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Ed Zollars' Tax Update Podcast

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An update from time to time on various tax issues presented by Ed Zollars, CPA and designed for tax professionals. Users are cautioned to do their own independent research to verify any conclusions stated on this podcast--I do not claim to be infallible, but just to bring up issues to consider.

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Gadgets and Gizmos

This week's presentation is based on a presentation I made for the Virginia Society of CPAs' 8th Annual Industry Conference in Williamsburg on May 28, 2009 on gadgets and gizmos. The presentation includes a look at:Novatel's MifiApple's Airport ExpressApple iPhone 3GBlackberry Bold, Pearl and StormApple iPod TouchNetbooks The slides can be important to follow along, so you may wish to download them at http://www.edzollars.com/2009-05-29_Gadgets.pdf .The podcast is sponsored by Leimberg Ser...

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[ Mon, 1 Jun 2009 16:05:00 GMT ]

The Education of the Taxpayer from a Business Perspective

Education incentives have been a favorite of Congress in recent years, but this week we look at the old favorite of education as a business deduction, a provision covered by regulations last updated back in 1967. The Tax Court had cause to look into this in the case of Ray v. Commissioner, TC Summary Opinion 2009-71.Materials for this week's podcast can be downloaded at http://www.edzollars.com/2009-05-20_Education.pdf . The podcast is sponsored by Leimberg Information Services, located at...

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[ Mon, 18 May 2009 21:41:00 GMT ]

The Limits on Taking a Return Position

Last year there was lots of discussion regarding the changes to Â6694 and how tax professionals were to apply the standards there against return positions. However, while the standard to be applied may have changed, there were standards in place before and this week we look at the case of a CPA that ran afoul of the lower standards. In the case if USA v. Kapp, (2009 TNT 84-30), the Ninth Circuit Court of Appeals sustained the issuance of an injunction against a CPA prohibiting him f...

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[ Sat, 9 May 2009 13:21:00 GMT ]

Net Operating Loss Guidance: Let's Try This One Again

The IRS has issued a revised ruling on the use of a net operating loss under the new rules Congress added in February. The new ruling, Revenue Ruling 2009-26, updates and liberalizes the guidance previously given in Revenue Ruling 2009-19 issued on March 16. The new guidance allows taxpayers to simply file a carryback for the appropriate number of years to make the election, but there are special due date rules you have to worry about.The materials are at http://www.edzollars.com/200...

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[ Sun, 3 May 2009 14:04:00 GMT ]

What's Up Doc? Employee or Not?

The definition of an employee is this week's key issue--and we look at the matter in the case of Maimon v. Commissioner, TC Summary Opinion 2009-53. Dr. Maimon attempted to argue that he was not an employee of the professional corporation he worked in (and owned some shares in), but rather was an independent contractor. He was interested in holding this position because he had ended up personally paying over legal fees and, ultimately, a $1 million settlement, in a case involving his...

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[ Sat, 25 Apr 2009 12:46:00 GMT ]

A Matter of Time (And Innocent Spouses)

The Tax Court recently decided a pair of cases related to the innocent spouse provisions of Â6015 and time limits on filing for relief. In the case of Mannella v. Commissioner, 132 T.C. No. 10 the Tax Court held that even if the notice of intent to levy and rights under the innocent spouse provisions were never seen by the taxpayer, the two year period for relief under Â6015(b) and (c) that is specifically imposed by statute begin to run.However, the Court held in this case and the earli...

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[ Mon, 20 Apr 2009 21:24:00 GMT ]

A Defining Moment-Brokerage Trade or Business

The IRS has shown recent interest in disputing whether real estate agents meet the requirements to be treated as real estate professionals that can use the rules of Â409(c)(7) to treat rental real estate under the standard passive activity rules rather than having such items automatically treated as passive. The IRS position is that since the law refers to a "brokerage" trade or business and such individuals generally are not licensed as real estate brokers they cannot qualify.I...

