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Ed Zollars' Tax Update Podcast

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Put on Notice-IRS Explains the Distribution Provisions in the Pension Protection Act of 2006
The IRS has issued Notice 2007-7 that explains the distribution provisions in the Pension Protection Act of 2006.  In the podcast, we look at some of he provisions contained in this notice that would be of special interest to advisers of closely held businesses and their owners.The materials for the podcast can be downloaded from http://edzollars.com/2007-01-12_IRS_PPA_Notice.pdf .The podcast is sponsored by Leimberg Information Services, located on the web at http://www.leimbergservices.co...

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[ Sat, 13 Jan 2007 15:13:00 GMT ]


When Did That Happen? Options and Exercise Date?
Sometimes life just doesn't seem fair.  Like when you exercise stock options from your former employer, and the stock price drops 20% from the date you told your employer to exercise the options until just a few days later.  And, even worse, at the last minute you revoked instructions to your former employer to immediately sell the shares upon exercise and instead decided to hold the shares.  In this case, the taxpayer attempted to salvage something from this by arguing that the l...

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[ Sat, 6 Jan 2007 23:42:00 GMT ]


Maybe Not Better Late Than Never-Mark to Market Election under Section 475(f)
The mark to market election under Section 475(f) can have a major impact for individuals that were unsuccessful in their attempt to become a day trader-which turns out to be the majority of those who try.  However, the election has rather strict requirements on when the election must be filed, and as the taxpayer in Knish v. Commissioner, TC Memo 2006-268, learned as he tried to unsuccessfully argue for the validity of his election filed 18 months after the date that Revenue Procedure 99-17...

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[ Sat, 30 Dec 2006 21:12:00 GMT ]


Timing is Everything-IRS Issues Year End Expense Guidance
This week the IRS decided to send a warning to accrual basis taxpayers that the IRS has some very specific ideas on the proper application of the recurring item exception.  We look at Revenue Ruling 2007-3 and the issues it raises for deductions on contracts entered into near year end.The materials for this podcast can be downloaded from http://edzollars.com/2006-12-23_Accrued_Expenses.pdf .The podcast is sponsored by Leimberg Information Services ....

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[ Sun, 24 Dec 2006 03:57:00 GMT ]


Giving Credit Where Credit is Overdue-Holiday AMT Gift
Congress got around to passing the extenders in the Tax Relief and Health Care Act of 2006 early on Saturday morning, which picked up a number of the items that expired at the end of 2005 and had not yet been extended.  One provision added in the bill gives relief to individuals who have old, unused minimum tax credit which is discussed in this podcast.The materials can be downloaded at http://edzollars.com/2006-12-09_Giving_Credit.pdf .The podcast is sponsored by Leimberg Information Servi...

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[ Sat, 9 Dec 2006 16:55:00 GMT ]


The Dictionary vs. the Regulations-Active Participation in Retirement Plans
The issue of whether an individual is or isn't considered an active participant in a retirement plan can be complex, as the taxpayer found out in the case of Colombell v. Commissioner, TC Summary 2006-184.  As the taxpayer discovered, the mere fact she was not earning any benefit under the plan (nor was she likely ever to do so) did not mean she was not an active participant, as the regulations define that term.The materials can be downloaded from http://edzollars.com/2006-12-02_Participant...

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[ Sat, 2 Dec 2006 19:57:00 GMT ]


Close Doesn't Count-Accountable Plan Rulings
Given that the IRS and courts had a short week, we look back this week at a ruling from a few weeks back, as well as a related ruling from a year ago, that deal with the accountable plan rules, and how the IRS interprets the options for implementing those rules.  We look at Revenue Rulings 2006-56 and 2005-52.The materials can be downloaded at http://edzollars.com/2006-11-25_Accountable_Plan_Per_Diem.pdf .The podcast is sponsored by Leimberg Information Services, on the web at http://www.le...

