Welcome to the Federal Tax Update Podcast, hosted by Lynn Nichols. This is presented as a member benefit by the South Carolina Association of CPAs. It is produced to provide current information about developments in U.S. tax law, such as cases, ruling, IRS pronouncements and expert comments on hot topics.

Trending in this edition:

  • No Tax-Exempt Status for “Student Loan Forgiveness” Lottery (3:03 mark)
  • Intuit Having Trouble with “Free File” Class Action Settlement (4:34 mark)
  • Sheriff’s Sale Does Not Extinguish Tax Liens (5:46 mark)
  • Government Lawyer Failed to File 1040 – What Happened? (7:18 mark)
  • H.R. 1319: – American Rescue Plan Act of 2021 (8:44 mark)

Coming soon: In future videos, Lynn will further break down the American Rescue Plan Act of 2021, with attention to:

  • Major topics
  • Child Tax Credit
  • Earned Income Tax Credit -IRC Sec. 32
  • Dependent Care Assistance
  • Paid Sick and Family Leave Credits
  • Restaurant Revitalization Grants
  • Miscellaneous provisions
  • Notice 2021-20

Nichols note: “The most interesting item this week is that IRS liens survive a Sheriff’s Sale. It’s really important to have a lawyer review the title and get a legal opinion before committing your money to what looks like a bargain. What makes this important is that there are going to be lots of forced sales as a result of the virus destroying businesses. Amid the bankruptcies and auctions, ‘CAUTION’ should be your watchword!”

Missed last week’s Tax topic? Catch up with Lynn on his Tax Updates video playlist.

All commentary is brief, and you should not take a position on the items discussed until you thoroughly examine it with authoritative sources. The topics can be found discussed in further length at Tax Notes Today.

“I have relied on Tax Analysts® to provide reliable and timely analysis of Federal tax developments for over 30 years. The ‘headnotes’ you see here are from ‘Tax Notes Today,’ the preeminent source of accurate information and analysis of important developments and trends in Federal taxation,” Nichols says.

You can contact Lynn Nichols at lynnnicholscpa@outlook.com or 714.321.3387 and connect on LinkedIn.

A federal tax specialist for 50 years, Lynn Nichols provides tax consulting services to CPA firms on complex federal income tax issues, professional standards in tax practice and effective tax practice management.

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Originally posted: March 18, 2021