The Tax Adviser February 2009 

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    The Tax Adviser February 2009

    Published on April 29, 2010

    Using a Limited Liability Partnership as the Entity of Choice

    Article A new type of entity that has appeared in the United States in recent years is the limited liability partnership (LLP) or registered limited liability partnership (RLLP). This entity is similar in many respects to the limited liability company (LLC). All states now have LLP statutes.
    Published on June 01, 2009

    Treatment of Gift Card/Certificate Sales No Answers, More Questions

    Article This item highlights certain issues raised by a recent IRS Large and Mid-Size Business Division directive dated October 3, 2008, about the treatment of revenue from the sale of gift cards
    Published on February 01, 2009

    Subsequent Deferral Elections May Bring Surprises Under Sec. 409A

    Article Nonqualified deferred compensation must comply with a vast set of new rules for nonqualified plans.
    Published on February 01, 2009

    Determining the Correct FMV of Private Company Stock When Stock Options Are Granted

    Article When a stock option is granted to an employee, great care must be taken to ensure that the exercise price is equal to or greater than the stock's fair market value (FMV) on the option's grant date. If the exercise price is lower than the FMV, resulting in a "discounted"
    Published on February 01, 2009

    Be Careful Making Disclaimers Where Trusts Are Involved

    Article Disclaimers are very useful tools for estate planners, especially in postmortem planning. However, if an estate planner is not diligent in the planning and execution of a disclaimer, it can have adverse transfer tax consequences.
    Published on February 01, 2009

    IRS Provides a Simplified Method for Late Filing Relief

    Article The IRS has provided a simplified method to request relief for certain late filings under Secs. 897 and 1445.
    Published on February 01, 2009

    New Regs. Govern Overseas Disclosure and Use of Taxpayer Information

    Article The IRS issued final regulations under Sec. 7216 to update the existing rules to address current tax industry practices, such as electronic preparation and filing, expanded tax and nontax service offerings, and resource sharing across national borders.
    Published on February 01, 2009

    Casting Doubt on the Accrual of Interest

    Article Due to the recent turmoil in the credit markets, creditors and borrowers alike are evaluating the tax treatment of interest accruals related to troubled loans. Generally, interest is taken into account by a taxpayer according to the taxpayer's regular method of accounting.
    Published on February 01, 2009

    Maryland Tax Court Adopts Economic Substance Doctrine

    Article Two recent decisions highlight the Maryland Tax Court's creation and use of the economic substance doctrine in cases involving the use of intangible holding companies.
    Published on February 01, 2009

    New Transaction of Interest Identified

    Article In Notice 2008-99, the IRS identified a new transaction of interest (TOI) for purposes of the reportable transaction disclosure and list maintenance rules under Secs. 6011, 6111, and 6112.
    Published on February 01, 2009

    Taxpayers Should Be Proactive When Filing Accounting Method Changes

    Article This item discusses the difficulties that arise when trying to determine whether an issue is under consideration for purposes of the 90-day or 120-day windows; it examines a recently released technical advice memorandum that illustrates the complex nature of this problem in the context of a nonautomatic accounting method change
    Published on February 01, 2009

    Requirements for the Creation of Permanent Establishment in Germany

    Article The German federal tax court ruled that use of business premises or a plant does not constitute a permanent establishment under §12 of the general tax code, subject to taxation in Germany, when the foreign company does not have certain authority over the business premises or plant in which it
    Published on February 01, 2009

    IRS Issues Guidance on Determining Wagering Gains and Losses

    Article The Office of Chief Counsel issued a memorandum explaining how to determine the wagering gains and losses of casual gamblers.
    Published on February 01, 2009

    The Tax Return Preparer Standard Policy Developments

    Article The tax return preparer standard set forth in Sec. 6694 has been subject to a series of revisions and refinements.
    Published on February 01, 2009

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