Temp. Regs. Allow Deemed Election to Expense Startup, Organizational Costs
Article:
Effective July 8, 2008, the IRS issued new temporary regulations to amend the rules under Secs. 195, 248, and 709 regarding elections to deduct startup expenditures and organizational expenditures of corporations and partnerships (T.D. 9411).
Published on May 03, 2010
Tax Preparer and Taxpayer Reporting Standards Equalized
Article:
A provision in the 2008 Tax Extenders and AMT Relief Act sets the standard of conduct for preparers to avoid the penalty for understatement of tax due to an undisclosed return position at "substantial authority," the same standard applied to taxpayers. The controversial "more likely than not" standard has been
Published on May 03, 2010
Taxation of Long-Term Care Insurance
Article:
Discussing LTC insurance should be a priority for all professional advisers in order to help protect the best interests of their clients and families as they enter the "golden years" of their lives.
Published on May 03, 2010
Summary of the Sec. 409A Correction Program
Article:
The IRS has established a correction program for certain violations of the Sec. 409A rules.
Published on May 03, 2010
State Research Credits
Article:
Practitioners with clients conducting qualified research could find some hidden gems among state research credits
Published on May 03, 2010
Retailer Could Not Accelerate Rebate Liability via Recurring-Item Exception
Article:
The IRS released CCA 200834019, addressing whether a retailer could use the recurring-item exception of Sec. 461(h)(3) to treat its cash rebate liability as incurred in the year of the sale of the rebate-eligible product.
Published on May 03, 2010
Reminder Support Your Auto Expense
Article:
Editor: Michael D. Koppel, CPA, PFS Auto expenses are a very common deduction for business owners and employees who must travel. Often the taxpayer does not know the exact amounts necessary to calculate the proper deduction and the tax preparer must est
Published on May 03, 2010
Record Retention
Article:
Every firm should have a record retention policy and should have its legal counsel review this policy to make sure that all legal areas are covered. The policy should spell out what records should be kept and for how long.
Published on May 03, 2010
Partner Allowed to Make Different Elections for Different Partnership Interests
Article:
The Tax Court held that taxpayers owning multiple interests in the same partnership were entitled to make different elections under Sec. 6223 for each interest.
Published on May 03, 2010
Recent Trends and Developments in Sales and Use Taxation
Article:
Business taxpayers can expect their indirect tax expenses, from both tax outlay and cost of compliance standpoints, to increase over the next year as the state fiscal environment remains bleak.
Published on May 03, 2010
Nonphysical Injury Awards After Murphy
Article:
The taxation of nonphysical injury awards is far from settled, and taxpayers and practitioners should be diligent in monitoring future developments.
Published on May 03, 2010
Massachusetts Taxes All Contributions to 401(k) Plans by Self-Employed Individuals
Article:
Contributions made to a 401(k) plan by self-employed individuals are not deductible for Massachusetts income tax purposes effective for tax years beginning on or after January 1, 2008
Published on May 03, 2010
Massachusetts Corporate Tax Law Changes Effective in 2009
Article:
Massachusetts enacted a law aimed at simplifying the corporate tax structure and raising revenue while cutting corporate tax rates
Published on May 03, 2010
Continued Trend Toward State Related-Party Expense Addback
Article:
In recent years, several states have enacted provisions requiring the addback of certain related-party expenses.
Published on May 03, 2010
California Combined Report Includes Unitary Insurance Subsidiary
Article:
The California State Board of Equalization ruled that a taxpayer's combined report should include a wholly owned unitary insurance subsidiary.
Published on May 03, 2010