 2008 14:01:00 GMT ]


Class Warfare in the Family (with an S Corporation)
In this podcast, we look at a case where a shareholder attempted to argue that, in fact, the S corporation's election had been terminated a decade before due to an agreement with the founding shareholder that, in the taxpayer's view, created a second class of stock.  The case is Minton v. Commissioner, T.C. Memo 2007-372.  The shareholder is not successful, though she does eventually succeed in unilaterally ending the S status of the corporation.  We'll look at both why the Tax Co...

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[ Mon, 31 Dec 2007 07:00:00 GMT ]


End of Year Trifecta of New Tax Bills
In this podcast we look at highlights of three of the five bills affecting taxation that Congress passed prior to leaving town, specifically the Tax Increase Prevention Act of 2007, Mortgage Forgiveness Debt Relief Act of 2007 and Tax Technical Corrections Act of 2007, all three of which have provisions that should be of interest to many of your clients.  The written materials for the podcast can be downloaded from http://www.edzollars.com/2007-12-29_New_Laws.pdf .The podcast is sponsored b...

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[ Thu, 27 Dec 2007 23:56:00 GMT ]


Home is Where the Partnership Isn't
In a recent Tax Court decision on the home sale exclusion under Section 121, the IRS and the taxpayers split the decision--the IRS lost in its attempt to claim the taxpayer did not use the property in question as his principal residence, but the taxpayer lost a portion of the deduction because a portion of the property was titled in the name of a partnership--and the court did not buy the taxpayer's theories that either the partnership was never formed or that the property had been distributed.&...

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[ Wed, 26 Dec 2007 09:00:00 GMT ]


S Corporation Owner Health Insurance Deduction
The IRS has issued Notice 2008-1 that details how an S corporation shareholder can qualify for the self-employed health insurance deduction under Â162(l) even if the policy is in the name of the shareholder. The notice is at odds with the implication contained in IRS Headliner 163 issued in May of 2006 that seemed to many to strongly suggest that personal ownership of the policy was fatal to the deduction. We had previously discussed why, perhaps, that wasn't the case in a podcast back in June...

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[ Mon, 24 Dec 2007 15:35:00 GMT ]


Washing Out a Loss-IRS Rules on IRA's Relationship to Section 1091
After a not so short hiatus, the Tax Update podcast is again posted, this time looking at IRS Revenue Ruling 2008-5 that deals with issue of a taxpayer selling securities at a loss in a taxable account and then purchasing identical securities in a regular or Roth IRA.  The issue is one that practitioners have discussed for years, but which the IRS just now is getting around to issuing a formal ruling on.The written materials for the podcast can be downloaded at http://www.edzollars.com/2007...

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[ Sat, 22 Dec 2007 14:07:00 GMT ]


Rolling Changes: IRS Releases Two Revisions to Circular 230 10.34
Two days, two revisions:  the IRS on September 25 issued proposed regulations to revise Circular 230 Â10.34, and the next day finalized regulations that also made changes to the same provision (among others).  We take a look at both sets of changes, and their impact on tax practice.The materials can be downloaded from http://www.edzollars.com/2007-09-26_Circular_230.pdf .The podcast is sponsored by Leimberg Information Services, on the web at http://www.leimbergservices.com ....

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[ Wed, 26 Sep 2007 21:53:00 GMT ]


Total Devastation-Damage to a Residence and Eligiblity for Section 121
The IRS released a Chief Counsel Advice (CCA 200734021) that dealt with how to interpret the language found in Section 121(d)(5) that, in certain cases, will allow a taxpayer to treat a residence that is destroyed as if it were sold for purposes of ignoring up to $250,000/$500,000 of gain under Section 121(a).The materials for this week's podcast are found at http://www.edzollars.com/2007-09-01_Residence.pdf .The podcast is sponsored by Leimberg Information Services, found at http://www.leimberg...

