Spring Splash Reminder! SCACPA is offering more than 60 hours of livestream learning in May and June. There’s still time to register for Lynn Nichols’ informative livestream Tax sessions:
- Net Operating Losses After Two Tax Acts & a Pandemic (June 22, 8:10 a.m.-9:50 a.m.)
- IRS Practice Units: What’s Available and How to Use Them (June 23, 11:20 a.m.-12:35 p.m.)
- Cases and Rulings (June 23, 1:35 p.m.-3:15 p.m.)
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:
- Payments by finance company to acquire financing contracts are not currently deductible (2:45 mark)
- Liability to pay sales incentive is incurred when “all events test” is met, not by taxpayer’s promise to pay guaranteed minimum (4:08 mark)
- Tax Court backs the IRS … 9th Circuit backs the Tax Court … IRS can determine unreported income by use of “Indirect Methods” (fancy term for “Bank Deposits”!!!) (5:30 mark)
- “Substance-over-form” doctrine can be, and was, limited by Congress passing permissive legislation (8:30 mark)
- Golf course denied 501(c)(3) status (12:39 mark)
: Missed last week’s Tax topic? Catch up with Lynn and 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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