Now Is the Time Converting a C Corporation to an S Corporation or LLC
Article:
The current uncertain economic environment may present an opportunity to exit C status and its attendant double taxation at an acceptable current tax cost.
Published on April 19, 2013
The ABCs of Acquisitive Reorganizations
Article:
This column addresses the call for more active teaching methods by providing tax educators an interactive spreadsheet assignment to incorporate into an introductory taxation course.
Published on August 01, 2012
Operating a QSub
Article:
A qualified subchapter S subsidiary (QSub) is a subsidiary corporation 100% owned by an S corporation that has made a valid QSub election for the subsidiary.
Published on August 01, 2012
2011 Best Article Award
Article:
The winner of The Tax Adviser’s 2011 Best Article Award is Tony Nitti for his article “S Corporation Shareholder Compensation: How Much Is Enough?”
Published on August 01, 2012
Application of the Consolidated Tax Return Rules to Insolvent Members
Article:
The tax treatment of an insolvent debtor realizing discharge of indebtedness income under the U.S. consolidated income tax return rules can vary considerably depending on the particular circumstances.
Published on August 01, 2012
Circular 230, Section 10.21, and SSTS No. 6 Standards Relating to Taxpayer Errors and Omissions
Article:
Circular 230 SSTS No. 6 impose standards of conduct on CPAs who discover an error or omission in a prior-year tax return.
Published on August 01, 2012
Computing the Includible Portion for Graduated GRATs
Article:
Recent regulations provide practitioners a reminder that planning discussions with clients considering graduated GRATs should include a review of the potential consequences presented if the grantor dies prematurely
Published on August 01, 2012
Sec. 83 Substantial Risk of Forfeiture Clarified
Article:
The IRS issued proposed regulations that would clarify when a substantial risk of forfeiture exists on the transfer of stock to an employee that is treated as compensation under Sec. 83.
Published on August 01, 2012
New $2,500 Health FSA Limit Guidance
Article:
The IRS provided guidance on implementation by employers of the $2,500 annual limit on employee salary reduction contributions to health FSAs.
Published on August 01, 2012
Supreme Court Health Care Mandate Is Constitutional as a Tax
Article:
The Supreme Court declared the mandate requiring U.S. citizens and legal residents to maintain minimum essential health coverage to be a permissible exercise of Congress’s taxing powers under the Constitution.
Published on August 01, 2012
Notice Issued on Smart Cards and Debit Cards Used for Transit Fares
Article:
The IRS has asked for comments on issues regarding the use of smart cards and debit or credit cards to pay transit fares.
Published on August 01, 2012
PTIN Fees Are Valid, Federal Court Holds
Article:
The Eleventh Circuit held that the fee the IRS charges to issue PTINs to tax return preparers, who are required to use the PTINs on returns they prepare, is valid
Published on August 01, 2012
IRS Makes Offer-in-Compromise Rules More Flexible
Article:
The IRS announced that it is making the terms under which it will accept offers in compromise more flexible.
Published on August 01, 2012
IRS Issues Regs. on Sec. 7874 Expatriated Entities
Article:
The IRS issued temporary regulations governing whether a foreign corporation has “substantial business activities” in a foreign country compared to the total business activities of the expanded affiliated group
Published on August 01, 2012
Going Green Yields Immediate Tax Savings
Article:
Taxpayers may not be aware of many tax incentives are available at the federal, state, and local levels to defray the costs of energy-efficient equipment and systems.
Published on August 01, 2012