We revisit the issue of what exactly is timely filing, revisiting an issue last covered in a podcast back in October of 2005.  This time we look at the Tenth Circuit's opinion in the case of Gibson v. Commissioner, a case that illustrates how a taxpayer who thought he was complying with the requirements to prove a timely filing of his Tax Court petition managed to find a way to not get the benefit he thought he had.

The materials are available at http://www.edzollars.com/2008-02-25_Timely_Filing_PodcastII.pdf .

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

This podcast was originally recorded to go up last week, but the new tax bill displaced it so a week late we'll look at something that might have escaped your notice in the tax bill passed last May.  This podcast discusses an issue highlighted in, of all places, the instructions to Form 1065.  The issue is the side effect that occurs when married taxpayers holding rental property in an LLC or other form eligible to elect Qualified Joint Venture Treatment under §761(f) elect to be treated as a Qualified Joint Venture. 

The effect is that the rental income (or loss) is no longer exempted from being treated as self-employment income, but now is treated as such.  We'll discuss why this is the case, as well as the interesting location the IRS chose to give us the details of this impact as well as how to actually make the election under §761(f) for any entity.

The materials for the podcast are located at http://www.edzollars.com/2008-02-11_Joint_Venture.pdf .

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

Congress passed the Economic Stimulus Package of 2008 this week that makes a few, but significant, tax law changes for 2008.  This podcast talks about what Congress did and what we need to do about it.

Materials are available at http://www.edzollars.com/2008-02-09_Economic_Stimulus.pdf .

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

A listener who was following along in some discussions on the Arizona Society of CPAs sent me an email suggesting that perhaps it might be useful to look at the issues involved with LLCs and S corporations.  This week we will look at this issue, one that often doesn't get covered well since the topic cuts across what is often covered in partnership discussions (the use of LLCs) and S corporations (where often LLCs are presented as an alternative to, rather than a potential form of, an S corporation).

The podcast covers issues that arise when a single member LLC is used to hold S corporation stock, as well as when an LLC elects corporate status and wishes to be taxed under the S corporation rules.

The materials are at http://edzollars.com/2008-02-04_S_Corporation.pdf .

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