Nonaccrual-Experience Book Safe-Harbor Method
Article:
Taxpayers generating revenues from services may now be able to use the nonaccrual-experience book safe-harbor method to exclude qualifying uncollectible revenues from taxable income.
Published on July 02, 2012
The Tax Adviser June 2012
Publication:
Articles Section 530 Relief for Worker Classification Controversies Claire Nash A Road Map of Tax Consequences of Modifying Debt How
Published on July 01, 2012
A Road Map of Tax Consequences of Modifying Debt
Article:
As a result of the recession, many borrowers are “underwater” on their loans (the property is worth less than the loan balance). This has led to a substantial increase in debt restructuring activity.
Published on June 01, 2012
Recurring-Item Exception Can Economic Performance Be Accelerated
Article:
Rev. Rul. 2012-1 addresses the application of the economic performance rules and whether the recurring-item exception may be applied to accelerate economic performance with respect to liabilities for the lease of equipment and a related maintenance agreement.
Published on May 31, 2012
Who Is a Limited Partner The IRS Issues Sec. 469 Prop. Regs.
Article:
Despite its importance in assessing an individual’s tax liability, the determination of whether a person is a “limited partner” for federal income tax purposes is often uncertain.
Published on May 31, 2012
Accounting for Customer Loyalty Programs Opportunities and Pitfalls
Article:
An often overlooked regulation may offer substantial benefits with respect to the treatment of redemption costs for taxpayers with loyalty programs.
Published on May 31, 2012
Multistate Partnerships To Withhold, or Not to Withhold
Article:
The varying rules for withholding can create a compliance nightmare for multistate partnerships with a large number of partners.
Published on May 31, 2012
Golden Parachute Calculations 10 Misunderstood Aspects of Secs. 280G and 4999
Article:
When a company experiences a change in control, the golden parachute rules are intended to discourage excessive compensation for “disqualified individuals” by imposing adverse tax consequences on both the company and the disqualified individuals.
Published on May 31, 2012
Lifetime Tax Planning for LLC Owners
Article:
Several steps can be taken before a LLC member’s death to reduce estate and income taxes and to plan for an orderly succession.
Published on May 31, 2012
IRS Withholding Tax Enforcement Dropping the Other Shoe
Article:
Despite a hefty price for noncompliance—including secondary liability for the withholding tax, interest, and various penalties—U.S. companies have yet to master the science of cross-border withholding.
Published on May 31, 2012
Key Planning Considerations for Cash Flow in Retirement
Article:
Assuring sufficient cash flow during retirement is a critical planning consideration. This column addresses various factors that affect cash flow for retirees in the current economic climate.
Published on May 31, 2012
Sidestepping Deferred Intercompany Gain
Article:
This item illustrates how transfers of items outside a U.S. consolidated group can trigger a deferred intercompany gain and suggests ways to avoid that result in certain situations.
Published on May 31, 2012
Mailbox Rule Does Not Apply Where Taxpayer Cannot Prove Mailing
Article:
The First Circuit dismissed a suit for refund of Federal Insurance Contributions Act (FICA) taxes Maine Medical Center mistakenly paid for its medical residents in the 2001 tax year.
Published on May 31, 2012
FATCAs Withholding Requirements for Foreign Financial Institutions
Article:
FATCA imposes rigid new account identification, reporting, and tax withholding requirements on foreign financial institutions and other withholding agents.
Published on May 31, 2012
Priority Phone Service Created for Correspondence Audits
Article:
The IRS has launched a new toll-free phone service for tax professionals to use when responding to correspondence examination telephone calls or letters.
Published on May 31, 2012