This week we’ll look at the following::

Paying employees as wellness program incentive is a taxable event
IRS rules an estate settlement will be taxing to the heir who gives up right to property
A taxpayer ends up paying tax twice on the same income
Sanctioned preparer’s work in preparing others returns did now his return should be subject to fraud penalty on understatements
IRS agrees LLC can make initial election long after it was formed

Current Federal Tax Developments is brought to you by your state society of CPAs and Nichols Patrick CPE, Incorporated.

A PDF with the information for this week's developments is available below.