Partnerships - Llc

This PodCast concerns the issue of whether "7502(c) provides the exclusive means to prove timely filing of a document by a taxpayer. What the Third Circuit had to say, the IRS didn't like hearing. In the case of Philadelphia Marine Trade Ass'n.-Int'l Longshoremen's Association Pension Fund et al. v. Commissioner, 2008 TNT 74-16 the Third Circuit held that the reports of the death of the common law mailbox rule were, in the words of Mark Twain, greatly exaggerated. That places the Third Circuit in the same camp with the Eighth, Ninth and Tenth Circuits, and opposed to the positions of the Second and Sixth Circuits. The materials for this podcast are located at http://www.edzollars.com/2008-04-21_Mailbox.pdf. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This PodCast pertains to Self-Employment tax issues. We look specifically at the case authorities we have (which are scant, and not terribly promising for LLC members), the IRS's proposed regulations that were controversial when issued, and what options exist for dealing with the issue today. We revisit an issue raised in a February podcast, as the IRS unofficially "clarifies" their position on the self-employment tax treatment of Qualified Joint Ventures that is presented in the Form 1065 instructions and were discussed in a podcast from back in January.The materials can be downloaded at http://www.edzollars.com/2008-03-24_Self_Employment.pdf. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This PodCast is about the difference between an error and an accounting method. The question of whether a problem on a return was an error or a method of accounting is important. We'll look at the Sixth Circuit's ruling in the case of Huffman v. Commissioner, where the appeals court sustained the 20006 ruling of the Tax Court (126 TC 322) that the CPA's consistent flawed attempt to calculate inventory as prescribed by the regulations for the dollar-value, link-chain LIFO method. The resolution of this matter in favor of the IRS allowed the IRS to get at what would otherwise have been out of reach errors in years closed for assessment by moving that income into years that were open under the provisions of "481.The materials for this podcast can be found at http://www.edzollars.com/2008-03-17_CPA_Says_Error.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This PodCast examines an LLC debt restoration provision. We look at the Tax Court's second pass at the case of Hubert v. Commissioner, TC Memo 2008-46, a case sent back to the Tax Court by the Sixth Circuit Court of Appeals to decide if the LLC debt restoration provision made the taxpayer the payer of last resort under the Sixth Circuit's test. The Tax Court comes back saying "No". The materials can be found at http://www.edzollars.com/2008-03-10_Risky_Business.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This PodCast pertains to the issue of "timely filing", revisiting an issue last covered in a podcast back in October of 2005. This time we look at the Tenth Circuit's opinion in the case of Gibson v. Commissioner, a case that illustrates how a taxpayer who thought he was complying with the requirements to prove a timely filing of his Tax Court petition managed to find a way to not get the benefit he thought he had.The materials are available at http://www.edzollars.com/2008-02-25_Timely_Filing_PodcastII.pdf This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This Podcast discusses an issue highlighted in the instructions to Form 1065 and pertains to the side effect that occurs when married taxpayers holding rental property in an LLC or other form eligible to elect Qualified Joint Venture Treatment under "761(f) elect to be treated as a Qualified Joint Venture.  The effect is that the rental income (or loss) is no longer exempted from being treated as self-employment income, but now is treated as such.  We'll discuss why this is the case, as well as the interesting location the IRS chose to give us the details of this impact as well as how to actually make the election under "761(f) for any entity.The materials for the podcast are located at http://www.edzollars.com/2008-02-11_Joint_Venture.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This PodCast is about the Economic Stimulus Package of 2008. It makes a few, but significant, tax law changes for 2008.  This podcast talks about what Congress did and what we need to do about it.Materials are available at http://www.edzollars.com/2008-02-09_Economic_Stimulus.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This PodCast focuses on issues involved with LLCs and S corporations.  This topic cuts across what is often covered in partnership discussions (the use of LLCs) and S corporations (where often LLCs are presented as an alternative to, rather than a potential form of, an S corporation).The podcast covers issues that arise when a single member LLC is used to hold S corporation stock, as well as when an LLC elects corporate status and wishes to be taxed under the S corporation rules.The materials are at http://edzollars.com/2008-02-04_S_Corporation.pdf  This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This PodCast concerns Revenue Procedure 2008-12 and final regulations under "7216, both of which deal with taxpayer authorizations for the use or disclosure of tax return information by tax preparers. The regulations contain a number of new requirements that will be imposed on tax preparers, and the Revenue Procedure contains specific language that must be used for taxpayers who are filing the Form 1040 series of forms. These new requirements will take effect on January 1, 2009.The written materials for the podcast can be downloaded from http://www.edzollars.com/2008-01-21_Consents.pdf . . Direct download: 2008-01-21.mp3 This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This PodCast concerns the economic substance doctrine. We look at a case where the IRS failed in an attempt to argue that a transaction had no economic substance or otherwise failed under the anti-abuse partnership regulations. The case is Countryside Limited Partnership v. Commissioner, TC Memo 2008-3 where the taxpayers used the partnership distribution rules to allow two partners to have their interests in the partnership liquidated with no tax cost just prior to the partnership selling a significant asset at a gain.The materials are located at http://www.edzollars.com/2008-01-14_Partnership.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This PodCast concerns guidance for Preparers of tax returns. The IRS celebrated the end of 2007 by releasing three Notices late on December 31 that provide guidance on the application of the revised preparer penalties contained in the Small Business and Work Opportunity Tax Act of 2007 that was passed last May.  The IRS had previously released interim relief in Notice 2007-54, but that relief was set to expire as 2007 did.The centerpiece of this guidance is Notice 2008-13, which provides interim guidance on applying the "6694 preparer penalty standards.  The interim rules are not nearly as onerous as many had feared they would be, and need to be incorporated rapidly into our practices as tax season approaches.  Note, as well, that this guidance applies only until the IRS releases revised regulations, something the notice indicates they plan to do during 2008.The materials for this podcast can be downloaded at http://www.edzollars.com/2008-01-01_6694.pdf .  Those materials include the full