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[ Sat, 7 Mar 2009 12:23:00 GMT ]

The Case of the Missing Cattle-Overvaluation Penalty

Can nonexistent cattle be overvalued? The Ninth Circuit, disagreeing with the Tax Court and other circuits, says it cannot be in the case of Keller v. Commissioner, 2009 TNT 37-17 reversing on this issue the Tax Court's decision in TC Memo 2006-131.The materials for this podcast can be downloaded at http://www.edzollars.com/2009-03-02_Cattle.pdf .The podcast is sponsored by Leimberg Services at http://www.leimbergservices.com ....

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[ Sat, 28 Feb 2009 20:58:00 GMT ]

It's a Matter of Trust Fundsâthe Responsible Person Penalty

This week we look at a case dealing with the trust fund recovery penalty under Â6672. In the case of Richard A. Smith v. United States, 2009 TNT 30-6, CA10, (http://ca10.washburnlaw.edu/cases/2009/02/07-4210.pdf) the Tenth Circuit refused to overturn the holding in the US District Court of Utah that Mr. Smith was a responsible person, even though he had no ownership interest in the entity in question. The case highlights the dangers for employees in accounting functions when the org...

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[ Sun, 22 Feb 2009 21:59:00 GMT ]

Losses and Choices-Stimulus Bill Net Operating Loss Rules

The new American Recovery Reinvestment Act of 2009 has a number of tax provisions, and this week's podcast looks at the small business net operating loss provisions of the Act. This provision will require action for some taxpayers within 60 days after the bill is signed into law, as well as giving us a "sliding" window for when we start using a net operating loss for the year we elect to have it apply to.The podcast materials are located at http://www.edzollars.com/2009-02-16_NOL...

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[ Sat, 14 Feb 2009 22:27:00 GMT ]

Housing Fiasco of a Different Sort-Casualty Loss Issues

Housing problems are all over the news (and with some of our clients), but today's story is a housing problem of a different sort. We look at a case where lots of things went wrong in building a taxpayers' dream home where the taxpayers attempted to claim a casualty loss on their tax return. In the cases of Grief v. Commissioner and Bui v. Commissioner, TC Summary Opinion 2009-18, the Tax Court finds that this couple is not going to get any relief from the IRC.The materials for this ...

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[ Sat, 7 Feb 2009 16:08:00 GMT ]

A Matter of Timing-When Income and Deductions are Reported

What if a customer tells you they are going to reduce what they pay you for the work you just delivered to them because you owe them to fix for a bad job you did on an earlier contract? If you are on the accrual basis, can you reduce your accrued receivable or record an expense if you are disputing that claim? That is the issue being dealt with this week in the case of Trinity Industries v. Commissioner, 132 TC No. 2.The written materials can be downloaded at http://www.edzollars.com...

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[ Sat, 31 Jan 2009 20:09:00 GMT ]

Home is Where the Job Is

This week I look at a case involving a Northwest Airlines mechanic who was laid off and ended up using his "bumping" rights in other cities while hoping to return to his original home base. The question of whether the taxpayer could deduct the expenses of working in the various locations is considered by the Seventh Circuit Court of Appeals after the Tax Court decided no deduction was allowed in the case of Wilbert v. Commissioner, 2009 TNT 12-12, CA7, affirming TC Memo 2007-152....

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[ Sun, 25 Jan 2009 18:16:00 GMT ]

Sharing the Credit-IRS Rules on Section 36 Provision

Last year when Congress added the first-time homebuyer credit found in Section 36, they included the ability for unmarried individuals who jointly acquire a residence to allocate the credit among themselves, and gave the IRS the ability to write the rules to allow this to happen. In Notice 2009-12 the IRS has outlined those rules, and they proved to be very taxpayer friendly.The materials for the podcast can be downloaded at http://www.edzollars.com/2009-01-20_UnmarriedCredit.pdf .The podc...

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[ Mon, 19 Jan 2009 12:26:00 GMT ]

Debt, Foreclosures and the Tax Law

The new year opens up with a podcast based on a topic that was part of a panel I was a part of at the Arizona Forum for Improvement of Taxation's winter conference. I spoke with attorney Tracy Essig of Phoenix regarding these matters. The materials can be downloaded at http://www.edzollars.com/ForeclosureDebtandTaxes.pdf .The podcast is sponsored by Leimberg Information Service, found on the web at http://www.leimbergservices.com ....

