Mike Mares provides this update recorded on December 10, 2007. Some of the topics he covers include:

• Tax court memorandum 2007-355 - William Bennett vs. Commissioner – a minister’s exemption from the self-employment tax. Watch for a new FICPA CPE course in 2008 entitled “Religious Organizations: Accounting, Audit and Tax Issues,” that will cover this complex area. For more information on the tax court decision, click here.
• IRS released Internal Legal Memorandum (ILM) 2007-48006 which has good news for taxpayers.
• IRS released ILM 2007-48001 which addressed the issue of states and IRS sharing information previously disclosed to a state in an estate tax proceeding.
• Update on IRS activity regarding exempt organization’s participation in political activities.
• In a rare Supreme Court acceptance of a tax case, the court released their opinion in the case of CSX Transportation Inc. vs. Georgia State Board of Equalization.
• And more topics…