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Lynn Nichols of Nichols Patrick CPE presents the latest federal tax update via podcast this week.  The FICPA has the tax training you need this season.  Click here to see all of the live programs available.

For web delivered tax courses choose from the following:

The Next Chapter: Status of Health Care Reform After the Election - 3 hour webinar
November 15, 2012
Live Webcast

FICPA Tax and Financial Planning Conference (Both Days) – 16 Hour Webcast
Dec. 6-7, 2012
Live Webcast

Tax Identity Theft: What You and Your Clients Need to Know Before Tax Season- 2 hour webinar
December 12, 2012
Live Webinar

The Landscape for the Tax Professional: Now and In the Not Too Distant Future - 2 hour webinar
January 8, 2013
Live webinar

The podcast covers the following topics.

Citations
[Doc numbers are citations to Tax Analysts Tax Notes Today, the leading source of current information on tax developments, relied on by tax professionals.]

1. Trust Created by Limited Partnership Qualifies as Liquidating Trust
   (LTR 201244004; 6/29/2012; rel. 11/2/2012)
   The IRS ruled that a trust established by a limited partnership to provide for the orderly payment of contingent liabilities and the distribution of the remaining assets to the partners qualifies as a liquidating trust under reg. section 301.7701-4(d) and is properly taxed as a grantor trust.     [Doc 2012-22604]

2. Trust Can't Meet Qualifying Tests for “Real Estate Professional”
   (ECC 201244017; 8/3/2012; rel. 11/2/2012)
   The IRS concludes that a trust cannot meet the Real Estate Professional tests of 469(c)(7)(B) because those tests are intended to apply only to individuals since only individuals are capable of performing personal services.     [Doc 2012-22617]
   
   
3. Promoter Definition Clarified by Recent Tax Court Opinions
   (Tax Notes Today; 11/6/2012; Article by Jeremiah Coder)
   The absence of a specific definition for tax shelter promoters in statutory law and regulatory guidance has led the Tax Court to express some guidelines "in a common law-like fashion" to bring more clarity to the issue, a Tax Court judge said November 3.
   [Doc 2012-22743]
   
   
4. Hawkins Explains Expanded Due Diligence Concepts
   (Tax Notes Today; 11/6/2012; Article by Jeremiah Coder)
   Assisting with a collection due process claim involving alternative collection methods could lead to practitioner discipline if the taxpayer hasn't complied with payment and filing obligations, OPR Director Karen Hawkins said November 2.     [Doc 2012-22712]
   
   
5. Individual Can Deduct Fees Paid to Debt Resolution Company, But Only as Miscellaneous Itemized Deductions Subject to 2% of AGI Limitation
   (Thomas Tran v. Commissioner; T.C. Summ. Op. 2012-110; 11/6/2012)
   The Tax Court, in a summary opinion, held that an individual couldn't offset fees he paid to a debt resolution company against his cancellation of indebtedness income but held that he was entitled to a miscellaneous itemized deduction under section 212(l), subject to the 2 percent floor and any applicable alternative minimum tax.     [Doc 2012-22908]
   
   
6. Treasury Is Cooperating With Other Countries to Implement FATCA
   (Announcement; 11/8/2012)
   The Treasury Department has engaged with over 50 countries and jurisdictions to implement the Foreign Account Tax Compliance Act and to improve the "ability to combat tax evasion while minimizing burdens on financial institutions," according to a November 8 Treasury release.     [Doc 2012-23092]