.This PodCast is about end of 2007 tax bills. We look at highlights of three of the five bills affecting taxation that Congress passed prior to leaving town, specifically the Tax Increase Prevention Act of 2007, Mortgage Forgiveness Debt Relief Act of 2007 and Tax Technical Corrections Act of 2007, all three of which have provisions that should be of interest to many of your clients. The written materials for the podcast can be downloaded from http://www.edzollars.com/2007-12-29_New_Laws.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

<P>This PodCast is about the home sale exclusion, Section 121. In a recent Tax Court decision on the home sale exclusion under Section 121, the IRS and the taxpayers split the decision--the IRS lost in its attempt to claim the taxpayer did not use the property in question as his principal residence, but the taxpayer lost a portion of the deduction because a portion of the property was titled in the name of a partnership--and the court did not buy the taxpayer's theories that either the partnership was never formed or that the property had been distributed.&nbsp; The case is <SPAN style="font-style: italic">Farah v. Commissioner</SPAN>, T.C. Memo 2007-369.<BR><BR>The materials for the podcast can be downloaded from <A href="http://www.edzollars.com/2007-12-26_Section_121.pdf">http://www.edzollars.com/2007-12-26_Section_121.pdf</A> .<BR><BR>.</P> This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Pl

This PodCast is about changes to Circular 230.  Two days, two revisions:  the IRS on September 25 issued proposed regulations to revise Circular 230 "10.34, and the very next day finalized regulations that also made changes to the same provision (among others).  We take a look at both sets of changes, and their impact on tax practice. The materials can be downloaded from http://www.edzollars.com/2007-09-26_Circular_230.pdf .   This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This PodCast concerns Code Section 6662, this time examining both the substantial understatement penalty, as well as the exceptions to this penalty. The material for this week's podcast can be downloaded from http://www.edzollars.com/2007-07-09_Substantial_Understatements.pdf. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This PodCast pertains to both the changes to Circular 230 paragraph 10.35 back in 2005 and the recent revisions to Section 6694. We review the penalties that can be imposed on a taxpayer.  We specifically examine  6662(b)(1)'s negligence and disregard of rules and regulations penalty and will later focus on the substantial understatement provisions of 6662(b)(2). The materials for this podcast can be found at http://www.edzollars.com/2007-06-29_Client_Side_Penalties.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This PodCast provides a look at recent cases where the IRS lost a statute of limations argument.  In the case of Bakersfield Energy Partners, LP, 128 TC No. 17, the question was whether an overstatement of basis used in computing a Section 1231 gain could result in omission from gross income that triggers the six year statute of limitations under Code Sections 6629 and 6501.   The Tax Court decided the answer was "No". The materials can be downloaded at http://www.edzollars.com/2007-06-22_Limits.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This PodCast pertains to IRS Notice 2007-54 which grants partial relief from some of the changes made to the preparer penalties under Section 6694(a), delaying full implementation of the provisions until next year.  We discuss the extent of the relief granted, as well as some of the reactions to this change noticed in online discussion groups. The materials for this podcast, including the above notice, can be found at www.edzollars.com/2007-06-15_Delay_of_Game.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This PodCast is a follow-up to our last.  Kaye Thomas noted that though prior drafts of the bill and the Joint Committee's report on the bill indicated expanding the general rule on the Kiddie Tax one more year, that provision is not included in the final bill.  Rather, only the "student" provision is added to the bill. The materials have now been updated, and can be downloaded from the original link at http://edzollars.com/2007-05-25_New_Law.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This Podcast covers the first major tax bill of the 2007 Congress with changes that are meant to grant relief to small businesses, but which also have revenue raisers that will impact a number of clients.  The President has indicated he will sign the bill, so over the Memorial Day weekend we can all read up on the new law to start our summer.The materials are available for download at http://edzollars.com/2007-05-25_New_Law.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com