March

    The Tax Adviser March 2009 

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    Current Corporate Income Tax Developments (Part I)

    Article During 2008, there were many changes in the area of state and local corporate income taxation. This article focuses on some of the more interesting items in the following corporate income tax areas: nexus, tax base, allocable/apportionable income.
    Published on January 28, 2011

    Decision Not to Reinstate Offer Upheld

    Article The Tax Court held that an IRS Appeals officer’s decision in a collection due process hearing not to reinstate a taxpayer’s offer in compromise after the taxpayer failed to meet a condition of the offer in compromise was not an abuse of discretion.
    Published on January 28, 2011

    Ex-Wifes Share of Military Retirement Payments Is Subject to Tax

    Article The Tax Court held that a taxpayer’s share of her ex-husband’s military retirement payments was subject to tax despite the fact that a domestic relations order specified that taxes were to be withheld from the payments before the taxpayer’s share of the payments was determined.
    Published on January 28, 2011

    Partner Cannot Sue for Refund of Penalty Paid by Partnership

    Article The Eighth Circuit reversed a district court and held that where a partnership paid a penalty under a closing agreement with the IRS, a partner in the partnership did not have standing to sue for a refund of part of the penalty payment.
    Published on January 28, 2011

    Retaining Key Employees in a Tough Economic Environment

    Article Employee retention has long been an issue in public accounting. Firms across the country are implementing unique as well as time-tested strategies to deal with this concern.
    Published on January 28, 2011

    Claiming Ordinary Losses for Sec. 1244 Stock

    Article Sec. 1244 encourages new investment in small business by permitting investors to claim an ordinary (rather than a capital) loss on the disposition (including worthlessness) of qualifying small business stock.
    Published on January 28, 2011

    Sec. 121 Planning Opportunities After the Housing Assistance Tax Act

    Article The Housing Assistance Tax Act of 2008 (the Housing Act) implemented major revisions to Sec. 121.
    Published on January 28, 2011

    Employment Tax Reporting for Disregarded Entities

    Article Many tax-exempt organizations have formed single-member limited liability companies (SMLLCs) as integral parts of their entity structure. However, SMLLCs with employees have new reporting requirements effective January 1, 2009.
    Published on January 28, 2011

    New Material Adviser Reporting Rules

    Article The IRS has issued proposed regulations relating to the reporting rules for material advisers (REG-160872-04).
    Published on January 28, 2011

    Regulations Eliminate Hot Stock Rule for Certain Reorgs.

    Article The IRS issued regulations that generally hold that the so-called hot stock rule is inapplicable in reorganizations where a subsidiary is a member of the distributing corporation’s separate affiliated group.
    Published on January 28, 2011

    Guidance on Unbundling Trust Fees

    Article The IRS announced that for tax years beginning before January 1, 2008, nongrantor trusts and estates would not be required to unbundle their fiduciary fees to determine what portion is subject to the Sec. 67(a) 2% threshold for itemized deductions.
    Published on January 28, 2011

    IRS Explains How Unmarried Taxpayers Allocate First-Time Homebuyer Credit

    Article The IRS has issued Notice 2009-12, explaining how the Sec. 36 first-time homebuyer credit should be allocated between unmarried taxpayers who buy a principal residence together.
    Published on January 28, 2011

    Must LIFO Go to Make Way for IFRS

    Article Currently, IFRS do not allow for the use of the LIFO inventory method, jeopardizing its use for U.S. tax purposes due to the LIFO conformity requirement in Sec. 472. The disallowance of the use of LIFO for tax purposes would result in a large current tax bill for many of
    Published on January 28, 2011

    The Importance of Proper and Timely Hedge Identification

    Article In general, failure to properly identify a hedge for tax purposes may expose a taxpayer to ordinary treatment of gains and capital treatment of losses (i.e., character whipsaw).
    Published on January 28, 2011

    Notice 2008-111 Recent Guidance on Intermediary Transactions

    Article On December 2, 2008, the IRS issued Notice 2008-111, which provides guidance on transactions it considers intermediary transaction tax shelters.
    Published on January 28, 2011

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