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Extra, Extra - IRS Headliner on S Corporation Shareholders and 162(l)

The IRS on May 15 issued a "Headliner" on their website directed at tax professionals that attempted to explain the treatment of policies purchased by a single employee shareholder of an S corporation in the shareholder's own name.In this podcast we look at the headliner, and consider whether Revenue Ruling 61-146 offers an option that solves the problem this ruling points out.The materials can be downloaded at http://edzollars.com/2006-06-10_Medical_S_Corporation.pdf.The podcast is sp...

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[ Sat, 10 Jun 2006 04:03:00 GMT ]

Special Podcast-About Those Extensions We Just Denied...

A special podcast this week of interest to practitioners (and their clients) who bulk filed paper extensions with the Fresno Service Center. The IRS recently admitted to a mistake in processing extensions received in Fresno.Materials for the podcast, including two IRS releases on this issue, can be downloaded from http://edzollars.com/2006-06-04_Fresno_4868.pdf.The podcast is sponsored by Leimberg Information Services, on the web at http://www.leimbergservices.com....

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[ Sun, 4 Jun 2006 21:07:00 GMT ]

At Death Do the Payments Stop? Alimony and the Not Quite Clear Divorce Settlement.

Divorce settlements at times are frustrating for tax preparers to work with, since they often leave dangling the issue of whether payments were or were not intended to be alimony and, not surprisingly, the former spouses may have very different views on that issue. In this week's case, the Tax Court was forced to settle the issue after lecturing the warring spouses in his opinion about how the issue should have been taken care of well before this point.The case in question is the case of J...

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[ Sat, 3 Jun 2006 13:57:00 GMT ]

Indecent Exposure-Internet Access Security Issues Away From the Office

For Memorial Day, the podcast will take a break from tax related topics and consider rather some issues that arise when you, like many this weekend, are traveling and take your laptop with you to "stay connected" with your office and clients. There are a number of risks that have been discussed in recent weeks on Steve Gibson and Leo Laporte's Security Now podcast that I wanted to discuss in the context of a tax professional.We look at how your system may be compromised and your ...

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[ Sat, 27 May 2006 13:41:00 GMT ]

Tax Increase Prevention Act of 2005-The Highlights and Lowlights

We finally have a 2005 extender bill, albiet missing a few extenders and with a few surprises (some good, some not so great). The President signed the bill into law this week, so it's time to look at the details that were in the bill.The materials for this podcast can be found at http://edzollars.com/2006-05-20_TIPRA.pdf.The podcast is sponsored by Leimberg Information Services, located on the web at http://www.leimbergservices.com....

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[ Sat, 20 May 2006 00:08:00 GMT ]

It's "t" time: Exceptions to the 10% Addition to Tax on Premature Distributions from IRAs and Plans

Taxpayers who take distributions from retirement plans prior to attaining age 59 1/2 have to deal with a confusing set of rules of which distributions are and are not eligible to escape the 10% addition to tax under �72(t). Two recent cases illustrate both the traps that exist for the unwary and how a taxpayer managed to convince the Tax Court he qualified for an exception from the penalty despite IRS arguments to the contrary.The materials for the podcast can be downloaded from http://edz...

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[ Fri, 12 May 2006 23:52:00 GMT ]

Testing the Limits: the $3,000 Capital Loss Cap and the AMT

The Tax Court looked at the interaction of the $3,000 capital loss limitation and the alternative minimum tax basis adjustment on the sale of shares originally obtained via the exercise of incentive stock options in a prior year. The case in question is Merlo v. Commissioner, 126 TC No. 10.In the case at hand, a taxpayer had exercised stock options at the end of $2,000 and obtained his stock at a price that was more than $1,000,000 less than the market price at the time. Under the ru...

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[ Fri, 5 May 2006 21:00:00 GMT ]

Whose Debt Is It Anyway? S Corporations and Loans from Related Entities

Shareholder debt to S corporations has proven to be a minefield for shareholders and their advisers, and the taxpayer and their adviser in the case of Ruckriegel v. Commissioner managed to step on a shareholder debt/basis mine twice in two consecutive IRS exams. In this case, the shareholders attempted to argue that loans from a partnership they controlled were actually loans to them from the partnership, followed by loans to the corporation.Or, to put it more correctly, their CPA attempte...

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[ Fri, 28 Apr 2006 22:06:00 GMT ]

But I Never Got That Letter: When Mail Doesn't Make It To Taxpayers

Much of the information that taxpayers need to deal with their tax obligation arrives via the U.S. mail. But what happens when that mail is delivered to the wrong address and either never makes it to the taxpayer or arrives late? While we've previously considered what happens when the taxpayer attempts to send documents to the IRS that the IRS claims never arrived, this week we look at a case and a letter ruling involving mail that was sent to an address the taxpayer did not currentl...

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[ Sat, 22 Apr 2006 11:57:00 GMT ]

We Didn't See This Adoption Coming-What is Unforseen?