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[ Fri, 16 Jan 2009 16:39:00 GMT ]

Medical Expenses: Testing the Limits

Medical expenses were the issue this week in the case of Magdalin v. Commissioner, TC Memo 2008-293. In this case the taxpayer had paid expenses for obtaining eggs and the services of a surrogate mother, and argued that these expenses should be treated as deductible medical expenses, pointing to the IRS's 2003 private letter ruling (PLR 200318017) that allowed a woman the expenses related to in vitro fertilizaiton, including expenses paid for an egg donor. The IRS (and the Tax Court)...

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[ Sat, 27 Dec 2008 15:06:00 GMT ]

Self-Employed or Not?

After a bit of a break while I was out speaking in the past couple of weeks in Nevada, California, Ohio and Virginia we return to a Thanksgiving Day podcast dealing with self-employment taxes and employee status. We look at the Tax Court's ruling in McWhorter v. Commissioner, TC Memo 2008-263 where a taxpayer argued he was not subject to self-employment tax because he should have been treated as an employee.The materials can be downloaded at http://www.edzollars.com/2008-11-27_Self_Employe...

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[ Thu, 27 Nov 2008 17:00:00 GMT ]

Section 6694 Saga Developments-An Update After Latest Revision

The podcast this week is based on a presentation I made Thursday at the Arizona Tax Institute on the current state of Section 6694. The session was scheduled back a few months ago, but proved timely given recent tax law changes. A copy of the slides can be downloaded at:http://www.edzollars.com/2008-11-09_6694Slides.pdf .The podcast is sponsored by Leimberg Information Services at http://www.leimbergservices.com ....

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[ Sun, 9 Nov 2008 14:08:00 GMT ]

S Corporation Debt and How to Not End Up With Basis

We continue with issues related to S Corporation debt and the many ways to end up not being able to use debts to deduct losses flowing through. This week we look at the Tax Court's opinion in the case of Russell v. Commissioner, TC Memo 2008-246.The materials for the podcast can be downloaded from http://www.edzollars.com/2008-11-03_SDebt.pdf .The podcast is sponsored by Leimberg Information Services at http://www.leimbergservices.com ....

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[ Sun, 2 Nov 2008 03:31:00 GMT ]

Closing the Open Door-S Corporation Debt

The IRS has issued final regulations on S Corporation open account debt that will change the way that many clients have to deal with their loans to the corporation. These changes are effective immediately, so we have to understand how these rules work. The podcast is being recorded this week while I'm at the Hilton Garden Inn in Owings Mills, Maryland.The materials are available at http://www.edzollars.com/2008-10-31_S_OpenAccount.pdf .The podcast is sponsored by Leimberg Services, l...

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[ Tue, 28 Oct 2008 22:34:00 GMT ]

Too Late to Elect

Another taxpayer found out well after filing his return with less than stellar results from his trading activities that there had been an option to file an election under �475(f) to use mark to market accounting which also converts the transactions from short term capital gain/loss to ordinary gain/loss. Since the taxpayer had over $90,000 in net losses.The materials can be downloaded at http://www.edzollars.com/2008-09-29_LateElection.pdf .The podcast is sponsored by Leimberg Information ...

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[ Sun, 28 Sep 2008 12:54:00 GMT ]

"Creative Planning" Creates Fraud Penalty

This is a "travel" podcast of sorts this week--the materials were prepared on a Southwest Airlines 737 flying from Phoenix to Baltimore, and recorded in the Hotel Roanoke in Roanoke, Virginia. This week's topic doesn't deal with any of that--rather it deals with the issue of a CPA that got "creative" in planning with himself and his clients, and in his case he finds the Tax Court isn't amused. The case is Baisden v. Commissioner, TC Memo 2008-215 where a CPA attem...

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[ Sun, 21 Sep 2008 16:57:00 GMT ]

We Just Disagree-What is the Meaning of In Connection With?