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[ Sat, 25 Nov 2006 16:32:00 GMT ]


A Ringing in Your Ears-Telephone Tax Refunds and Businesses
The IRS has released a simplified method that businesses can elect to use to compute the amount of their refund for the federal long distance excise tax that the IRS finally agreed the law did not allow them to collect.  The simplified method is elective, and uses April and September 2006 phone invoices to compute a percentage that is applied to all telephone expense throughout the relevant period.Materials, including the IRS notice and questions and answers, can be downloaded at http://edz...

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[ Fri, 17 Nov 2006 19:07:00 GMT ]


To 83(b) or not to 83(b)-That is the Question
83(b) elections were all the rage, especially for those with stock options during the dot com bubble--and now many of those individuals regret the election.  This week the Tax Court considered the case of Anthony Kadillak (Kadillak v. Commissioner, 127 TC No. 13) who sought to escape the consequences of his 83(b) election and subsequent forfeiture of a portion of the shares through various means. The materials can be downloaded at http://edzollars.com/2006-11-11_83b_and_AMT.pdf .I'm going t...

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[ Sat, 11 Nov 2006 13:50:00 GMT ]


Sorry, But No Dice-Reliance Upon a Tax Professional Co-Administrator
The podcast this week deals with the case of Estate of Landers, TC Memo 2006-230, where an estate's co-administrator attempted to seek a finding that there was reasonable cause for late filing based upon his reliance upon his (now deceased) co-administrator, who was a tax professional, and who suffered a broken hip two months before the extended due date of the estate tax return.The case offers a look at what does and doesn't constitute reasonable cause for late filing, as well as the issue of w...

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[ Sat, 4 Nov 2006 01:00:00 GMT ]


Plain Speaking: General Powers of Appointment, the GST and Grandfathered TRA86 Trusts
The Tax Court this week reasserted its previously stated position on the treatment of the GST grandfathering provision for trusts in existence on September 25, 1985 when a party holds a general power of appointment under that trust.  The Tax Court held that the IRS final regulations that treat such a power as removing the trust transfers from the protection of the grandfathering provisions are valid, despite cases decided by the Eighth and Ninth Circuit where it was held the plain language ...

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[ Fri, 27 Oct 2006 13:05:00 GMT ]


Take That, Private Annuities! New IRS Proposed Regulations
The IRS has proposed regulations that will radically change the taxation of private annuities, making Revenue Ruling 69-74 obsolete as of October 18.  We discuss the new treatment the IRS is proposing, and how it would impact such transactions.This week we also summarize some other recent developments, including the new updated numbers for qualified plan limitations.The materials can be downloaded at http://edzollars.com/2006-10-21_Annuity.pdf .The podcast is sponsored by Leimberg Informati...

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[ Sat, 21 Oct 2006 00:00:00 GMT ]


Letâs Try This Again-Another AMT Capital Loss Theory Loses
In a relatively slow tax news week, the Tax Court issued yet another published opinion dealing with the coordination of the capital loss rules of Â1211 and the alternative minimum tax.  In the case of Palahnuk v. Commissioner, 127 T.C. No. 9 the Tax Court once again dashed the hopes of a taxpayer who exercised highly appreciated incentive stock options only to see their value plummet before the year had expired that would allow the taxpayer to sell the shares and get long term capital gain ...

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[ Sat, 14 Oct 2006 01:01:00 GMT ]


A Little Bit of This and That-Signing Returns, Alimony and 409A Reprieve
This podcast covers a number of recent tax developments, including dealing with the burning issue of whether a preparer must sign the client's copy of the return, a recent case involving again the question of what is alimony and the IRS's recent reprieve from the requirement that nonqualified deferred compensaton plans be in compliance with the (as of yet) not issued final regualtions by January 1, 2007.Documents for this podcast are available at http://edzollars.com/2006-10-06_ThisandThat.pdf ....

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[ Sat, 7 Oct 2006 01:43:00 GMT ]


A Defining Issue-Who Is an Employee?
The issue of whether a service provider is properly treated as a contractor or employee is an important issue for many small businesses.  In the case of Orion Contracting Trust v. Commissioner, TC Memo 2006-211, the Tax Court looked at this issue.  As well, the Court also took a look at the issue of what actions would indicate the proper "bad faith" to allow the imposition of a fraud penalty.The materials for the podcast can be downloaded from http://edzollars.com/2006-09-30_...

