S Corporations
By steve@leimbergservices.com
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Podcast Description
An update from time to time on various tax and non-tax issues pertaining to S corporations, their owners, and employees - by Ed Zollars and others - and edited by Steve Leimberg and designed for tax professionals.
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Paul Hood - Noncontrolling Normalizing Adjustments | Paul Hood discusses non-controlling normalizing adjustments. Don't miss Paul's upcoming 9/28 program at 12:00 P.M. EDT talk on Phil Cavesh?s Ultimate Estate Planner. It's A Method in the Madness: The Fine Art of Designing Estate Planning Tools and Techniques. To learn more or sign up: http://www.ultimateestateplanner.com/092811PH.html This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 9/14/11 | Free | View In iTunes |
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Paul Hood - S Corporation Tax Affecting | Paul Hood - Tax Affect or not Tax Affect S Corporation earnings? Paul Hood discusses the issues. Is there a premium? Should you believe the Tax Court? Keep listening. Paul Hood will be hosting a 90 minute teleconference on September 28th titled ?A Method in the Madness: The Fine Art of Designing Estate Planning Tools and Techniques.? On this special teleconference, Paul will cover how proper plan design is really a 3-part analysis (the technique, the particular assets and the ?players? involved), and how to balance ?asset? factors such as valuation issues, intended use and management of assets, ease of transfer or division, availability as loan collateral and special tax attributes. Register by calling 866.754.6477 or online using this link: Paul Hood Teleconference . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 9/12/11 | Free | View In iTunes |
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Paul Hood - Discounts for Lack of Marketability When Controlling Interest Involved | Business Valuation authority Paul Hood discusses valuation when a controlling interest in a closely-held corporation is involved. Paul is the co-author of a new book on business valuation - A Reviewer's Handbook to Business Valuation - that was the subject of our recent book review in Business Entities Newsletter # 127. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 9/11/11 | Free | View In iTunes |
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Paul Hood - Valuation Discounts for Lack of Marketability | Valuation authority, Paul Hood, discusses discounts for lack of marketability. Paul will be presenting, in conjunction with Phil Cavesh, a program called A Method in the Madness: The Fine Art of Designing Estate Planning Tools and Techniques. For information or to sign up: http://www.ultimateestateplanner.com/092811PH.html This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 9/7/11 | Free | View In iTunes |
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Bob Keebler and the Section 1022/AMT Election 'Curveball' | In this important PodCast, Bob Keebler reviews what he is calling the Section 1022 Election/AMT 'Curveball.' According to Bob, it appears that there is a strong possibility that taxpayers electing carryover basis will have different basis for AMT and regular tax purposes. This, according to Bob, appears to have been missed by the tax writing committees and the IRS. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 8/29/11 | Free | View In iTunes |
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Tax Planning Opportunities in Volatile Economic Environments | In this PodCast, Bob Keebler reviews a variety of strategies that can immediately help clients with their stock and bond investments. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 8/21/11 | Free | View In iTunes |
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Bob Keebler discusses Revenue Procedure 2011-41 | Bob Keebler discusses Revenue Procedure 2011-41, which was issued by the IRS on August 5th. Bob covers the safe harbor rules applicable when executors elect out of paying estate tax, as well as the rules on how-to allocate basis This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 8/9/11 | Free | View In iTunes |
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Bob Keebler focuses on Notice 2011-66 | In this PodCast, Bob Keebler focuses on Notice 2011-66, the 1022 election not to pay estate tax, along with impact of Form 8939 This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 8/9/11 | Free | View In iTunes |
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Budget Control Act of 2011 Part 2 of 2 | In this PodCast, Bob Keebler focuses on the tax issues raised by the Budget Control Act of 2011, along with what Congress might do in in the future. Bob also reviews the things advisors should be doing to help their clients. This is Part 2 of 2 This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 8/9/11 | Free | View In iTunes |
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Budget Control Act of 2011. This is Part 1 of 2 | In this PodCast, Bob Keebler reviewd the current fiscal situation and important dates contained in the Budget Control Act of 2011. This is Part 1 of 2 This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 8/9/11 | Free | View In iTunes |
