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Lynn Nichols delivers the federal tax update for the week.  To find all of the FICPA CPE events on tax related topics around the state including your local FICPA chapter please click here.  The podcast this week covers the following topics:          

1. Whether Property Is Like Kind Is Not Determined by State Law Classification
   (ILM 201238027; 4/17/2012; rel. 9/21/2012)
   In a legal memorandum, the IRS concluded that for purposes of determining whether property is of like kind under section 1031, federal income tax law is determinative while state property law is relevant only for determining whether the property is real or personal.
   [Doc 2012-19731]
   
   
2. Assessment Period Extended for Fraud Does Not Apply to Innocent S Corporation Shareholder's Personal Tax Liability
   (ILM 201238026; 6/4/2012; rel. 9/21/2012)
   In a legal memorandum, the IRS concluded that the period of limitations on assessment is not extended under section 6501(c)(1) for the personal tax liability of an S corporation shareholder who did not take part in the fraud reflected on the S corporation's tax return.
   [Doc 2012-19730]
   
   
3. Replacement Period for Livestock Sold Because of Drought Extended
   (Notice 2012-62; 2012-42 IRB 1; 9/25/2012)
   The IRS has extended the replacement period for livestock that farmers have been forced to sell because of severe weather conditions and has published a list of affected counties to help livestock producers determine their eligibility for the extension.
   [Doc 2012-19966]
   
   
4. IRS Publishes Special Per Diem Business, Travel Expense Substantiation Rates for 2012-2013
   (Notice 2012-63; 2012-42 IRB 1; 9/26/2012)
   2012-2013 special per diem rates for substantiating an employee's ordinary and necessary business expenses incurred while traveling.
   [Doc 2012-20052]
   
   
5. TIGTA Finds Federal Agencies Owe $14 Million in Payroll Taxes 
   (TIGTA Report 2012-30-094; 9/27/2012)
   Seventy federal agencies with 126 delinquent tax accounts owed approximately $14 million in unpaid employment taxes as of December 31, 2011, according to a report released September 27 by the Treasury Inspector General for Tax Administration.
   [Doc 2012-20140]

[“Doc” numbers listed above are references to the item in Tax Notes Today, the leading provider of reliable tax information and informed commentary to tax professionals]