Go offline with the Player FM app!
SCACPA Podcast 007
Archived series ("Inactive feed" status)
When? This feed was archived on November 23, 2020 15:10 (). Last successful fetch was on May 27, 2020 22:38 ()
Why? Inactive feed status. Our servers were unable to retrieve a valid podcast feed for a sustained period.
What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.
Manage episode 201218027 series 2136540
Lynn Nichols Federal Tax Update Podcast
March 19, 2018, edition
Listen as Lynn Nichols provides commentary on 8 Items pertaining to current developments in U.S. tax law. This week’s topics include:
The IRS has published a list of attorneys, CPAs, enrolled agents, enrolled actuaries, enrolled retirement plan agents, and appraisers who have received disciplinary sanctions for violating the regulations governing practice before the IRS.
[Announcement 2018-4; 2018-10 IRB 401; 3/5/2018]
The IRS revoked the tax-exempt status of an organization described in section 501(c)(3) because its primary activity is operating a networking event for business owners and investors, which is not an exempt purpose.
[LTR 201809011; 9/21/2017]
A group of taxpayers is on the hook for excise taxes after the Tax Court invalidated their scheme to contribute funds to a foreign sales corporation and then Roth IRAs.
[Tax Notes Today; 3/5/2018; Article by Velarde and Madara]
Family Directly Contributed to Roth IRAs, Liable for Excise Taxes
The Tax Court, declining to sustain additions to tax, held that funds a couple and their daughter routed from their business through a Bermuda-based foreign sales corporation to their Roth IRAs were contributions from the individuals and held them liable for excise taxes under section 4973 for excess contributions to the retirement accounts. [Mazzei, Celia et al. v. Commissioner; No. 16702-09; No. 16779-09; 150 T.C. No. 7; 3/5/2018]
The Tax Court, in a summary opinion, held that an architect qualified as a real estate professional during the 2013 tax year and the IRS improperly disallowed a loss deduction for his rental real estate activities under the passive activity loss limitations in section 469.
[Franco, Jose et ux. v. Commissioner; No. 22469-16S; T.C. Summ. Op. 2018-9; 3/6/2018]
A U.S. district court held that one of the owners of a construction contracting company was a responsible person who willfully failed to pay the company’s employment tax liabilities; the court granted the government a nearly $1 million judgment against him for trust fund recovery penalties.
[Davis, Kelly D. v. United States; USSDC CO; No. 1:13-cv-00450; 3/6/2018]
The Tax Court, sustaining accuracy-related penalties, held that a couple’s rental real estate activities were passive and their losses for those activities were limited under section 469(i), finding that the wife didn’t spend the required time participating in real estate activities to qualify as a real estate professional.
[Farrokh E. Pourmirzaie et ux. v. Commissioner; No. 25558-14; T.C. Memo. 2018-26; 3/8/2018]
The Tax Court, in a summary opinion, held that a practicing attorney wasn’t engaged in the trade or business of buying and selling real estate, so his losses from his real estate activities were not subject to ordinary loss treatment, but deductible as capital losses.
[Bruce Joseph Levitz v. Commissioner; No. 15393-14S; T.C. Summ. Op. 2018-10; 3/8/2018]
The IRS released a practice unit on debt basis for an S corporation shareholder, addressing what qualifies as bona fide debt and whether that debt is owed directly to the shareholder creating debt basis.
[SCO/C/53_04_02_01-04 (2016); updated 1/19/2018; 3/8/2018]
49 episodes
Archived series ("Inactive feed" status)
When? This feed was archived on November 23, 2020 15:10 (). Last successful fetch was on May 27, 2020 22:38 ()
Why? Inactive feed status. Our servers were unable to retrieve a valid podcast feed for a sustained period.
What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.
Manage episode 201218027 series 2136540
Lynn Nichols Federal Tax Update Podcast
March 19, 2018, edition
Listen as Lynn Nichols provides commentary on 8 Items pertaining to current developments in U.S. tax law. This week’s topics include:
The IRS has published a list of attorneys, CPAs, enrolled agents, enrolled actuaries, enrolled retirement plan agents, and appraisers who have received disciplinary sanctions for violating the regulations governing practice before the IRS.
[Announcement 2018-4; 2018-10 IRB 401; 3/5/2018]
The IRS revoked the tax-exempt status of an organization described in section 501(c)(3) because its primary activity is operating a networking event for business owners and investors, which is not an exempt purpose.
[LTR 201809011; 9/21/2017]
A group of taxpayers is on the hook for excise taxes after the Tax Court invalidated their scheme to contribute funds to a foreign sales corporation and then Roth IRAs.
[Tax Notes Today; 3/5/2018; Article by Velarde and Madara]
Family Directly Contributed to Roth IRAs, Liable for Excise Taxes
The Tax Court, declining to sustain additions to tax, held that funds a couple and their daughter routed from their business through a Bermuda-based foreign sales corporation to their Roth IRAs were contributions from the individuals and held them liable for excise taxes under section 4973 for excess contributions to the retirement accounts. [Mazzei, Celia et al. v. Commissioner; No. 16702-09; No. 16779-09; 150 T.C. No. 7; 3/5/2018]
The Tax Court, in a summary opinion, held that an architect qualified as a real estate professional during the 2013 tax year and the IRS improperly disallowed a loss deduction for his rental real estate activities under the passive activity loss limitations in section 469.
[Franco, Jose et ux. v. Commissioner; No. 22469-16S; T.C. Summ. Op. 2018-9; 3/6/2018]
A U.S. district court held that one of the owners of a construction contracting company was a responsible person who willfully failed to pay the company’s employment tax liabilities; the court granted the government a nearly $1 million judgment against him for trust fund recovery penalties.
[Davis, Kelly D. v. United States; USSDC CO; No. 1:13-cv-00450; 3/6/2018]
The Tax Court, sustaining accuracy-related penalties, held that a couple’s rental real estate activities were passive and their losses for those activities were limited under section 469(i), finding that the wife didn’t spend the required time participating in real estate activities to qualify as a real estate professional.
[Farrokh E. Pourmirzaie et ux. v. Commissioner; No. 25558-14; T.C. Memo. 2018-26; 3/8/2018]
The Tax Court, in a summary opinion, held that a practicing attorney wasn’t engaged in the trade or business of buying and selling real estate, so his losses from his real estate activities were not subject to ordinary loss treatment, but deductible as capital losses.
[Bruce Joseph Levitz v. Commissioner; No. 15393-14S; T.C. Summ. Op. 2018-10; 3/8/2018]
The IRS released a practice unit on debt basis for an S corporation shareholder, addressing what qualifies as bona fide debt and whether that debt is owed directly to the shareholder creating debt basis.
[SCO/C/53_04_02_01-04 (2016); updated 1/19/2018; 3/8/2018]
49 episodes
All episodes
×Welcome to Player FM!
Player FM is scanning the web for high-quality podcasts for you to enjoy right now. It's the best podcast app and works on Android, iPhone, and the web. Signup to sync subscriptions across devices.