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Net Operating Loss Guidance: Let's Try This One Again - Ed Zollars | This PodCast is about Net Operating Losses. 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/2009-05-04_NetOperatingLoss.pdf. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 5/2/09 | Free | View In iTunes |
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It's a Matter of Trust Funds - the Responsible Person Penalty - Ed Zollars | This PodCast concerns a case dealing with the trust fund recovery penalty under "6672. 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 organization they work for begins to have cash flow problems, and payroll tax payments begin to be skipped.The materials are available at http://www.edzollars.com/2009-02-23_Responsible.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 2/21/09 | Free | View In iTunes |
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Losses and Choices-Stimulus Bill Net Operating Loss Rules - Ed Zollars | This PodCast is about the American Recovery Reinvestment Act of 2009. It has a number of tax provisions, and this 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.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 2/15/09 | Free | View In iTunes |
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S Corporation Debt and How to Not End Up With Basis - Ed Zollars | This Podcast continues 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 Podcast focuses on 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 . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 10/31/08 | Free | View In iTunes |
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Closing the Open Door-S Corporation Debt - Ed Zollars | This Podcast concerns the 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 materials are available at http://www.edzollars.com/2008-10-31_S_OpenAccount.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 10/27/08 | Free | View In iTunes |
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Delayed Rebate-Tax Status of Accrued Rebates - Ed Zollars | This PodCast pertains to a common accounting issue, the differences between tax and GAAP treatment of items. Here, we focus on a case involving the time for recognizing an expense. 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://www.edzollars.com/2008-09-01_Rebates.pdf This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 8/30/08 | Free | View In iTunes |
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Authoritative Support-Getting the Required Support for a Tax Position - Ed Zollars | This PodCast reviews 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 . . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 8/24/08 | Free | View In iTunes |
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Section 108 Proposed Regulations for S Corporations - Ed Zollars | The IRS issued 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_108andS.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 8/9/08 | Free | View In iTunes |
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S Corporations and AAA - Ed Zollars | This PodCast is about the impact of life insurance premiums and death benefits on an S corporation's accumulated adjustments account. It will focus on 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 . . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 7/5/08 | Free | View In iTunes |
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IRS Releases New FAQ on HSAs - Ed Zollars | This Podcast pertains to HSA Accounts. The IRS has issued guidance in the form of a series of questions and answers related to Health Savings Account in Notice 2008-59. This podcast covers 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 . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 6/28/08 | Free | View In iTunes |
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Proposed Regulations for Preparer Penalties - Part Two - Ed Zollars | This PodCast is part two of a series on the proposed regulations for preparer penalties. . The materials are at http://edzollars.com/2008-06-23_Penalty.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 6/25/08 | Free | View In iTunes |
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Proposed Regulations for Preparer Penalties - Part One - Ed Zollars | This PodCast is the first of what will be a series of two on the proposed regulations for preparer penalties. 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. The materials are at http://edzollars.com/2008-06-23_Penalty.pdf . . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 6/21/08 | Free | View In iTunes |
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Poor Records Not Equated to Fraud - Ed Zollars | This PodCast concerns 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 downloaded from http://www.edzollars.com/2008-06-02_FraudandtheDentist.pdf. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 5/29/08 | Free | View In iTunes |
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Not a Mere Technicality-SEP Disqualified - Ed Zollars | This PodCast pertains to a case involving a failure to meet SEP rules. 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 this case(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 materials for this podcast can be found at http://www.edzollars.com/2008-05-26_SEP_Issue.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 5/23/08 | Free | View In iTunes |
