Federal Tax Update - April 29, 2013

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This week Lynn Nichols of NicholsPatrick CPE delivers the weekly federal tax update.  Your June 30 CPE Reporting period is almost here…for all of your CPE needs, please go to www.ficpa.org/catalog.  The federal tax update this week covers the following:

  1. IRS Publication on Requesting Certificate of Release of Tax Lien
    (Publication 1450; UNDATED; Rel. 4/22/2013)
    The IRS has released Publication 1450 (rev. April 2013), A Certificate of Release of Federal Tax Lien, explaining how to request a certificate of release of federal tax lien and what the request must contain. [Doc 2013-10133]

  2. Final Report on Tax-Exempt Colleges and Universities Compliance Project
    (IR-2013-44; 4/25/2013)
    The IRS has released its final report summarizing audit results from the IRS's colleges and universities studies, identifying significant compliance issues at the institutions examined.  [Docs 2013-10211, 10212, and 10213]

  3. Settlement Guidelines on Federal Tax Treatment of Refundable New York State Enterprise Zone Credits
    The IRS has released appeals settlement guidelines concluding that the refundable portion of the New York Qualified Empire Zone Enterprise credit for real property taxes is includable in gross income for federal income tax purposes, subject to the section 111 exclusion. [Doc 2013-10141]

  4. Scary Tax Reform Concepts
    (Tax Notes Today; 4/22/2013; Article by Amy Elliott)
    In news analysis, Amy S. Elliott looks at three surprising tax reform concepts being pushed by Congress or the White House that should scare taxpayers.  [Doc 2013-9400]

  5. CFO's Signature Ineffective on Power of Attorney Form
    (ECC 201316018; 4/5/2013; rel. 4/19/2013)
    In e-mailed advice, the IRS said that the signature of a limited liability company's chief financial officer on a Form 2848, "Power of Attorney and Declaration of Representative," does not meet the requirements of reg. section 601.503(c)(5), adding that the best practice is for the LLC's tax matters partner to sign the form. [Doc 2013-9726]

  6. Marketplace Fairness Act Clears Another Procedural Hurdle in Senate
    (Tax Notes Today; 4/25/2013; Article by Henry J. Reske)
    The Marketplace Fairness Act of 2013 (S. 743) moved closer to a final vote in the Senate as a motion to proceed passed 75 to 22 on April 24.  [Doc 2013-10131]

  7. Ninth Circuit Affirms Tax Court Valuation of Life Insurance
    (Michael P. Schwab v. Comm.; CA 9; No. 11-71957; 4/24/2013)
    The Ninth Circuit affirmed the Tax Court's holding that the fair market value of insurance policies on the date of distribution from an employee benefit plan must be included in a couple's income, finding that the IRS failed to identify any other economic benefit to the couple. [Doc 2013-10092]

  8. Couple Had Unreported Income; Deposits Analysis Found Credible
    (Albert F. Martell II et ux. v. Commissioner; T.C. Memo. 2013-115; 4/24/2013)
    The Tax Court, sustaining an accuracy-related penalty, denied some of a married couple's claimed deductions and held that the couple had some unreported income, finding that the IRS's bank deposits analysis was credible; the court further held that some of the couple's unreported income was derived from self-employment.  [Doc 2013-10122]


LAST UPDATED 4/29/2013