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[ Sat, 30 Sep 2006 00:45:00 GMT ]


Not Quite Horseshoes-Close Doesn't Count for Charitable Appraisals
The documentation rules for charitable contributions can create situations where taxpayers lose the right to claim a deduction even though they made it and, by the time they get to Tax Court, can even show the value of what was contributed.  This was a lesson learned by the taxpayers in Ney v. Commisssioner, TC Summary 2006-154.This podcast reviews the requirements for qualified appraisals and why just because an appraisal exists that won't necessarily save the taxpayers' deduction unless h...

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[ Thu, 21 Sep 2006 11:58:00 GMT ]


Limitations-the Statute of Limitations on Refund Claims
We look at a case involving the statute of limitations and the issue of reliance on IRS advice.  In the case of A. L. Katz & J. L. Miller v. United States the United States Court of Claims explains that a taxpayer cannot use the fact that an IRS employee told them a claim could be filed by a date that turned out to be after the statute had expired to reopen the statute.  As well, the case provides an opportunity to look at the general rules that are involved with Section 6511 and t...

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[ Sat, 16 Sep 2006 00:57:00 GMT ]


Securing A Client's Data
Securing data has become a key issue for professionals, given recent high profile thefts of computers and drives containing sensitive client information.  This week we look at some of the basics of encrypting data that professionals need to understand to protect their clientâs information should a data containing device fall into a third partyâs hands.  The materials for this weekâs podcast can be downloaded at http://edzollars.com/2006-09-08_Securing_Data.pdfThe podcast is sponsored b...

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[ Sat, 9 Sep 2006 04:00:00 GMT ]


And You Get Your Own Car--Cars Provided to Employees
This week we deal with the issues involved with having cars that are used by employees, and the various rules that employers need to deal with in that situation.  While arguably not as âexcitingâ? to tax practitioners as issues dealing with estate planning, entity selection and the like (we get excited by strange things), clients are often extremely interested in getting company autos to certain employees, far more interested than the dollars involved would suggest they should be. We look a...

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[ Fri, 1 Sep 2006 19:00:00 GMT ]


But My Kids Are Worth What I Pay Them! How Not to Handle Children on the Payroll
Paying your children to work in your business can make sense both for the business and from a family tax planning standpoint, but you have to take care to justify that the children are truly being paid for actual business work.  This was the little item that caused the taxpayer problems in the case of Alexander v. Commissioner, TC Summary 2006-127.  While the case may mainly demonstrate the truth of the old "pigs/hogs" tax saying, the opinion also helps illustrate issues that...

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[ Sat, 26 Aug 2006 13:53:00 GMT ]


Why Margined Stock is Not Equivalent to a Nonqualified Option...
We look at a case this week that deals with the continuing problems of employee related options that were exercised when the stock was at a high price, but whose price collapsed before the tax was due.  The case involved was the case of Racine v. Commissioner, TC Memo 2006-162.The materials can be downloaded at http://edzollars.com/2006-08-19_Margins_and_Options.pdf .The podcast is sponsored by Leimberg Information Services at http://www.leimbergservices.com ....

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[ Sat, 19 Aug 2006 13:48:00 GMT ]


Congress Plants a Landmine-Company Owned Life Insurance
This week we look at a provision buried in the Pension Protection Act of 2006 that involves "employer" owned life insurnace.  The provision in question renders the death benefit taxable to the extent it is greater than the premiums paid unless the policy both falls into certain excepted categories and the policy owner takes specific steps before the policy is issued to assure that the insured both gets proper notice and gives a proper consent.The materials are found at http://edzo...

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[ Sat, 12 Aug 2006 01:31:00 GMT ]


It's a Matter of (Misplaced) Trust-Taxpayer Reliance on Advice
Taxpayers get their advice from a lot of sources, and we often end up having to defend our own advice against other sources.  This week we have two cases that show that all advice is not created equal.  In the case of Lehrer v. Commissioner (TC Memo 2006-156) a taxpayer learned the hard way that selecting a preparer predominantly on which one computes the lowest tax is not necessarily the best way to end up well advised.And the case of Diem v. Commissioner (TC Summary 2006-121) is usef...