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The Mailbox Rule Comes Up Once Again - Ed Zollars | This PodCast concerns the issue of whether "7502(c) provides the exclusive means to prove timely filing of a document by a taxpayer. 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. That places the Third Circuit in the same camp with the Eighth, Ninth and Tenth Circuits, and opposed to the positions of the Second and Sixth Circuits. The materials for this podcast are located at http://www.edzollars.com/2008-04-21_Mailbox.pdf. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 4/19/08 | Free | View In iTunes |
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Was it a Gift or Compensation? The Tax Court Knows - Ed Zollars | This PodCast pertains to the distinction between compensation income and gifts. Specifically, the issue is, Is a payment to a person taxable compensation income or a non-taxable (for income tax purposes) 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.com/63/making-mac-your-business/ for an interesting listen that really isn't very MacIntosh (or even computer) centric--just a general discussion of issues facing small service businesses.. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 4/15/08 | Free | View In iTunes |
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CPA Says Error, IRS Says Accounting Method - Ed Zollars | This PodCast is about the difference between an error and an accounting method. The question of whether a problem on a return was an error or a method of accounting is important. We'll look 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 to get at what would otherwise have been out of reach errors in years closed for assessment by moving that income into years that were open under the provisions of "481.The materials for this podcast can be found at http://www.edzollars.com/2008-03-17_CPA_Says_Error.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 3/15/08 | Free | View In iTunes |
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Not Quite Good Enough-Timely Filing One More Time - Ed Zollars | This PodCast pertains to the issue of "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_Filing_PodcastII.pdf This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 2/23/08 | Free | View In iTunes |
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Economic Stimulus Package of 2008 (Tax Matters) - Ed Zollars | This PodCast is about the Economic Stimulus Package of 2008. It 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 . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 2/8/08 | Free | View In iTunes |
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So You Want Your LLC to Be An S Corporation - Ed Zollars | This PodCast focuses on issues involved with LLCs and S corporations. This 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 corporation).The podcast covers issues that arise when a single member LLC is used to hold S corporation stock, as well as when an LLC elects corporate status and wishes to be taxed under the S corporation rules.The materials are at http://edzollars.com/2008-02-04_S_Corporation.pdf This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 2/4/08 | Free | View In iTunes |
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Consenting to Disclosure or Use of Return Information - Ed Zollars | This PodCast concerns Revenue Procedure 2008-12 and final regulations under "7216, both of which deal with taxpayer authorizations for the use or disclosure of tax return information by tax preparers. The regulations contain a number of new requirements that will be imposed on tax preparers, and the Revenue Procedure contains specific language that must be used for taxpayers who are filing the Form 1040 series of forms. These new requirements will take effect on January 1, 2009.The written materials for the podcast can be downloaded from http://www.edzollars.com/2008-01-21_Consents.pdf . . Direct download: 2008-01-21.mp3 This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 1/20/08 | Free | View In iTunes |
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IRS's New View on 6694 and 6695 - Ed Zollars | This PodCast concerns guidance for Preparers of tax returns. The IRS celebrated the end of 2007 by releasing three Notices late on December 31 that provide guidance on the application of the revised preparer penalties contained in the Small Business and Work Opportunity Tax Act of 2007 that was passed last May. The IRS had previously released interim relief in Notice 2007-54, but that relief was set to expire as 2007 did.The centerpiece of this guidance is Notice 2008-13, which provides interim guidance on applying the "6694 preparer penalty standards. The interim rules are not nearly as onerous as many had feared they would be, and need to be incorporated rapidly into our practices as tax season approaches. Note, as well, that this guidance applies only until the IRS releases revised regulations, something the notice indicates they plan to do during 2008.The materials for this podcast can be downloaded at http://www.edzollars.com/2008-01-01_6694.pdf . Those materials include the full text of all three notices.. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 12/31/07 | Free | View In iTunes |
