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Ed Zollars' Tax Update Podcast

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Language: English
Category: Business / Unknown
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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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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 ]


Heeding Warnings-Taxpayer Penalized After Preparer Shopping
In the past year we've talked a lot about the preparer standards and tax return positions.  This week, in the case of Wadsworth v. Commissioner, TC Memo 2008-171, we see a real world situation where a tax professional decided a position was not one that he could accept and what happened when the client decided to find another person who would take the requested position.  As you might expect, the taxpayers don't fare well in the eyes of the court when they attempt to claim reliance on ...

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[ Sun, 27 Jul 2008 13:17:00 GMT ]


Virtual Machines and Tax Practice
I gave a presentation at the offices of the Arizona Society of CPAs on the use of virtual machines to deal with the transition from Windows XP to Vista in a tax practice.  This podcast is based on that presentation, and it will be fairly useful to actually have the materials in front of you as you listen to this one.  The materials are at http://www.edzollars.com/Virtual_Machine.pdf.The podcast is sponsored by Leimberg Information Services, located on the web at http://www.leimbergserv...

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[ Mon, 21 Jul 2008 01:00:00 GMT ]


Getting Started AutomaticallyâIRS Modifies Rules for Start Up and Organization Costs
The IRS issued new temporary regulations that deal with start-up and corporate and partnership organization costs.  Interestingly enough, the new regulations now create an automatic election to expense/amortize all such costs, and treat problems related to the identification of costs or the proper year to begin amortization as accounting method issues.The materials are located online at http://www.edzollars.com/2008-07-14_Section_195.pdf .The podcast is sponsored by Leimberg Information Ser...

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[ Sun, 13 Jul 2008 23:11:00 GMT ]


S Corporations and AAA
The IRS this week issued some relatively unsurprising guidance on the treatment of life insurance and an S corporation's accumulated adjustments account, so this week we'll look at the more general issues of the relevance (and lack of relevance) of AAA for an S corporation and its shareholders, and how the item is computed.The materials are available at http://www.edzollars.com/2008-07-07_AAA.pdf .The podcast is sponsored by Leimberg Information Services, located on the web at http://www.leimber...

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[ Sun, 6 Jul 2008 23:06:00 GMT ]


IRS Releases New FAQ on HSAs
The IRS has issued new guidance in the form of a series of questions and answers related to Health Savings Account in Notice 2008-59.  This podcast goes over the various items covered in this notice, and some of the planning and design opportunities available under this notice.Written materials for this podcast can be downloaded from http://www.edzollars.com/2008-06-30_HSA_Guidance.pdf .The podcast is sponsored by Leimberg Information Services, located on the web at http://www.leimbergservi...

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[ Sun, 29 Jun 2008 14:48:00 GMT ]


Proposed Regulations for Preparer Penalties - Part Two
This is part two of a series of two podcasts on the proposed regulations for preparer penalties released recently.  .The materials are at http://edzollars.com/2008-06-23_Penalty.pdf .The podcast is sponsored by Leimberg Information Services, on the web at http://www.leimbergservices.com ....

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[ Thu, 26 Jun 2008 13:32:00 GMT ]


Proposed Regulations for Preparer Penalties - Part One
This is the first of what will be a series of two podcasts on the proposed regulations for preparer penalties released here recently.  Considering the length of the regulations and podcast, the first hour is in this file to listen to and digest, with part two to be posted later in the week.The materials are at http://edzollars.com/2008-06-23_Penalty.pdf .The podcast is sponsored by Leimberg Information Services, on the web at http://www.leimbergservices.com ....

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[ Mon, 23 Jun 2008 02:49:00 GMT ]


Who is Knocking at Your Door? Computer Security for Financial Professionals
Securing our client's data is the responsibility of all of those in tax practice. This past week I gave a presentation at the Arizona Society of CPA's Financial Planning Conference on this matter, and that presentation serves as the basis for this week's podcast.The slides used for this presentation are available at http://www.edzollars.com/2008-06-16_Knocking.pdf .The podcast is sponsored by Leimberg Information Services, located at http://www.leimbergservices.com ....

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[ Sun, 15 Jun 2008 14:43:00 GMT ]


Step or No Step-Holman Case
This week we look at the step transaction doctrine and where the line is drawn when we deal with the application of the step transaction doctrine in the formation of a family limited partnership.  The IRS attempted to use their victory in the Senda case to get the same result in the case we'll look at this week, Holman v. Commissioner, 130 TC No. 12.  But in an opinion that reminds of the importance of the facts of the specific case in question, the Tax Court refused to take that step....

