Iras, 401(k), 403(b), 412, 419 Tax Law Analysis

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 concerns IRS Notice 2007-7 that explains the distribution provisions in the Pension Protection Act of 2006.  We focus on some of he provisions contained in this notice that would be of special interest to advisers of closely held businesses and their owners.The materials for the podcast can be downloaded from http://edzollars.com/2007-01-12_IRS_PPA_Notice.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 issue of whether an individual is or isn't considered an active participant in a retirement plan.The determination can be complex, as the taxpayer found out in the case of Colombell v. Commissioner, TC Summary 2006-184.  As the taxpayer discovered, the mere fact she was not earning any benefit under the plan (nor was she likely ever to do so) did not mean she was not an active participant, as the regulations define that term.The materials can be downloaded from http://edzollars.com/2006-12-02_Participant.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 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 up well advised.And the case of Diem v. Commissioner (TC Summary 2006-121) is useful for those clients that will try and check your advice by calling the IRS for an answer and then reporting the IRS's answer to you (so, you know, you don't have to do any work on that one).  Mr. Diem was clobbered when it turned out an IRS employee's assurance that the program offered by his employer would be treated just like the workers compensation style claim he was giving up for tax purposes turned out not to be so

This PodCast is about the Section 72(t) penalty tax on premature distributions and the question, "Is a distribution made to a surviving spouse that was rolled to her IRA but can be traced to her deceased spouse's IRA account eligible for the death benefit exception to Section 72(t)?"  Considering a nearly $100,000 penalty was on the table, the taxpayer in the case of Gee v. Commissioner (127 TC No. 1) certainly hoped the Tax Court would answer "Yes".  Unfortunately for her, the Tax Court answered in the negative.  We look at the facts of her case, as well as the whole question of whether a surviving spouse should elect to treat an IRA as his/her own or take it as a beneficiary.The materials can be downloaded at http://www.edzollars.com/2006-07-29_IRA_Spouse.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 TIPRA , the Tax Increase Prevention Act of 2005.  We finally have a 2005 extender bill, albiet missing a few extenders and with a few surprises (some good, some not so great).  The President signed the bill into law this week, so it's time to look at the details that were in the bill.The materials for this podcast can be found at http://edzollars.com/2006-05-20_TIPRA.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 deals with the 'premature distributions' penalty tax and its exceptions. Taxpayers who take distributions from retirement plans prior to attaining age 59 1/2 have to deal with a confusing set of rules that makes some distributions subject to and some distributions exempt from the 10 percent addition to tax under 72(t).  Two recent cases illustrate both the traps that exist for the unwary and how a taxpayer managed to convince the Tax Court he qualified for an exception from the penalty despite IRS arguments to the contrary.The materials for the podcast can be downloaded from http://edzollars.com/2006-05-13_Premature.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 tax issues relating to mail the IRS sends to the wrong address, mail that never makes it to the taxpayer, or mail that arrives late.  Much of the information that taxpayers need to deal with their tax obligation arrives via the U.S. mail.   While we've previously considered what happens when the taxpayer attempts to send documents to the IRS that the IRS claims never arrived, this PodCast considers a case and a letter ruling involving mail that was sent to an address the taxpayer did not currently live at when the mail arrived.Since those of us who do compliance work now have a real need to relax, the podcast also has a brief off-topic discussion of an additional internet audio option--internet radio with discussions about four different stations.The materials for this podcast can be found athttp://edzollars.com/2006-04-22_Lost_in_Transit.pdf This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, b

This 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

This podcast discusses simplified employee pensions, including the basic rules that apply to them, and the gotchas that clients tend to run into. The materials are available from 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

We look at a  private letter ruling where the IRS made it clear that taxpayers who use the 60 day rollover rule to "borrow" from their IRA do so at their own risk, even if events completely out of their control intervene to make it impossible to complete the rollover. This podcast discusses the law surrounding the 60 day rollover, and the details of this particular ruling. Be sure to download the materials before listening to the podcast. 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 deals with three cases that pertain to attempts to have the court deal with the substance of a transaction as opposed to its form. We'll discuss why the IRS can succeed at this, while taxpayers have an uphill fight in most cases. This week's developments in the area of extensions for 2006 and the IRS's losing battle on the excise tax on flat rate per minute long distance and the excise tax on toll calls are also discussed. The materials can be downloaded by clicking here. 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 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 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 quick update summarizes the items contained in the Katrina Emergency Tax Relief Act of 2005 (KETRA), concentrating on those items that have impact across the country, as well as summarizing provisions that are targeted directly at the Katrina disaster area. An outline can be downloaded via this link. If you are reading this in iTunes, go to the main website (noted below) to see that link and get the outline. 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 deals with arbitration awards and IRA accounts. What happens when a taxpayer is awarded an amount in arbitration regarding the management of an IRA account, but the award is paid to the taxpayer? Can these funds be put back into the IRA? We consider three IRS private letter rulings on the subject to show both what has worked and what has not, at least in the IRS's view. We also look at the case of a taxpayer who tries to invoke the Cohan case, only to have the Tax Court explain the limits of the use of that case. As well, the court points out that merely because the IRS settled a similar case in a certain manner doesn't entitle the taxpayer to the same settlement. The case is Stewart v. Commissioner, TC Memo 2005-212. Be sure to download the related materials for this podcast from 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.leimber

This 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