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End of Year Trifecta of New Tax Bills - Ed Zollars | .This PodCast is about end of 2007 tax bills. We look at highlights of three of the five bills affecting taxation that Congress passed prior to leaving town, specifically the Tax Increase Prevention Act of 2007, Mortgage Forgiveness Debt Relief Act of 2007 and Tax Technical Corrections Act of 2007, all three of which have provisions that should be of interest to many of your clients. The written materials for the podcast can be downloaded from http://www.edzollars.com/2007-12-29_New_Laws.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 12/26/07 | Free | View In iTunes |
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S Corporation Owner Health Insurance Ruling - Ed Zollars | This PodCast is about the Self-Employed Health Insurance Deduction for S corporation owners. The IRS has issued Notice 2008-1 that details how an S corporation shareholder can qualify for the self-employed health insurance deduction under "162(l) even if the policy is in the name of the shareholder. The notice is at odds with the implication contained in IRS Headliner 163 issued in May of 2006 that seemed to many to strongly suggest that personal ownership of the policy was fatal to the deduction. We had previously discussed why, perhaps, that wasn't the case in a podcast back in June of 2006 that suggested listeners look at Revenue Ruling 61-146 and consider whether a similar program would not solve the problem the Headliner pointed out with individual policies. What the IRS has now done is, effectively, adopted that solution with official blessing. The materials can be downloaded from http://www.edzollars.com/2007-12-26_S_Corporation.pdf. >. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 12/23/07 | Free | View In iTunes |
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Rolling Changes: IRS Releases Two Revisions to Circular 230 - Ed Zollars | This PodCast is about changes to Circular 230. Two days, two revisions: the IRS on September 25 issued proposed regulations to revise Circular 230 "10.34, and the very next day finalized regulations that also made changes to the same provision (among others). We take a look at both sets of changes, and their impact on tax practice. The materials can be downloaded from http://www.edzollars.com/2007-09-26_Circular_230.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 9/25/07 | Free | View In iTunes |
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A Review of Section 6662(b)(1) Client Penalties - Ed Zollars | This PodCast pertains to both the changes to Circular 230 paragraph 10.35 back in 2005 and the recent revisions to Section 6694. We review the penalties that can be imposed on a taxpayer. We specifically examine 6662(b)(1)'s negligence and disregard of rules and regulations penalty and will later focus on the substantial understatement provisions of 6662(b)(2). The materials for this podcast can be found at http://www.edzollars.com/2007-06-29_Client_Side_Penalties.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 6/29/07 | Free | View In iTunes |
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Delay of Game-IRS Grants Temporary Relief For Section 6694(a) Changes - Ed Zollars | This PodCast pertains to IRS Notice 2007-54 which grants partial relief from some of the changes made to the preparer penalties under Section 6694(a), delaying full implementation of the provisions until next year. We discuss the extent of the relief granted, as well as some of the reactions to this change noticed in online discussion groups. The materials for this podcast, including the above notice, can be found at www.edzollars.com/2007-06-15_Delay_of_Game.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 6/16/07 | Free | View In iTunes |
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Kiddie Tax Update: Correction to New Law Podcast - Ed Zollars | This PodCast is a follow-up to our last. Kaye Thomas noted that though prior drafts of the bill and the Joint Committee's report on the bill indicated expanding the general rule on the Kiddie Tax one more year, that provision is not included in the final bill. Rather, only the "student" provision is added to the bill. The materials have now been updated, and can be downloaded from the original link at http://edzollars.com/2007-05-25_New_Law.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 5/28/07 | Free | View In iTunes |
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On Second Try-Tax Law Changes Come Back After Veto - Ed Zollars | This Podcast covers the first major tax bill of the 2007 Congress with changes that are meant to grant relief to small businesses, but which also have revenue raisers that will impact a number of clients. The President has indicated he will sign the bill, so over the Memorial Day weekend we can all read up on the new law to start our summer.The materials are available for download at http://edzollars.com/2007-05-25_New_Law.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 5/24/07 | Free | View In iTunes |