We look this week at a difference in application of IRC �162(k) between the Ninth Circuit Court of Appeals and the United States Tax Court given the Tax Court's decision in Ralston Purina v. Commissioner, 131 TC No. 4 that dealt with the taxpayer's attempt to claim a deduction for dividends paid to participants in its ESOP when it had to redeem certain stock from the ESOP to pay out terminated participants in that plan.The materials can be downloaded from http://www.edzollars.com/2008-09-15_ESOP...

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[ Mon, 15 Sep 2008 14:52:00 GMT ]

At Death Do Payments Stop? Alimony Revisited

The Ninth Circuit Court of Appeals this week affirmed the Tax Court's decision in the case of Johanson and Melzig v. Commissioner, TC Memo 2006-105 involving alimony. In its original decision, the Tax Court expressed exasperation at having to yet again decide an issue the parties could have resolved in the decree itself-whether the payments would cease on the death of the recipient spouse as required by �71(b) for the payments to be treated as alimony. Yet again, the recipient claime...

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[ Sun, 7 Sep 2008 20:16:00 GMT ]

Delayed Rebate-Tax Status of Accrued Rebates

Accounting issues we often run into involve the differences between tax and GAAP treatment of items, and this week we look at one such case involving the time for recognizing an expense. In this case, the matter involved rebates and we look at a Chief Counsel Memorandum (ILM 200834019) outlining the IRS's view on why the taxpayer in this case could not recognize the expense related to rebates at the time a sale was made. Materials for this week's podcast can be downloaded at http://w...

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[ Sun, 31 Aug 2008 22:34:00 GMT ]

Authoritative Support-Getting the Required Support for a Tax Position

We review the requirements found in the regulations for obtaining the required support for a tax position, concentrating on the methods outlined in Reg. �1.6662-4(d) in the definition of "substantial authority" which are cross referenced multiple times when considering other levels of authority.The materials can be downloaded from http://www.edzollars.com/2008-08-25_Penalty.pdf .The podcast is sponsored by Leimberg Information Services, located on the web at http://www.leimbergservices...

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[ Mon, 25 Aug 2008 12:53:00 GMT ]

Keeping Things Open-Life Insurance Demutualization Case

This week we look at the Recent United States Court of Federal Claims decision in Fisher, Trustee v. United States, 2008 TNT 154-7 where the court sided with the taxpayer and held that the proper treatment of amounts received in lieu of shares in the demutualization of Sun Life were to be treated under the open transaction doctrine rather than treated as a sale of shares with a zero basis.The materials can be found at http://www.edzollars.com/2008-08-18_OpenTrans.pdf .The podcast is sponsored b...

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[ Sun, 17 Aug 2008 19:42:00 GMT ]

Section 108 Proposed Regulations for S Corporations

The IRS issued new proposed regulations to explain the reduction of the NOL substitute in an S corporation setting when cancellation of debt is excluded from the S corporation's income under Section 108. While the regulations are in proposed form only, the "deemed NOL" rules have existed in the IRC since 2002, and Section 108 is likely to be an issue for S corporations who face economic challenges.The materials for this podcast can be found at http://www.edzollars.com/2008-08-04_...

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[ Sun, 10 Aug 2008 14:11:00 GMT ]

I Wish That Hadn't Worked--Section 83(b) Election Regret

This podcast is the sequel to a November 2006 podcast on the same case--that of Kadillak v. Commissioner where an individual who was caught by the "dot bomb" crash of the technology stock of his former employer attempted to mitigate the damage caused by his ISO exercise and 83(b) election made at the height of the craze. A year later, Mr. Kadillak was no longer employed by the organization, the stock price had tanked, and when he sold the stock that he didn't have to surrender go...

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[ Sun, 3 Aug 2008 13:05:00 GMT ]

Home Run-A Look at Some Tax Provisions in the New Housing Law

In a special podcast, we look at the just passed American Home Rescue and Foreclosure Prevention Act of 2008, taking a detailed look at a few tax provisions in that bill of interest. We look at the new, refundable first time homeowners credit, the property tax deduction for nonitemizers and the soon to start restrictions on the ability to get a full Section 121 exclusion if a property has not always been used as a principal residence that will apply to usage after January 1, 2009.Note that...

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[ Sun, 27 Jul 2008 22:29:00 GMT ]

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