Can adopting a child, an apparently voluntary endeavor, qualify as an unforseen circumstance for purposes of obtaining an early exclusion of gain from the sale of a home under Section 121? A taxpayer asked that question of the IRS and got a favorable response which we consider this week. The letter ruling, which applies only to this taxpayer, is useful in helping us determine where the IRS may see the boundaries of an "unforseen" circumstance that qualifies a taxpayer for e...

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[ Sat, 15 Apr 2006 11:52:00 GMT ]

How Much to Tell--Adequate Disclosure and Section 6501(e)

The case of Benson v. Commissioner, TC Memorandum 2006-55, provides a look at the issue of what constitutes adequate disclosure under Section 6501(e)(1)(A)(ii) for purposes of avoiding the otherwise mechanical application of an extended six year statute on substantial underpayments. In this case, which the taxpayer ends up losing, the Court considers to what extent disclosures on other returns can "make up" for items not disclosed directly on the individual return.The text file f...

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[ Sat, 8 Apr 2006 00:00:00 GMT ]

Unreasonably Not Injured

We look at the exclusion for personal injuries under Section 104 this week, as well as the nature of a reasonable cause for purposes of escaping the imposition of a penalty. We use the case of Goode v. Commissioner, TC Memo 2006-48, to illustrate these issues. As well, we look at another attempt at getting reasonable cause to take a position--ask the President (as in George W. Bush), or at least have someone else do it and then claim to rely on the answer received when the question i...

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[ Sat, 1 Apr 2006 00:11:00 GMT ]

I'm a Yankee Doodle Dandy-Just Not a Good Recordkeeper...

This week we look at the issues and limitations involving the Cohan rule and its use in tax compliance and representation work. The materials can be downloaded from http://edzollars.com/2006-03-25_Cohan.pdf. The podcast is sponsored by Leimberg Information Services, on the web at http://www.leimbergservices.com. ...

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[ Sat, 25 Mar 2006 00:47:00 GMT ]

In God We Trust, All Others Must Deposit With Us-Payroll Tax Trust Funds

This week we look at some issues revolving around payroll tax deposits, including the IRS and Social Security Administration recent caution about the use of payroll services to deposit taxes. This week we look at a case that invovled the embezzlement of payroll tax deposits by a payroll service, where the IRS successfully argued that the employer still was liable for the unpaid taxes even though they had believed the payroll service had deposited the taxes As well, we look at a case involvi...

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[ Sat, 18 Mar 2006 01:11:00 GMT ]

Don't Get Personal (Service Corporation, That Is...)

In honor of the upcoming March 15 filing deadline for calendar year corporations, this week we look at the issue of just what is a "qualified personal service corporation" and, perhaps more importantly, what is not. The podcast looks at the recent case of Ron Lykins, Inc. v. Commissioner, TC Memorandum 2006-35, where a corporation was held not to be a QPSC, and so could benefit from the lower tax brackets available to non-PSCs. Materials for the podcast can be downloaded from http://www.edzo...

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[ Sat, 11 Mar 2006 00:00:00 GMT ]

The Trouble With Disclaimers-Circular 230 Revisited

This week's podcast arose from a discussion that began on the California Society of CPAs TaxTalk group on Yahoo about the widespread use of Circular 230 disclaimers. There seems to be an unfortunately false belief among many in the professions involved that a standard disclaimer eliminates any and all issues related to the revisions last summer to Circular 230. The podcast discusses both the issues outside of Circular 230 that can arise from the indiscriminate use of this disclaimer, as well...

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[ Sat, 4 Mar 2006 11:10:00 GMT ]

Doctor My Eyes Have Seen the Deduction�Medical Expenses and the Spouse

This week we look at issues surrounding what are medical expenses for various tax purposes, as well as a case where the taxpayer successfully defended hiring her spouse as employee, and then covering him under a medical reimbursement plan. The materials for this week's podcast are at this link. This podcast is sponsored by Leimberg Information Services. ...

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[ Sat, 25 Feb 2006 01:02:00 GMT ]

Finding your Way-Thoughts on Efficient Tax Research

We take a bit of a break from developments to talk about the issues and methods of tax research this week. We look at how to learn to efficiently deal with research issues that arise in a tax practice--especially during this busy season. The materials are found at this link. This podcast is sponsored by Leimberg Information Services, located on the web at http://www.leimbergservices.com. ...

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[ Sat, 18 Feb 2006 01:00:00 GMT ]

The Right the IRS Discovered That Invalidated CRTs--and Then Decided to Delay A Decision On

This week's program discusses charitable remainder trusts in light of the IRS granting relief from an issue they first seemed to have discovered last year regarding the potential state law granted right of a surviving spouse to claim a share of a CRT upon the death of the creator of the trust. The program discusses CRTs in general, including a discussion of which clients a CRT might or might not be appropriate for. We then look at the problem that a spouse's right to elect a share of the tru...

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[ Sat, 11 Feb 2006 00:00:00 GMT ]

The Cases of the Inadequate Charitable Documentation

This week we take a look at the Tax Court's application of the charitable documentation regulations to two real world cases. In the case of Kendrix v. Commissioner a former IRS CID employee and Revenue Officer is found to be lacking in the documentation for her many charitable contributions. While there appears to be reason for the court to believe the contributions to be overstated or not made at all, the court actually keeps returning to technical inadequacies in her documentation to actu...