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Payment Encore: Liability of Taxpayer for Embezzlement by Payroll Service - Ed Zollars | This PodCast examines Pediatric Affililates, P.A., (2007-1 USTC 50,477) where the Third Circuit Court of Appeals upheld the U.S. District Court of New Jersey's determination that the taxpayers were liable for unpaid payroll taxes that their payroll service had walked off with. The case is instructive for the types of responsibilities under the tax law a taxpayer is unable to delegate to a third party.The materials can be downloaded at www.edzollars.com/2007-05-18_Payroll_taxes.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 5/17/07 | Free | View In iTunes |
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Insurable Interest - Part 2 - Steve Leimberg and Randy Zipse | This Podcast is Part II in a discussion on Insurable Interest between Steve Leimberg and Randy Zipse of the John Hancock. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 3/6/07 | Free | View In iTunes |
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Insurable Interest - Part 1 - Steve Leimberg and Randy Zipse | This Podcast is the first in a 3 part series on Insurable Interest. In this Podcast, Steve Leimberg and Randy Zipse of the John Hancock discuss the underlying philosophy and legal background. In the following Podcasts, Steve and Randy will cover more specific situations such as the insurable interest between spouses, unmarried couples, parents and children, partners and their partnerships, and employers and employees. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 3/2/07 | Free | View In iTunes |
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There's English and There's the IRC-Passive, Active Conduct and Carrying On - Ed Zollars | This PodCast pertains to what must be done to otain certain income tax benefits for Code Sections 469, 179, 1362/1375 and 1402. Congress doesn't necessarily make the law work as consistently as practitioners would like it to work. This PodCast examines these four different Code provisions and their somewhat different view on whether "enough" is being done to get a tax benefit.The materials for the podcast can be found at http://edzollars.com/2007-02-17_Passive.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 2/16/07 | Free | View In iTunes |
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A Ringing in Your Ears-Telephone Tax Refunds and Businesses - Ed Zollars | This PodCast is about the simplified method that businesses can elect to use to compute the amount of their refund for the federal long distance excise tax that the IRS finally agreed the law did not allow them to collect. The simplified method is elective, and uses April and September 2006 phone invoices to compute a percentage that is applied to all telephone expense throughout the relevant period.Materials, including the IRS notice and questions and answers, can be downloaded at http://edzollars.com/2006-11-18_Telephone_Tax_Refund.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 11/16/06 | Free | View In iTunes |
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Congress Plants a Landmine-Company Owned Life Insurance - Ed Zollars | This PodCast examines a provision buried in the Pension Protection Act of 2006 that involves "employer" owned life insurnace. The provision in question renders the death benefit taxable to the extent it is greater than the premiums paid unless the policy both falls into certain excepted categories and the policy owner takes specific steps before the policy is issued to assure that the insured both gets proper notice and gives a proper consent.The materials are found at http://edzollars.com/2006-08-12_Life_Insurance.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 8/11/06 | Free | View In iTunes |
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It's a Matter of (Misplaced) Trust-Taxpayer Reliance on Advice - Ed Zollars | This PodCast is about taxpayer advice and its reliability and its credibility in court. Taxpayers get their advice from a lot of sources, and we often end up having to defend our own advice against other sources. This week we have two cases that show that all advice is not created equal. In the case of Lehrer v. Commissioner (TC Memo 2006-156) a taxpayer learned the hard way that selecting a preparer predominantly on which one computes the lowest tax is not necessarily the best way to end up well advised.And the case of Diem v. Commissioner (TC Summary 2006-121) is useful for those clients that will try and check your advice by calling the IRS for an answer and then reporting the IRS's answer to you (so, you know, you don't have to do any work on that one). Mr. Diem was clobbered when it turned out an IRS employee's assurance that the program offered by his employer would be treated just like the workers compensation style claim he was giving up for tax purposes turned out not to be so.The materials for this week's presentation are found at http://edzollars.com/2006-08-03_Trust.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 8/3/06 | Free | View In iTunes |
