S Corporations with Earnings and Profits

Article:  S corporations that have accumulated C corporation earnings and profits have both problems and opportunities. This article discusses the opportunities and explores solutions to the problems.
Published on January 28, 2011

2010 Arthur J. Dixon Memorial Award

Article:  The AICPA’s Tax Executive Committee voted to bestow the 2010 Arthur J. Dixon Memorial Award on Thomas J. Purcell III.
Published on January 28, 2011

Current Developments in Employee Benefits and Pensions (Part II)

Article:  This two-part article covers significant developments in late 2009 and 2010 in employee benefits, including executive compensation, health and welfare benefits, qualified plans, and employment taxes. Part II focuses on guidance released and changes to the rules for executive compensation and qualified plans.
Published on January 28, 2011

The HIRE Act of 2010

Article:  In March 2010, Congress enacted the Hiring Incentives to Restore Employment Act, which includes provisions to encourage employers to hire new employees and to make new capital investments. This article discusses these new incentives, as well as the revenue-raising provisions included in the act to offset their cost.
Published on January 28, 2011

IRS Delays Mandatory W-2 Reporting of Health Care Coverage Costs

Article:  The IRS issued interim relief to employers regarding reporting the costs of group health plan coverage to employees. Under the notice, notification to employees on Form W-2 will not be required for 2011.
Published on December 21, 2010

Increasing Passive Activity Loss Deductions with Self-Charged Interest

Article:  Generally, portfolio income cannot be used to offset passive activity losses, but there is a special rule for self-charged interest. This column examines the conditions under which such interest income is considered passive activity income.
Published on December 01, 2010

Elections to Direct Credit Card Rebates to Qualified Charities

Article:  In a letter ruling, the IRS addressed the common concept of credit card companies allowing their customers to request that their credit card rebates be donated to charity.
Published on December 01, 2010

GRATs in 2010 Still a Viable Estate and Gift Tax Planning Option

Article:  This item describes the use of the grantor-retained annuity trust (GRAT) in estate and gift planning.
Published on December 01, 2010

Planning for the New Medicare Taxes

Article:  The recently passed 2010 health care reform legislation added two additional Medicare taxes intended to help pay for the new legislation. This item looks at the details of both the 3.8% investment income tax and the 0.9% hospital insurance tax increase and reviews some of the effects they will have
Published on December 01, 2010

Reorganizations and Tax Attribute Survival

Article:  Whether tax attributes will survive corporate tax reorganizations often becomes a critical consideration in assessing the ramifications of a proposed transaction. This item discusses issues surrounding these reorganizations and emphasizes the need for practitioners to have a good foundational understanding of the relevant rules.
Published on December 01, 2010

Qualified Sponsorship Payments and Advertising Income Analyzing Unrelated Business Taxable Income

Article:  Determining whether receipts qualify as sponsorship payments or advertising income can be quite burdensome for most nonprofit organizations. The item describes how to properly structure unrelated business taxable income so as not to adversely affect the organization’s cashflow.
Published on December 01, 2010

Remodel or Rebuild How the Decision Could Affect the Sec. 121 Exclusion

Article:  The recent Gates decision forces practitioners to reexamine the types of questions they ask a client during tax planning or their annual tax interview if the client has sold his or her personal residence.
Published on December 01, 2010

Grouping Rental Real Estate Activities Under Regs. Secs. 1.469-4 and 1.469-9

Article:  This item reviews fundamental relationships of the grouping of activities under Regs. Sec. 1.469-4 and the grouping of rental real estate activities under Regs. Sec. 1.469-9.
Published on December 01, 2010

Deepwater Horizon and Sec. 162

Article:  This item examines the deductibility of fines and penalties incurred by BP in the Deepwater Horizon explosion.
Published on December 01, 2010

Massachusetts Passes Economic Development Act

Article:  This item reviews the 2010 Massachusetts Economic Development Reorganization Act, which made significant reforms and clarifications to Massachusetts tax law.
Published on December 01, 2010