Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast August 06, 2018, edition Listen as Lynn Nichols provides commentary on 5 Items pertaining to current developments in U.S. tax law. This week’s topics include:   Commitment Fees Paid on Revolving Credit Agreement May Be Deducted In field attorney advice, the IRS concluded that a taxpayer may deduct quarterly commitment fees it paid on its revolving credit agreement in the tax year in which they were incurred. [Tax Notes Today; FAA 20182502F, 4/11/2018, rel.6/26/2018.]     Widow Who Didn’t Face Economic Hardship Denied Spousal Relief The Tax Court denied a widow innocent spouse relief from joint tax liabilities with her late husband who unbeknown to her had failed to pay their taxes, finding that it was not unfair to hold her liable for the taxes because it did not cause her economic hardship and the tax payments were funded by her husband’s life insurance proceeds. [Hale, Kimberly R. v. Commissioner; No. 18664-14; No. 10262-15; T.C. Memo. 2018-93, 6/26/2018]