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Reasonable Cause for Late Filing - I Did Not Late File - Ed Zollars | This PodCast concerns reasonable cause for late filing. The logic of the application of the IRC to specific situations at times seems to defy common logic. Here, we look at a specific example of such. In this case, the Tax Court decided that a reasonable cause for late filing that allowed a taxpayer to avoid the late filing penalty was that the court believed the taxpayer in reality had mailed the return on time, even if as a matter of law the return was late filed. This is an extension of the issue discussed in the October 2005 podcast on proving timely filing.The case in question is Gregorian v. Commissioner, TC Summary 2006-99.The materials can be downloaded from http://edzollars.com/2006-07-15_Late_Filing.pdf .Apologies for some of the audio glitches. For various reasons, this week I used my Windows laptop to record the podcast--and, as should be clear, the machine proved "suboptimal" even though it used the same tools (hardware and software) as the old Mac iBook I normally use. We'll be back on the iBook in next week's podcast. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 7/14/06 | Free | View In iTunes |
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That's Not Income, That's a Discount - The Ninth Circuit Corrects the Tax Court - Ed Zollars | This PodCast is about the tax implications of a prepaid purchase discount that may need to be refunded if purchase goals are not met. The issue has resurfaced as the Ninth Circuit Court of Appeals reversed the Tax Court in the case of Westpac Pacific Foods v. Commissioner. The Ninth Circuit's views on this topic differ both from those of the Tax Court and the IRS, each of which has it own views on this topic.In the podcast, the question to be addressed is what do we tell our clients who are faced with this issue? The materials for this podcast can be downloaded from http://edzollars.com/2006-07-08_Westpac_Advances.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 7/7/06 | Free | View In iTunes |
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What Did They Mean? Section 199 and Construction - Ed Zollars | This Podcast is about construction costs. We take a look at the regulations under Section 199 as they define construction found at Regulation 1.199-3(m). These definitions are key for anyone who works with clients in construction related entities. The materials for this podcast can be downloaded at http://edzollars.com/2006-07-01_Construction.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 6/29/06 | Free | View In iTunes |
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Is it Really My Loan? S Corporation Debt Once Again - Ed Zollars | This Podcast is about the importance of following proper form in corporate debt situations. A few weeks ago (back in April) we looked at the case of Ruckreigel where a taxpayer lost an IRS challenge on whether a debt was truly from the shareholders to the corporation due to a failure to follow the necessary formalities. This week, the taxpayers strike back with a taxpayer victory in the case of Miller v. Commissioner (TC Memo 2006-125) where the IRS fails in its attempt to reclassify debt that followed the proper form but which the IRS attempted to claim was really debt from the bank to the corporation.The taxpayer achieved victory on this point and the issue of whether the taxpayer was truly at risk as defined in Section 465, even though when all was said and done the taxpayer got out of all liability as the debt was actually paid by other investors who had guaranteed the entire loan structure. This is an interesting case in showing the extreme importance of following proper form because, from an economic standpoint, the taxpayers in Ruckreigel seem to have much real exposure to potential loss than Mr. Miller actually ended up having, but he got his deduction.The materials can be downloaded from http://edzollars.com/2006-06-23_S_Debt.pdf. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 6/22/06 | Free | View In iTunes |
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Extra, Extra - IRS Headliner on S Corporation Shareholders and 162(l) - Ed Zollars | The IRS on May 15 issued a "Headliner" on their website directed at tax professionals that attempted to explain the treatment of policies purchased by a single employee shareholder of an S corporation in the shareholder's own name.In this podcast we look at the headliner, and consider whether Revenue Ruling 61-146 offers an option that solves the problem this ruling points out.The materials can be downloaded at http://edzollars.com/2006-06-10_Medical_S_Corporation.pdf. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 6/10/06 | Free | View In iTunes |