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[ Sun, 8 Jun 2008 13:53:00 GMT ]


Poor Records Not Equated to Fraud
This week we look at a Court of Claims case that deals with an IRS examination and the imposition of the fraud penalty--a penalty the Court of Claims found was not justified.  The case is the one of Gagliardi v. United States, 2008 TNT 98-20, and is instructive both in the outline of the law, as well as allowing us to consider the ways an examination like this could spin out of control and result in a taxpayer being assessed the fraud penalty in a case like this.The materials can be downloa...

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[ Fri, 30 May 2008 14:22:00 GMT ]


Not a Mere Technicality-SEP Disqualified
Simplified employee pensions (SEPs) are a popular retirement plan for extremely small businesses, with one of the key attractions being that don't require many of the formalities of regular qualified plans.  But that has led to taxpayers treating them too informally, and in the case we look at this week (Brown v. Commissioner, TC Summary 2008-56) a taxpayer discovered the hard way what can be the consequences of failing to faithfully follow the simplified rules for this type of plan.The mat...

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[ Sat, 24 May 2008 13:36:00 GMT ]


Partnership Liabilities, Tax Shelters and Different Views of the Same
The Fifth Circuit came down with a ruling in Kornman & Associates, Inc. v. United States on whether a taxpayer who set up a Son of BOSS style shelter would get the benefit that was expected--and the taxpayer was disappointed.  The case offers a chance to review the unusual impact that liabilities have in a partnership context, as well as the question of just what is a liability for this purpose.The materials for this podcast can be downloaded at http://www.edzollars.com/2008-05-19_Partn...

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[ Sat, 17 May 2008 14:45:00 GMT ]


All IRS Employees Are Not Equal
Since we've discussed mailing returns in previous podcasts, this time we look at the problems a taxpayer who tries to hand file a return can run into getting that done correctly.  In the case of Allnut, Sr. v. Commissioner, 2008-1 USTC Â50,310 the taxpayer failed to make delivery as required by the regulations, and the court found that what the taxpayer had to live with the date a document could finally be documented as being in the District Director's office--which was less than year year...

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[ Sat, 10 May 2008 22:19:00 GMT ]


Sloppiness and the Tax Shelter
Partnership taxation is one of those areas where things may not work exactly as many practitioners expect, and those unexpected workings are things that tax shelter promoters have attempted to make use of.  But if you are going to try and use the technical details of the tax law to force the IRS to grant you a tax benefit that otherwise doesn't seem like something that should happen, it's helpful to follow the detailed requirements yourself.  Unfortunately for the taxpayer in 7050 Ltd....

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[ Sun, 4 May 2008 21:38:00 GMT ]


Qualified Joint Venture and Memo on Self-Employment Tax
This week we follow the continuing saga of the self-employment tax and qualified joint venture that we've been following since the early part of this year.  This week we analyze CCA 200816030 issued by the IRS that outlines the "new improved" IRS position on self-employment tax and the Qualified Joint Venture election under Â761(f).The materials for the podcast are available at http://www.edzollars.com/2008-04-28_SEandQJV.pdf .The podcast is sponsored by Leimberg Information Serv...

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[ Mon, 28 Apr 2008 13:07:00 GMT ]


The Mailbox Rule Comes Up Once Again
The issue of whether Â7502(c) provides the exclusive means to prove timely filing of a document by a taxpayer is addressed yet again by the courts--and what the Third Circuit had to say, the IRS didn't like hearing.  In the case of Philadelphia Marine Trade Ass'n.-Int'l Longshoremen's Association Pension Fund et al. v. Commissioner, 2008 TNT 74-16 the Third Circuit held that the reports of the death of the common law mailbox rule were, in the words of Mark Twain, greatly exaggerated. ...

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[ Sun, 20 Apr 2008 20:00:00 GMT ]


Was it a Gift or Compensation? The Tax Court Knows
After a hiatus at the end of tax season, we return with a new show dealing with an issue of whether a payment to a person was compensation income or a gift.  The case in question is the case of Larsen v. Commissioner, TC Memo 2008-73.The materials for the podcast are at http://www.edzollars.com/2008-04-16_Gift_Comp.pdf.We also briefly discuss an interesting episode of a podcast I found on small service business operating issues at a place you might not look--check out http://macbreaktech.co...

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[ Wed, 16 Apr 2008 17:41:00 GMT ]


Upon Further Review-Self-Employment Tax Issues
The self-employment tax is our topic for this week, specifically dealing with two topics.  We revisit an issue last visited in the early days of the podcast (back in June 2005) of the treatment of LLC members for self-employment tax purposes.  We look specifically at the case authorities we have (which are scant, and not terribly promising for LLC members), the IRS's proposed regulations that were controversial when issued, and what options exist for dealing with the issue today.As wel...