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[ Sat, 4 Feb 2006 00:30:00 GMT ]

The Superintendent and Section 62

Congress hates employees--that's a fact of life that a worker learns the hard way in the case of Alley v. Commissioner, (TC Summary Opinion 2006-4) that we discuss this week. Mr. Alley had a "creative" way of getting around the fact that Section 62 does not allow employee business deductions to be taken in computing adjusted gross income. Unfortunately for Mr. Alley, the Tax Court did not appreciate his creativity. The case offers an option to look at the overall structure of where deduction...

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[ Sat, 28 Jan 2006 00:37:00 GMT ]

The Post December 31 Retirement Plan--Simplified Employee Pensions

This week we finally get a break from the Schedule D developments and move on to a new topic. We discuss simplified employee pensions, including the basic rules that apply to them, and the gotchas that clients tend to run into. The materials are available from this link. This podcast is sponsored by Leimberg Information Systems. ...

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[ Sat, 21 Jan 2006 02:34:00 GMT ]

Attaining True Clarity--Efiling and Schedule D

In what has become an unintended series of podcasts, we deal once again (and hopefully for the final time) with the IRS's revisions to the Schedule D instructions, and the subsequent "clarifications" (some might say abandonment) of those changes that have come out due to the storm of protests. When last we left our story last Sunday, a solution acceptable to most on paper filings had been endorsed by the IRS. However, many questions remained on how efiling was impacted by this. This week we...

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[ Sat, 14 Jan 2006 02:00:00 GMT ]

Special Edition-IRS Clarifies Schedule D

While highly unofficial at this point, the IRS has begun circulating a "clarification" of the Schedule D issue. This special podcast discusses this email document and what it means for the upcoming tax season. Of special interest is its apparent lack of a solution to the problem for those filing returns via electronic means. This podcast is sponsored by Leimberg Informaiton Services. ...

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[ Mon, 9 Jan 2006 00:45:00 GMT ]

Dependent on It--The New Uniform Definition of a Child and the Revised Section 152

This week we look at the updated uniform definition of a child and other changes to the dependency exemption under Section 152 that Congress passed last year, as well as a technical correction Congress just passed that removes what had been a potentially significant change in the treatment of the exemption for divorced parents. You can download the materials from here. This podcast is being sponsored by Leimberg Information Services. ...

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[ Sat, 7 Jan 2006 01:00:00 GMT ]

Charity Begins at Home (with Documentation...)

We mark six months of podcasts this week (the first Tax Update was posted right after Apple opened up the iTunes music store to podcasts). To close out the year and get ready for the upcoming tax season, we look at the documentation rules for charitable contributions. The materials can be downloaded from http://www.edzollars.com/2005-12-31_Charitable_Documentation.pdf. This podcast is being sponsored by http://www.leimbergservices.com, who provide an excellent set of email newsletters o...

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[ Sat, 31 Dec 2005 01:00:00 GMT ]

By the Form�New IRS Schedule D Instructions

For our Christmas Eve edition of the podcast we look at the controversy that has arisen about a modification the IRS made to this year's Schedule D instructions. In the 2005 edition of the instructions, the IRS specifically indicates that taxpayers may not enter "See Attached" and reference a schedule of detailed transactions for Schedule D, but rather must fill the details on Schedule D-1. Download the materials prior to listening to the podcast. This podcast is sponsored by Leimberg Informat...

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[ Fri, 23 Dec 2005 23:00:00 GMT ]

Confession is Good for the Pocketbook

This week we look at adequate disclosure under Revenue Procedure 2005-75 for purposes of escaping the substantial understatement penalty under Section 6662(a). Download the materials for the podcast from http://www.edzollars.com/Adequate_Diclosure.pdf. The podcast is being sponsored by Leimberg Services. ...

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[ Sat, 17 Dec 2005 01:00:00 GMT ]

Origin of the Claim - Legal Settlements and Fees and the Tax Law

This week we look at the issue of legal fees and settlement, and the tax status of such. We'll look at the result in the Hauge case where a taxpayer and the partnership she owned virtually all of the interests in settled the same legal dispute with quite different tax consequences. I am going to be speaking this week in Columbus, Ohio on Thursday and have a pretty full day Friday, so we may be late getting next week's podcast up--but we'll try and get it up on time. ...

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[ Sat, 10 Dec 2005 01:00:00 GMT ]

Breaking Up Can Be Taxing - Alimony Under the Tax Law

Be sure to download the materials from http://edzollars.com/2005-12-03_Alimony_Defintion.pdf. This week's podcast deals with the tax issues related to alimony, and looks at two recent cases where taxpayers lost in their attempts to get certain payments treated as alimony. In one case (D.E. Lofstrom, 125 T.C. No. 13) the taxpayer attempted to claim an alimony deduction on the transfer of a note receivable from a third party. In the second case (D.K. Vanarsdall, T.C. Summary Opinion 2005-170) t...

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[ Sat, 3 Dec 2005 01:00:00 GMT ]

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