Partnerships - LLC
88 episodes - English - Latest episode: over 3 years ago - ★★★★★ - 1 ratingCovers recent cases, rulings, regulations, and legisation dealing with partnerships, LLCs, and similar pass-through entities.
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Episodes
Economic Substance, Promissory Notes and Partnerships - Ed Zollars
January 14, 2008 02:10 - 16 MBThis 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 ...
IRS's New View on 6694 and 6695 - Ed Zollars
January 01, 2008 04:16 - 15.9 MBThis 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 i...
End of Year Trifecta of New Tax Bills - Ed Zollars
December 27, 2007 02:33 - 12.9 MB.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....
Home is Where the Partnership Is Not - Ed Zollars
December 26, 2007 02:14 - 18.1 MB<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 partn...
Rolling Changes: IRS Releases Two Revisions to Circular 230 - Ed Zollars
September 26, 2007 01:06 - 15.2 MBThis 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...
Substantial Understatements - The Penalty under 6662(b)(2) - Ed Zollars
July 08, 2007 04:22 - 19.2 MBThis 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
A Review of Section 6662(b)(1) Client Penalties - Ed Zollars
June 30, 2007 06:45 - 25.9 MBThis 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 i...
Testing the Limits-The IRS Loses Statute of Limitations Case - Ed Zollars
June 21, 2007 04:14 - 10.2 MBThis 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_L...
Delay of Game-IRS Grants Temporary Relief For Section 6694(a) Changes - Ed Zollars
June 17, 2007 04:57 - 13 MBThis 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 sponsor...
Kiddie Tax Update: Correction to New Law Podcast - Ed Zollars
May 29, 2007 04:25 - 1.02 MBThis 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 Inf...
On Second Try-Tax Law Changes Come Back After Veto - Ed Zollars
May 25, 2007 04:28 - 16.1 MBThis 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,...
Payment Encore: Liability of Taxpayer for Embezzlement by Payroll Service - Ed Zollars
May 17, 2007 22:54 - 13 MBThis PodCast examines Pediatric Affililates, P.A., (2007-1 USTC 50,477) where the Third Circuit Court of Appeals upheld the U.S. District Court of New Jersey's determination that the taxpayers were liable for unpaid payroll taxes that their payroll service had walked off with. The case is instructive for the types of responsibilities under the tax law a taxpayer is unable to delegate to a third party. The materials can be downloaded at www.edzollars.com/2007-05-18_Payroll_taxes.pdf . This ...
Wilmington Trust's Future Vision of Estate Planning - Part 2 - Dick Nenno
May 09, 2007 06:22 - 12.5 MBThis PodCast is Part 2 of Wilmington Trust's 2007 Future Vision of Estate Planning and features Dick Nenno asking perceptive questions of some of the brightest and most creative minds in practice today. Leimberg Information Services Inc. (LISI) is deeply appreciative of Wilmington Trust Company's willingness to share with LISI members this very practical and insightful session. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please vi...
The Future Vision of Estate Planning 2007 - Part 1 - Dick Nenno
May 09, 2007 06:03 - 13.1 MBThis PodCast contains the first round of Wilmington Trust's 2007 Future Vision of Estate Planning and features Dick Nenno asking perceptive questions of some of the brightest and most creative minds in practice today. This is Part 1. Leimberg Information Services Inc. (LISI) is deeply appreciative of Wilmington Trust Company's willingness to share with LISI members this very practical and insightful session. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.le...
Cost of Bad Practice - IRS Notice Implementing Monetary Penalties Under Circular 230 - Ed Zollars
April 24, 2007 04:18 - 19 MBThis Podcast provides guidance on Circular 230 issues. The IRS on April 23 released guidance on the application of monetary penalties to practitioners, their employers, firms and related entities for violations of Circular 230 as authorized by the American Jobs Creation Act of 2004 This guidance gives some insight into the IRS's views on how they will make use of this new enforcement tool, as well as some indication of what the IRS might view as an appropriate quality control system for a t...
Insurable Interest - Part 2 - Steve Leimberg and Randy Zipse
March 07, 2007 05:37 - 17.5 MBThis Podcast is Part II in a discussion on Insurable Interest between Steve Leimberg and Randy Zipse of the John Hancock. 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
Insurable Interest - Part 1 - Steve Leimberg and Randy Zipse
March 03, 2007 07:54 - 15.1 MBThis Podcast is the first in a 3 part series on Insurable Interest. In this Podcast, Steve Leimberg and Randy Zipse of the John Hancock discuss the underlying philosophy and legal background. In the following Podcasts, Steve and Randy will cover more specific situations such as the insurable interest between spouses, unmarried couples, parents and children, partners and their partnerships, and employers and employees. This Podcast is sponsored by Leimberg Information Services, Inc. at...