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[ Fri, 31 Aug 2007 12:44:00 GMT ]


North, to Alaska-Thompson, Valuation and Reasonable Cause
The Second Circuit Court of Appeals decided that the Tax Court had been too quick to dismiss a penalty under Â6662 in the Estate of Thompson, decided last week, but that the Court was not forced to accept the taxpayer's valuation when it rejected the IRS's own expert's valuation even if the Court had decided the burden had been shifted under Â7491.The materials for the podcast are available at http://www.edzollars.com/2007-08-26_Estate_Tax_Value.pdf .The podcast is sponsored by Leimberg Informat...

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[ Sun, 26 Aug 2007 13:27:00 GMT ]


It Has to Be Something! Tax Court Penalizes Taxpayer for Sloppy Records
We once again revisit the Cohan rule, but this time in the context of a much larger taxpayer than we normally look at, in the case of Tyson Foods, Inc and Subsidiaries vs. Commissioner, TC Memo 2007-188.  The taxpayer's was attempting to argue, based on Cohan rationalization, that they should be able to depreciate a $2,000,000+ debit remaining on their books after making an agreed upon adjustment under IRS exam.  The IRS (and eventually the Tax Court) did not agree that such a treatmen...

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[ Fri, 20 Jul 2007 23:18:00 GMT ]


Home Equity of a Different Sort-Claiming Deductions for a Home the Taxpayer Doesn't Own
Equitable ownership of a home can grant a taxpayer a deduction for mortgage interest and taxes even when the taxpayer is not the legal owner.  While the taxpayer in the case of Nair v. Commissioner, TC Summary Opinion 2007-116, did not have such ownership, the opinion does outline the requirements a taxpayer would need to demonstrate to have such equitable ownership. As well, Mr. Nair's failed attempt to obtain a casualty loss deduction also offers some insights into the issue of establis...

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[ Sat, 14 Jul 2007 15:36:00 GMT ]


Substantial Understatementsâthe Penalty under §6662(b)(2)
We finish up the look at Â6662, this time looking at the substantial understatement penalty, as well as the exceptions to this penalty. The material for this week's podcast can be downloaded from http://www.edzollars.com/2007-07-09_Substantial_Understatements.pdf. The podcast is sponsored by Leimberg Information Services, located on the web at http://www.leimbergservices.com. ...

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[ Mon, 9 Jul 2007 01:18:00 GMT ]


The Value of Standards-SSVS No. 1 Released and the Impact on CPAs in Tax Practice
For Independence Day we take a look at a new set of standards released by the American Institute of CPAs' Consulting Services Executive Committee that will take effect for engagements entered into after January 1, 2008.  The Statement on Standards for Valuation Services No. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset can have an impact on tax practice where the value of an asset covered by this standard has an impact on a tax issue.  CPAs will...

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[ Wed, 4 Jul 2007 13:23:00 GMT ]


Section 6662(b)(1) Penalties on Client-A Review
Given that in both the changes to Circular 230 paragraph 10.35 back in 2005 and the recent revisions to Section 6694, it seems appropriate to review the penalties that can be imposed on a taxpayer under this section, a section whose outlines of level of comfort in a position have borrowed in revising both of those provisions.  This week we look at Â6662(b)(1)'s negligence and disregard of rules and regulations penalty, planning to look next at the substantial understatement provisions of Â6...

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[ Sat, 30 Jun 2007 15:41:00 GMT ]


Testing the Limits-The IRS Loses Statute of Limitations Case
This week we look at recent cases where the IRS lost a statute of limations case.  In the case of Bakersfield Energy Partners, LP, 128 TC No. 17, the question was whether an overstatement of basis used in computing a Section 1231 gain could result in omission from gross income that triggers the six year statute of limitations under Â6629 and Â6501.   The Tax Court decided the answer was no.The materials can be downloaded at http://www.edzollars.com/2007-06-22_Limits.pdf .The podca...

