Click here to listen to the audio. Alternatively, you may download the file to your computer by right clicking your mouse, choosing "Save Target As", then selecting a location on your computer to save the file.
Lynn Nichols delivers the latest federal tax information in this week’s podcast. For all of the FICPA’s statewide and chapter CPE events on federal tax, please click here. In addition, the FICPA offers a large number of tax related webcasts/webinars which can be found by clicking here. The podcast covers the following topics this week.
- Assessment Period Determined by Partnership Filing for Partnership Items
(ECC 201239010; 8/15/2012; rel. 9/28/2012)
In e-mailed advice, the IRS clarified that the period under section 6229(a) is the partner's section 6501 period as it applies to partnership items and that it does not expire before three years from the date the partnership return is filed.
- Online Seminars From 2012 Nationwide Tax Forums Available at www.irs.gov
The IRS has announced the availability of 15 online, self-study seminars through which tax practitioners can earn continuing professional education credits.
- 14 of 73 IRS Revenue Officers Broke With Taxpayer Contact Procedures
(TIGTA Report 2012-30-089; 9/4/2012)
Out of a sample of 73 cases, 14 IRS revenue officers broke with procedures by directly contacting taxpayers rather than their representatives, not giving copies of communications to representatives, or not allowing taxpayers enough time to obtain a representative, the Treasury Inspector General for Tax Administration said in a September 4 report.
- IRS Forms for Reporting Identity Theft Confusing
(TIGTA Report 2012-40-106; 9/10/2012)
IRS forms to report identity theft are confusing, and the agency's procedures to handle taxpayer identity theft claims remain inadequate even after it implemented changes, the Treasury Inspector General for Tax Administration said in a report released October 3.
- IRS Destroyed Thousands of Reports of Identity Theft
(Tax Notes Today; 10/4/2012; Article by Eric Kroh)
The IRS failed to investigate thousands of reported identity theft cases because taxpayers failed to follow inconsistent and confusing instructions for submitting a form to report tax fraud, the Treasury Inspector General for Tax Administration said in a report released October 3.
- Entire Vested Accrued ESOP Benefit Must be Included in Income
(Robert S. Yarish et ux. v. Comm.; 139 T.C. No. 11; 10/4/2012)
The Tax Court found that a husband's entire vested accrued benefit in an employee stock ownership plan was taxable income to him and his wife, holding that under section 402(b)(4)(A) the vested accrued benefit of a highly compensated employee must be included in income to the extent it was not previously taxed to the employee.
LAST UPDATED 10/8/2012