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Lynn Nichols presents the weekly podcast on the latest changes in Federal Tax. The podcast covers the following:

1. TIGTA Releases Fiscal 2013 Audit Plan
   (Undated; published by Tax Analysts on 01/22/2013)
   In fiscal 2013, the Office of Audit will focus on at least 42 provisions in the Patient Protection and Affordable Care Act that will change the tax code, at least eight of which are expected to require new IRS processes, according to a Treasury Inspector General for Tax Administration report. [Doc 2013-1316]
   
   
2. Applicable Federal Rates for February
   (Rev. Rul. 2013-3; 2013-8 IRB 1; 1/18/2013)
   The IRS has announced the applicable federal interest rates for February 2013. [Doc 2013-1306]
   
   
3. Penalty Relief for Farmers and Fishermen
   (IR-2013-7; 1/18/2013)
   The IRS has announced that forthcoming guidance will provide relief from the estimated tax penalty for farmers and fishermen unable to file and pay their 2012 taxes by the March 1 deadline because of the delayed start for filing tax returns. [Doc 2013-1391]
   
   
4. Reasonable Cause Can Be Considered in Partnership-Level Proceeding
   (ECC 201303010; 12/19/2012; rel. 1/18/2013)
   In e-mailed advice, the IRS confirmed its position that a reasonable cause defense, based on the state of mind and actions of the managing general partners, can be considered in a partnership-level proceeding.
   [Doc 2013-1281]
   
   
5. Individual Liable for Additional Tax on IRA Distribution
   (Matthew James Nasuti v. Comm.; CA 1; No. 2560-11; 1/23/2013; affg. T.C. No. 2560-11; 7/18/2012_
   The Tax Court rejected an individual's argument that he was coerced into withdrawing funds from his IRA and held that he was liable for the section 72(t) additional tax on the early distribution, noting that there is no hardship exemption in section 72(t). [Doc 2013-1648]
   
   
6. Tax Court Asserts Accuracy-Related Penalty in Like-Kind Exchange
   (Jessie G. Yates III et ux. v. Comm.; T.C. Memo. 2013-28; 1/24/2013)
   The Tax Court held that a couple did not hold one real property for investment or for use in a trade or business but that the IRS failed to show that the couple improperly allocated fair market values among real properties in a section 1031 like-kind exchange; the court held the couple liable for an accuracy-related penalty. [Doc 2013-1728]
   
   
7. Government Asks Court to Suspend Injunction in Return Preparer Regs Case
   (Sabina Loving et al. v. United States et al.; No. 1:12-cv-00385; 1/23/2013)
   The government filed a motion in U.S. district court to suspend an injunction pending its appeal of the court's decision permanently enjoining the enforcement of new tax return preparer regulations based on the court's finding that the IRS lacks the authority to institute the requirements. [Doc 2013-1698]