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Lynn Nichols of Nichols Patrick CPE presents the weekly podcast covering the latest changes in the federal tax area. For the final tax courses before tax season begins, please click here. The podcast covers the following areas this week.
(‘Doc’ numbers are citations to the listed item in Tax Analysts’ Tax Notes Today.)
- Adjustments to Pension Plan Limitations for 2013
(Notice 2012-67; 2012-50 IRB 671; 12/10/2012)
The IRS has announced the dollar limitations, as well as cost-of-living adjustments, for pension plans that become effective January 1, 2013.
- Individual Enrolled in Employer Benefit Plan Not Allowed to Claim IRA Deduction
(John Bruce Corcoran et ux. v. Commissioner; T.C. Summ. Op. 2012-119; 12/10/2012)
The Tax Court, in a summary opinion, held that an individual wasn't entitled to deduct an IRA contribution because he was enrolled in a defined benefit plan through his employer, even though he had been automatically enrolled in the plan, made no contributions to the plan, and accrued no benefits.
- Audit Technique Guide for Hardwood Timber Industry
(Hardwood Timber Industry Audit Technique Guide; July 2012; rel. 12/10/2012)
The IRS has released a revised audit technique guide for examination of taxpayers in the hardwood timber industry.
- IRS Publication 547 on Casualty Losses
(Publication 547; 11/29/2012; rel. 12/11/2012)
The IRS released Publication 547 (rev. Nov. 2012), Casualties, Disasters, and Thefts, for use in preparing 2012 returns, explaining the tax treatment of casualties, thefts, and losses on deposits.
- Deadline for Proper Treatment of Service Charges Extended
(Announcement 2012-50; 2012-52 IRB 1; 12/13/2012)
The IRS has announced an extension to January 1, 2014, for businesses to comply with the rules regarding proper treatment of service charges specified in Q&A 1 of Rev. Rul. 2012-18, to give businesses not in compliance more time to modify their business practices and make needed system changes.
- Crime-Fraud Exception Applies to Claimed Privilege for Documents and Testimony
(In re: Grand Jury John Doe 1 et al.; Nos. 12-1697 & 12-2878; CA 3; 12/11/2012)
The Third Circuit affirmed a district court order that held that the crime-fraud exception applied to a corporation's attorney-client and work product privilege claims regarding certain documents and testimony sought in a grand jury investigation of the corporation and two individuals involved in an alleged criminal tax scheme.
LAST UPDATED 12/17/2012