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[ Thu, 21 Jun 2007 13:02:00 GMT ]


Delay of Game-IRS Grants Temporary Relief For Section 6694(a) Changes
The IRS this past week issued Notice 2007-54 which grants partial relief from some of the changes made to the preparer penalties under Section 6694(a), delaying full implementation of the provisions until next year.  We discuss the extent of the relief granted, as well as some of the reactions to this change that I've noticed in online discussion groups.The materials for this podcast, including the above notice, can be found at www.edzollars.com/2007-06-15_Delay_of_Game.pdf .The podcast is ...

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[ Sun, 17 Jun 2007 13:52:00 GMT ]


Into the Penalty Box-Updated Prepared Penalty Provision in New Law
We further analyze the new law, this time looking in detail at the preparer penalty provisions and the change in the trigger for where the preparer penalty under Section 6694(a).The materials are available at www.edzollars.com/2007-06-02_Preparer_Penalty.pdf .The podcast is sponsored by Leimberg Information Services, on the web at http://www.leimbergservices.com ....

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[ Fri, 1 Jun 2007 23:15:00 GMT ]


Kiddie Tax Update: Correction to New Law Podcast
Kaye Thomas emailed me with an observation regarding one issue in the new law.  It turns out that though prior drafts of the bill and the Joint Committee's report on the bill indicated expanding the general rule on the Kiddie Tax one more year, that provision is not included in the final bill.  Rather, only the "student" provision is added to the bill. The materials have now been updated, and can be downloaded from the original link at http://edzollars.com/2007-05-25_New_Law....

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[ Tue, 29 May 2007 13:20:00 GMT ]


On Second Try-Tax Law Changes Come Back After Veto
The new Congress has passed its first major tax bill with changes that are meant to grant relief to small businesses, but which also have revenue raisers that will impact a number of clients.  The President has indicated he will sign the bill, so over the Memorial Day weekend we can all read up on the new law to start our summer.The materials are available for download at http://edzollars.com/2007-05-25_New_Law.pdf .The podcast is sponsored by Leimberg Information Services, located on the w...

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[ Sat, 26 May 2007 00:47:00 GMT ]


Payment Encore: Liability of Taxpayer for Embezzlement by Payroll Service
We look at the recent case of Pediatric Affililates, P.A., (2007-1 USTC Â50,477) where the Third Circuit Court of Appeals upheld the U.S. District Court of New Jersey's determination that the taxpayers were liable for unpaid payroll taxes that their payroll service had walked off with.  The case is instructive for the types of responsibilities under the tax law a taxpayer is unable to delegate to a third party.The materials can be downloaded at www.edzollars.com/2007-05-18_Payroll_taxes.pdf...

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[ Fri, 18 May 2007 18:06:00 GMT ]


It Depends-IRS Proposes New Divorced Parents Regulations
This week we look at Proposed Regulations under Section 152 to clarify the treatment of divorced parents, regulations that would both serve to document what has developed under the current temporary regulations and case law and add some new quirks-including the ability to revoke a waiver that was to apply to a future year by the custodial parent.The materials for the podcast can be found at http://www.edzollars.com/2007-05-08_Dependent.pdf .  And that noise you hear jingling in the beginnin...

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[ Wed, 9 May 2007 00:15:00 GMT ]


Home is Not Where the Heart Is-Section 162(a)(2)
A taxpayer without a regular place of business can still obtain a deduction for travel away from home if the taxpayer can establish that he/she has a home.  In two cases (Jason Ayala v. Commissioner and Manuel Ayala, Jr. v. Commissioner) the taxpayers failed to show they had a home and lost the deduction.  But the IRS also failed in its attempt to assess a negligence penalty on these taxpayers.The materials for the podcast can be downloaded from http://www.edzollars.com/2007-04-27_Home...

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[ Fri, 27 Apr 2007 23:08:00 GMT ]


Cost of Bad Practice: IRS Notice Implementing Monetary Penalties Under Circular 230
The IRS on April 23 released guidance on the application of monetary penalties to practitioners, their employers, firms and related entities for violations of Circular 230 as authorized by the American Jobs Creation Act of 2004.  This guidance gives some insight into the IRSâs views on how they will make use of this new enforcement tool, as well as some indication of what the IRS might view as an appropriate quality control system for a tax practice.  If, as expected, SSTS No. 9 goes f...

