Two days, two revisions:  the IRS on September 25 issued proposed regulations to revise Circular 230 §10.34, and the 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 .

The podcast is sponsored by Leimberg Information Services, on the web at http://www.leimbergservices.com .

The IRS released a Chief Counsel Advice (CCA 200734021) that dealt with how to interpret the language found in Section 121(d)(5) that, in certain cases, will allow a taxpayer to treat a residence that is destroyed as if it were sold for purposes of ignoring up to $250,000/$500,000 of gain under Section 121(a).

The materials for this week's podcast are found at http://www.edzollars.com/2007-09-01_Residence.pdf .

The podcast is sponsored by Leimberg Information Services, found at http://www.leimbergservices.com .