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[ Sat, 22 Mar 2008 23:28:00 GMT ]


CPA Says Error, IRS Says Accounting Method
The question of whether a problem on a return was an error or a method of accounting is important, as we'll discuss this week looking at the Sixth Circuit's ruling in the case of Huffman v. Commissioner, where the appeals court sustained the 20006 ruling of the Tax Court (126 TC 322) that the CPA's consistent flawed attempt to calculate inventory as prescribed by the regulations for the dollar-value, link-chain LIFO method.  The resolution of this matter in favor of the IRS allowed the IRS ...

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[ Sun, 16 Mar 2008 14:41:00 GMT ]


Risky Business - LLC Debt Restoration Provision Fails to Provide At Risk Status
This week we look at the Tax Court's second pass at the case of Hubert v. Commissioner, TC Memo 2008-46, a case that sent back to the Tax Court by the Sixth Circuit Court of Appeals to decide if the LLC debt restoration provision made the taxpayer the payer of last resort under the Sixth Circuit's test.  The Tax Court comes back saying no.The materials can be found at http://www.edzollars.com/2008-03-10_Risky_Business.pdf .The podcast is sponsored by Leimberg Information Services, located o...

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[ Sun, 9 Mar 2008 14:04:00 GMT ]


Safe Harbor for Section 1031 Exchanges
The IRS has issued a safe harbor treatment for Â1031 exchanges involving property that previously had or subsequently has personal use.  Revenue Procedure 2008-16 outlines the tests taxpayers can meet to be given safe harbor status on the question of the properties being held for investment or business use to qualify for Â1031 status.The materials for the podcast can be found at http://www.edzollars.com/2008-03-02_1031_Exchange.pdf .The podcast is sponsored by http://www.leimbergservices....

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[ Sun, 2 Mar 2008 23:01:00 GMT ]


Not Quite Good Enough-Timely Filing One More Time
We revisit the issue of what exactly is timely filing, revisiting an issue last covered in a podcast back in October of 2005.  This time we look at the Tenth Circuit's opinion in the case of Gibson v. Commissioner, a case that illustrates how a taxpayer who thought he was complying with the requirements to prove a timely filing of his Tax Court petition managed to find a way to not get the benefit he thought he had.The materials are available at http://www.edzollars.com/2008-02-25_Timely_Fi...

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[ Sun, 24 Feb 2008 14:09:00 GMT ]


Transforming Rental Income to Self-Employment Income - Qualified Joint Ventures
This podcast was originally recorded to go up last week, but the new tax bill displaced it so a week late we'll look at something that might have escaped your notice in the tax bill passed last May.  This podcast discusses an issue highlighted in, of all places, the instructions to Form 1065.  The issue is the side effect that occurs when married taxpayers holding rental property in an LLC or other form eligible to elect Qualified Joint Venture Treatment under Â761(f) elect to be trea...

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[ Sun, 17 Feb 2008 13:40:00 GMT ]


Economic Stimulus Package of 2008 (Tax Matters)
Congress passed the Economic Stimulus Package of 2008 this week that makes a few, but significant, tax law changes for 2008.  This podcast talks about what Congress did and what we need to do about it.Materials are available at http://www.edzollars.com/2008-02-09_Economic_Stimulus.pdf .The podcast is sponsored by Leimberg Information Services at http://www.leimbergservices.com ....

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[ Sat, 9 Feb 2008 14:44:00 GMT ]


So You Want Your LLC to Be An S Corporation
A listener who was following along in some discussions on the Arizona Society of CPAs sent me an email suggesting that perhaps it might be useful to look at the issues involved with LLCs and S corporations.  This week we will look at this issue, one that often doesn't get covered well since the topic cuts across what is often covered in partnership discussions (the use of LLCs) and S corporations (where often LLCs are presented as an alternative to, rather than a potential form of, an S cor...

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[ Mon, 4 Feb 2008 09:00:00 GMT ]


A Capital Idea-But Not In the Eyes of the Court
The issue of what is a capital asset is looked at in the Ninth Circuit's decision in Trantina v. United States, 2008 TNT 7-8.  In this case, an insurance agent was arguing that payments received from State Farm should have been taxed to him at capital gain rather than ordinary income rates.  Unfortunately, the United States District Court disagreed with the taxpayer, and the Ninth Circuit did so as well.The materials are at available for download at http://www.edzollars.com/2008-01-28_...

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[ Sun, 27 Jan 2008 12:23:00 GMT ]

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