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[ Fri, 4 Aug 2006 23:16:00 GMT ]


Gee, Whose IRA Was It? The Issues of Surviving Spouses and IRAs
Is a distribution made to a surviving spouse that was rolled to her IRA but can be traced to her deceased spouse's IRA account eligible for the death benefit exception to Section 72(t)?  Considering a nearly $100,000 penalty was on the table, the taxpayer in the case of Gee v. Commissioner (127 TC No. 1) certainly hoped the Tax Court would answer yes.  Unfortunately for her, the Tax Court answered in the negative.  We look at the facts of her case, as well as the whole question of...

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[ Sat, 29 Jul 2006 00:50:00 GMT ]


The Tax GAAP-FASB Speaks on Tax Provisions for Financial Reporting
And now for something completely different-coverage of FASB.  Well, actually there is a tax angle to this one, as FASB has issued FASB Interpretation 48 in final form in June that will deal with uncertain tax positions.  The new interpretation will create some real problems for CPAs, especially those who both handle tax matters and have any sort of attest relationship with the client (including compilations, reviews and audits) that deals with GAAP statements.The materials can be downl...

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[ Fri, 21 Jul 2006 22:51:00 GMT ]


Reasonable Cause for Late FilingâI Didn't Late File
The logic of the application of the IRC to specific situations at times seems to defy common logic, and this week we look at a specific case of such.  In this case, the Tax Court decided that a reasonable cause for late filing that allowed a taxpayer to avoid the late filing penalty was that the court believed the taxpayer in reality had mailed the return on time, even if as a matter of law the return was late filed.  This is an extension of the issue discussed in the October 2005 podc...

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[ Sat, 15 Jul 2006 13:04:00 GMT ]


That's Not Income, That's a DiscountâThe Ninth Circuit Corrects the Tax Court
The issue of the taxation of prepaid purchase discounts that may need to be refunded if purchase goals are not met has resurfaced as the Ninth Circuit Court of Appeals reversed the Tax Court in the case of Westpac Pacific Foods v. Commissioner.  The Ninth Circuit's views on this topic differ both from those of the Tax Court and the IRS, each of which has it own views o this topic.In the podcast, the question to be addressed is what do we tell our clients who are faced with this issue? ...

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[ Sat, 8 Jul 2006 13:36:00 GMT ]


What Did They Mean? Section 199 and Construction
For our one year anniversary show, we take a look at the newly released regulations under Section 199 as they define construction found at Regulation Â1.199-3(m).  These definitions are key for anyone who works with clients in construction related entities.  The materials for this podcast can be downloaded at http://edzollars.com/2006-07-01_Construction.pdf .As I noted last week, I returned this week from visiting Syracuse, New York where  I presented a couple of continuing educat...

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[ Sat, 1 Jul 2006 00:06:00 GMT ]


Is it Really My Loan? S Corporation Debt Once Again.
A few weeks ago (back in April) we looked at the case of Ruckreigel where a taxpayer lost an IRS challenge on whether a debt was truly from the shareholders to the corporation due to a failure to follow the necessary formalities.  This week, the taxpayers strike back with a taxpayer victory in the case of Miller v. Commissioner (TC Memo 2006-125) where the IRS fails in its attempt to reclassify debt that followed the proper form but which the IRS attempted to claim was really debt from the ...

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[ Sat, 24 Jun 2006 00:00:00 GMT ]


Reading, Writing and FICA-Taxation of FICA Payments on Tenure Buyout
Another Circuit chimes in on the issue of the FICA taxation of payments made in exchange for tenure rights as part of an early retirement package offered to teachers.  In a combined appeal of two contradictory opinions of lower courts under their jurisdiction, the Sixth Circuit upheld the lower court's finding in favor of FICA taxation in Appolini and reversed the opposite lower court holding in Klender, both cases that involved early retirement payments to teachers subject to Michigan's te...

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[ Sat, 17 Jun 2006 13:28:00 GMT ]

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