Credit Denied-IRS Attacks Partnership State Tax Credit Shelter - Ed Zollars
February 24, 2007 04:17 - 16 MBThis Podcast is about IRS guidance indicating their displeasure with a marketed FLP shelter that promises benefits via the literal application of partnership provisions in the IRC. In CCA 200704028 the IRS outlines both the shelter that was marketed that claimed the magic of returning most of the investment via a credit against state taxes and then a capital loss deduction for the investment for federal tax purposes as well. The IRS outlines three separate rationales for disallowing the cl...
There's English and There's the IRC-Passive, Active Conduct and Carrying On - Ed Zollars
February 17, 2007 04:30 - 17.3 MBThis PodCast pertains to what must be done to otain certain income tax benefits for Code Sections 469, 179, 1362/1375 and 1402. Congress doesn't necessarily make the law work as consistently as practitioners would like it to work. This PodCast examines these four different Code provisions and their somewhat different view on whether "enough" is being done to get a tax benefit. The materials for the podcast can be found at http://edzollars.com/2007-02-17_Passive.pdf . This Podcast is spon...
Literally Too Good To Be True-IRS Memorandum on Partnership Transaction - Ed Zollars
January 19, 2007 04:51 - 15.7 MBThis PodCast considers an IRS memorandum that argues against the position taken by a taxpayer arguing that his transaction literally complies with Code Sections 731 and 732. The IRS argued that the transaction, which involved the partnership acquiring a residence for the partner to redeem his interest, actually represented the equivalent of a distribution of cash followed by the purchase of the house--a transaction that would have triggered a significant taxable gain. The materials for t...
The Future Vision of Estate Planning - Part II- Dick Nenno
November 28, 2006 23:33 - 44.4 MBThis is PART II of our two part PodCast, THE FUTURE VISION OF ESTATE PLANNING, a special presentation of Leimberg Information Services, Inc. (LISI) and is courtesy of the Wilmington Trust Company of Wilmington, Delaware. Wilmington Trust Company has been hosting panel discussion seminars entitled, "The Future Vision of Estate Planning" in major U.S. cities throughout 2006. WTC was kind enough to allow LISI to tape and share with LISI members its Wednesday, November 8th, 2006 program w...
The Future Vision of Estate Planning - Part I - Dick Nenno
November 28, 2006 23:07 - 56.8 MBThis is PART I of a two part PodCast, THE FUTURE VISION OF ESTATE PLANNING, a special presentation of Leimberg Information Services, Inc. (LISI) and is courtesy of the Wilmington Trust Company of Wilmington, Delaware. Wilmington Trust Company has been hosting panel discussion seminars entitled, "The Future Vision of Estate Planning" in major U.S. cities throughout 2006. WTC was kind enough to allow LISI to tape and share with LISI members its Wednesday, November 8th, 2006 program whic...
Close Doesn't Count-Accountable Plan Rulings - Ed Zollars
November 25, 2006 06:48 - 10.6 MBThis PodCast deals with rulings related to the accountable plan rules, and how the IRS interprets the options for implementing those rules. Specifically, we will focus on Revenue Rulings 2006-56 and 2005-52. The materials can be downloaded at http://edzollars.com/2006-11-25_Accountable_Plan_Per_Diem.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.le...
A Ringing in Your Ears-Telephone Tax Refunds and Businesses - Ed Zollars
November 16, 2006 21:42 - 14.4 MBThis PodCast is about the simplified method that businesses can elect to use to compute the amount of their refund for the federal long distance excise tax that the IRS finally agreed the law did not allow them to collect. The simplified method is elective, and uses April and September 2006 phone invoices to compute a percentage that is applied to all telephone expense throughout the relevant period. Materials, including the IRS notice and questions and answers, can be downloaded at http://...
It's a Matter of (Misplaced) Trust-Taxpayer Reliance on Advice - Ed Zollars
August 04, 2006 03:25 - 13.2 MBThis PodCast is about taxpayer advice and its reliability and its credibility in court. Taxpayers get their advice from a lot of sources, and we often end up having to defend our own advice against other sources. This week we have two cases that show that all advice is not created equal. In the case of Lehrer v. Commissioner (TC Memo 2006-156) a taxpayer learned the hard way that selecting a preparer predominantly on which one computes the lowest tax is not necessarily the best way to end ...
That's Not Income, That's a Discount - The Ninth Circuit Corrects the Tax Court - Ed Zollars
July 08, 2006 04:46 - 17.4 MBThis PodCast is about the tax implications of a prepaid purchase discount that may need to be refunded if purchase goals are not met. The issue has resurfaced as the Ninth Circuit Court of Appeals reversed the Tax Court in the case of Westpac Pacific Foods v. Commissioner. The Ninth Circuit's views on this topic differ both from those of the Tax Court and the IRS, each of which has it own views on this topic. In the podcast, the question to be addressed is what do we tell our clients who a...
