Federal Tax Update with Lynn Nichols #39

Lynn Nichols Federal Tax Update Podcast May, 03 2019, Episode 39 Listen as Lynn Nichols provides commentary on 4 Items pertaining to current developments in U.S. tax law. IRS Official: Good Recordkeeping Protects Against Bad Clients Documentation can save practitioners whose clients ignore their advice and apply for tax-exempt status, even when they know they don't qualify, according to an IRS Office of Professional Responsibility official. [Tax Notes Today; 4/29/2019, Article by Kristen Parillo] IRS Grants Tax Exemption to Massachusetts-Based Satanic Temple The Satanic Temple, a self-described nontheistic religious satanic organization based in Massachusetts, has been recognized as a church and granted tax-exempt status by the IRS. [Tax Notes Today; 4/29/2019, Article by Paige Jones] Tenth Circuit Affirms Liability for Penalty for Overvaluing Easement The Tenth Circuit affirmed a Tax Court decision that held a couple liable for a gross valuation misstatement penalty for overstating the value of a conservation easement donation and that held they weren't entitled to deductions under section 1341 for the repayment of proceeds they received for the sale of state tax credits. [John L. Roth; CA 10, No. 18-9006, 4/29/2019] Collection Action Sustained Against Food, Wine Festival Operator The Tax Court held that an IRS settlement officer didn't abuse her discretion in rejecting a hospitality management company's proposed installment agreement and sustaining the proposed collection action for $1.4 million in tax liabilities, finding that the company wasn't in compliance with its current employment tax deposit obligations. [Coastal Luxury Management Inc.; No. 24206-16L; T.C. Memo. 2019-43, 4/29/2019] Extended notes coming soon.

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Federal Tax Update with Lynn Nichols #39 is an episode from SCACPA's Weekly Federal Tax Update by South Carolina Association of CPAs.

This episode is 25:59 long.

This episode was published on May 3, 2019.

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