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[ Tue, 24 Apr 2007 13:18:00 GMT ]


An Extension We Don't Want-Tax Preparer's Fraud Taints Return for Statute of Limitation
When Section 6501(c) refers to a false and fraudulent return, does the IRS need to show that the taxpayer was involved in the fraud to get the benefit of the unlimited statute of limitations to assess tax?  Or is it enough to show only that the preparer was involved in preparing a false return with the intent to evade tax on behalf of the taxpayer?  That's the issue the Tax Court considered in the case of Allen v. Commissioner, 128 TC No. 4.The supporting materials for this podcast can...

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[ Sat, 10 Mar 2007 14:06:00 GMT ]


Credit Denied-IRS Attacks Partnership State Tax Credit Shelter
The IRS has again issued guidance indicating their displeasure with a marketed shelter that promises benefits via the literal application of partnership provisions in the IRC.  In CCA 200704028 the IRS outlines both the shelter that was marketed that claimed the magic of returning most of the investment via a credit against state taxes and then a capital loss deduction for the investment for federal tax purposes as well.  The IRS outlines three separate rationales for disallowing the c...

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[ Sun, 25 Feb 2007 01:46:00 GMT ]


There's English and There's the IRC-Passive, Active Conduct and Carrying On
Congress doesn't necessarily make the law work as consistently as practitioners want it to work.  This week we look at four different provisions in the Internal Revenue Code and their somewhat different view on whether "enough" is being done to get a tax benefit--for Sections 469, 179, 1362/1375 and 1402.The materials for the podcast can be found at http://edzollars.com/2007-02-17_Passive.pdf .The podcast is sponsored by Leimberg Information Services at http://www.leimbergservices...

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[ Sun, 18 Feb 2007 02:20:00 GMT ]


A Family Affair-Spouses and Medical Reimbursement Plans
Back in February of 2006, I did a podcast on medical reimbursement plans and went over the Speltz case where the taxpayer prevailed in a medical reimbursement plan provided for her husband who worked for the taxpayerâs daycare business as an employee.  That was a case where the taxpayer kept excellent records and truly kept track of all the necessary details.  This week the Tax Court gave opinions in two cases where taxpayers were not as meticulous with such plansâand the results wer...

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[ Sat, 10 Feb 2007 13:59:00 GMT ]


The New and Improved Health Savings Account
Congress passed a number of incentives in the Tax Relief and Health Care Act of 2006 meant to make Health Savings Accounts (or HSAs) more attractive to taxpayers.  We'll take a look at the provisions this week and consider their impact on our clients.The materials for the podcast can be downloaded from http://edzollars.com/2007-02-03_HSAs.pdf .The podcast is sponsored by Leimberg Information Services, located on the web at http://www.leimbergservices.com ....

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[ Sat, 3 Feb 2007 00:29:00 GMT ]


But I Left it at the Hotel-The Late Filing Issue
We look at the case of a traveler who got bitten when she attempted to make use of the hotel to get a package picked up by a private delivery service-a package that happened to contain her petition to the Tax Court which she was filing on the last day available.  When the delivery service reported picking up the package the following day, the IRS argued that she had blown her chance to file in Tax Court--and the Tax Court agreed.The case is Austin v. Commissioner, TC Memo 2007-11 and the ma...

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[ Sat, 27 Jan 2007 17:38:00 GMT ]


Literally Too Good To Be True-IRS Memorandum on Partnership Transaction
This week we look at an IRS memorandum that argues against the position taken by a taxpayer arguing that his transaction literally complies with Section 731 and 732.  The IRS argued that the transaction, which involved the partnership acquiring a residence for the partner to redeem his interest, actually represented the equivalent of a distribution of cash followed by the purchase of the house--a transaction that would have triggered a significant taxable gain.The materials for this podcast...

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[ Sat, 20 Jan 2007 02:43:00 GMT ]

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