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Whose Debt Is It Anyway? S Corporations and Loans from Related Entities - Ed Zollars | This Podcast is about loans, S Corporations, and reality engineering. Shareholder debt to S corporations has proven to be a minefield for shareholders and their advisers, and the taxpayer and their adviser in the case of Ruckriegel v. Commissioner managed to step on a shareholder debt/basis mine twice in two consecutive IRS exams. In this case, the shareholders attempted to argue that loans from a partnership they controlled were actually loans to them from the partnership, followed by loans to the corporation.Or, to put it more correctly, their CPA attempted to argue that. One of the problems in this case, beyond the simple fact that the form of the transaction (which the taxpayers had control over) did not agree with what they were arguing was the true substance, was the fact that neither the taxpayers nor their inside accountant were treating these loans as if they had traveled that indirect route. The case points up the dangers of attempting to "after the fact" correct client missteps--and especially continuing to do it for multiple years.The materials for this podcast are found at http://edzollars.com/2006-04-29_Debt.pdf. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 4/27/06 | Free | View In iTunes |
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How Much to Tell--Adequate Disclosure and Section 6501(e) - Ed Zollars | This PodCast uses the case of Benson v. Commissioner, TC Memorandum 2006-55, to examine the issue of what constitutes adequate disclosure under Section 6501(e)(1)(A)(ii) for purposes of avoiding the otherwise mechanical application of an extended six year statute on substantial underpayments. In this case, which the taxpayer ends up losing, the Court considers to what extent disclosures on other returns can "make up" for items not disclosed directly on the individual return.The text file for this podcast can be downloaded from http://www.edzollars.com/2006-04-08_Adequate_Disclosure.pdf. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 4/6/06 | Free | View In iTunes |
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In God We Trust, All Others Must Deposit With Us-Payroll Tax Trust Funds - Ed Zollars | This PodCast covers issues involving payroll tax deposits, including the IRS and Social Security Administration recent caution about the use of payroll services to deposit taxes. This week we look at a case that invovled the embezzlement of payroll tax deposits by a payroll service, where the IRS successfully argued that the employer still was liable for the unpaid taxes even though they had believed the payroll service had deposited the taxes As well, we look at a case involving a shareholder who stumbled into a full trust fund penalty when he attempted to take back funds he had advanced the failing corporation when he discovered there were unpaid payroll taxes. The materials for the podcast can be downloaded at http://edzollars.com/2006-03-18_Payroll.pdf. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 3/16/06 | Free | View In iTunes |
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Efficient Tax Research - Ed Zollars | This Podcast considers issues and methods of tax research. Ed Zollars deals with research issues that arise in a tax practice. The materials are found at this link. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 2/16/06 | Free | View In iTunes |
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Circular 230 Update | This podcast is based on a September 20, 2005 talk by Ed Zollars for the Arizona Society of CPAs on the changes to Circular 230 that became effective over the summer. To download a manual, click here. Please post your commments on the blogsite at http://ezollars.libsyn.com. Sponsored by Leimberg Information Services, Inc.(LISI) at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 10/14/05 | Free | View In iTunes |
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Will That Be One Debt or Two? S Corporations, Shareholder Debt and Basis Detailed in Recent Tax Court Case | This Podcast considers a decision (Brooks v. Commissioner, TC Memo 2005 - 204) involving the impact of repaying S corporation debt during the year when, at the beginning of the year, the shareholder's basis was less than the face amount of the note. In the case in question, the shareholders repaid such a debt in its entirety at the beginning of the year, the corporation sustained a loss during the year, and then the taxpayer loan back enough money to both return the entire repayment and then advance enough additional to give basis to take the loss.To download the podcast materials, click this link (if you are reading notes attached to the podcast in iTunes you will need to actually go to the site first to do that clicking). This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 9/1/05 | Free | View In iTunes |
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Activity Before Everyone Leaves Washington and the Saga of S Corporations and FICA | A general update on tax developments including a summary on two tax bills, two revenue rulings that were published, and a discussion of the IRS announcement of National Research Project exams for S corporations for 2003 and 2004. The materials should be downloaded from the ezollars.libsyn.com website to follow along with on the FICA presentation.This Podcast sponsored by Leimberg Information Services, Inc. (LISI) at http://www.leimbergservices.com Please visit our "products" site at http://www.leimberg.com This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com | 8/5/05 | Free | View In iTunes |
| Total: 58 Episodes |
Customer Reviews
Very informative.
These podcasts are very informative looks at tax issues. I wish that they occured more often.
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