Federal Tax Update with Lynn Nichols #39
Lynn Nichols Federal Tax Update Podcast
May, 03 2019, Episode 39
Listen as Lynn Nichols provides commentary on 4 Items pertaining to current developments in U.S. tax law.
Documentation can save practitioners whose clients ignore their advice and apply for tax-exempt status, even when they know they don’t qualify, according to an IRS Office of Professional Responsibility official.
[Tax Notes Today; 4/29/2019, Article by Kristen Parillo]
The Satanic Temple, a self-described nontheistic religious satanic organization based in Massachusetts, has been recognized as a church and granted tax-exempt status by the IRS.
[Tax Notes Today; 4/29/2019, Article by Paige Jones]
The Tenth Circuit affirmed a Tax Court decision that held a couple liable for a gross valuation misstatement penalty for overstating the value of a conservation easement donation and that held they weren’t entitled to deductions under section 1341 for the repayment of proceeds they received for the sale of state tax credits.
[John L. Roth; CA 10, No. 18-9006, 4/29/2019]
The Tax Court held that an IRS settlement officer didn’t abuse her discretion in rejecting a hospitality management company’s proposed installment agreement and sustaining the proposed collection action for $1.4 million in tax liabilities, finding that the company wasn’t in compliance with its current employment tax deposit obligations.
[Coastal Luxury Management Inc.; No. 24206-16L; T.C. Memo. 2019-43, 4/29/2019]
Extended notes coming soon.