What Did They Mean? Section 199 and Construction - Ed Zollars
June 30, 2006 03:41 - 13.7 MBThis Podcast is about construction costs. We take a look at the regulations under Section 199 as they define construction found at Regulation 1.199-3(m). These definitions are key for anyone who works with clients in construction related entities. The materials for this podcast can be downloaded at http://edzollars.com/2006-07-01_Construction.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and...
Whose Debt Is It Anyway? S Corporations and Loans from Related Entities - Ed Zollars
April 28, 2006 01:20 - 14 MBThis Podcast is about loans, S Corporations, and reality engineering. Shareholder debt to S corporations has proven to be a minefield for shareholders and their advisers, and the taxpayer and their adviser in the case of Ruckriegel v. Commissioner managed to step on a shareholder debt/basis mine twice in two consecutive IRS exams. In this case, the shareholders attempted to argue that loans from a partnership they controlled were actually loans to them from the partnership, followed by loans...
How Much to Tell--Adequate Disclosure and Section 6501(e) - Ed Zollars
April 07, 2006 04:08 - 12.5 MBThis PodCast uses the case of Benson v. Commissioner, TC Memorandum 2006-55, to examine the issue of what constitutes adequate disclosure under Section 6501(e)(1)(A)(ii) for purposes of avoiding the otherwise mechanical application of an extended six year statute on substantial underpayments. In this case, which the taxpayer ends up losing, the Court considers to what extent disclosures on other returns can "make up" for items not disclosed directly on the individual return. The text file...
I'm a Yankee Doodle Dandy-Just Not a Good Recordkeeper..- Ed Zollars
March 24, 2006 02:54 - 10.5 MBThis Podcast focuses on the issues and limitations involving the Cohan rule and its use in tax compliance and representation work. The materials can be downloaded from http://edzollars.com/2006-03-25_Cohan.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
In God We Trust, All Others Must Deposit With Us-Payroll Tax Trust Funds - Ed Zollars
March 17, 2006 03:35 - 12.7 MBThis PodCast covers issues involving payroll tax deposits, including the IRS and Social Security Administration recent caution about the use of payroll services to deposit taxes. This week we look at a case that invovled the embezzlement of payroll tax deposits by a payroll service, where the IRS successfully argued that the employer still was liable for the unpaid taxes even though they had believed the payroll service had deposited the taxes As well, we look at a case involving a share...
The Trouble With Disclaimers-Circular 230 Revisited - Ed Zollars
March 04, 2006 01:33 - 14.7 MBThis week's podcast pertains to the potential overuse of Circular 230 disclaimers. It arose from a discussion that began on the California Society of CPAs TaxTalk group on Yahoo about the widespread use of Circular 230 disclaimers. There seems to be an unfortunately false belief among many in the professions involved that a standard disclaimer eliminates any and all issues related to the revisions last summer to Circular 230. The podcast discusses both the issues outside of Circular 230 ...
Efficient Tax Research - Ed Zollars
February 17, 2006 03:47 - 22.8 MBThis Podcast considers issues and methods of tax research. Ed Zollars deals with research issues that arise in a tax practice. The materials are found at this link. 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
Circular 230 Update
October 14, 2005 19:00 - 27.7 MBThis podcast is based on a September 20, 2005 talk by Ed Zollars for the Arizona Society of CPAs on the changes to Circular 230 that became effective over the summer. To download a manual, click here. Please post your commments on the blogsite at http://ezollars.libsyn.com. Sponsored by Leimberg Information Services, Inc.(LISI) at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com This Podcast is sponsored ...
The $100,000 problem--Reportable and Listed Transactions
July 26, 2005 19:00 - 20 MBThis Podcast deals with reportable transactions and the penalty for failure to disclose. Download materials that consist of the Powerpoint for this presentation. 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
First Thoughts on Strangi II 5th Circuit Decision
July 17, 2005 19:00 - 4.09 MBThis presents a "first day" view of the Strangi decision issued by the Fifth Circuit Court of Appeals. The Fifth Circuit upheld the Tax Court's decision in TC Memo 2003-145, but did so without ruling on the merits of the 2036(a)(2) analysis that many practitioners viewed as the major concern in that case. From a CPA's perspective, this discussion looks at the risks involved from the fact that it's become clear that 2036(a)(1) attacks on operational problems with the FLP will render the FL...
Spiffy Self-Employment Tax
July 04, 2005 19:00 - 3.03 MBUpdated discussion of self-employment matters. The IRS poster referenced is at: http://www.irs.gov/pub/irs-pdf/p3204.pdf This Podcast sponsored by Leimberg Information Services, Inc. (LISI) at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site ...
Self-Employment Tax and LLCs
July 01, 2005 19:00 - 3.77 MBThe status of self-employment tax and limited liability companies. This a portion of a presented made at the Phoenix Tax Workshop. The materials for the full presentation, which also covers S are available. 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