The Tax Adviser December 2009 

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    The Tax Adviser December 2009

    Published on April 29, 2010

    The Effect of IFRS Implementation on Tax

    Article The primary goal of this article is to explain how the implementation of IFRS (whether through convergence or adoption) would affect tax.
    Published on December 01, 2009

    All Aboard The Impact of the New York State MTA Payroll Tax on Alternative Investment Fund Managers

    Article Assembly Bill A08180, establishing the Metropolitan Commuter Transportation Mobility Tax. The bill imposes a new tax on employers and self-employed individuals engaging in business within the 12 counties of the Metropolitan Commuter Transportation District.
    Published on December 01, 2009

    Travel Sites Held to Owe Millions in Transaction Taxes to Various Jurisdictions

    Article Online travel companies could be forced to pay millions in uncollected taxes, penalties, and interest under recent state court rulings in Georgia and California, with other jurisdictions to possibly follow.
    Published on December 01, 2009

    An Overview of Major Property Tax Relief Measures

    Article Every state employs some form of property tax relief program for the purpose of reducing the local property tax bill for taxpayers. A property tax relief program modifies the basic property tax model in an attempt to produce a smaller tax bill for at least some taxpayers. A relief program
    Published on December 01, 2009

    Ohios CAT Upheld

    Article The Supreme Court of Ohio has ruled that the state’s commercial activity tax (CAT) does not violate the Ohio constitution’s prohibition of excise or sales taxes upon food sales and purchases.
    Published on December 01, 2009

    Recognizing When an S Corporation Has Accumulated Earnings and Profits

    Article Both a C corporation and an S corporation can distribute taxable dividends to the extent that the corporation has accumulated earnings and profits (AE&P). An S corporation cannot generate earnings and profits (E&P) but a C corporation’s AE&P transfers to the S corporation when the S election is made.
    Published on December 01, 2009

    Assessing Professional Tax Advice and Taxpayer Sophistication

    Article This article investigates the courts’ interpretation of reasonable cause and good faith in circumstances where the IRS has imposed a negligence penalty.
    Published on December 01, 2009

    Practice Continuation Agreements for Sole Practitioners

    Article Too few sole practitioners have a plan in place to address a situation in which they may become unable to operate the practice due to disability or death.
    Published on December 01, 2009

    An Overview of IRS Electronic Payment Options

    Article With the e-filing of tax returns becoming more and more prevalent, practitioners and their clients should also take advantage of other electronic services that the IRS has introduced in recent years.
    Published on December 01, 2009

    Taxability of Employer-Owned Life Insurance Contracts

    Article Sec. 101(j)(1) limits the amount of tax-free treatment a person (which can be any type of entity) can receive from the proceeds on an employer-owned life insurance (EOLI) contract.
    Published on December 01, 2009

    LLC Interests as Limited Partnership Interests Sec. 469 Revisited

    Article The focus of recent cases has been on application of the “limited partner” rule of Sec. 469(h)(2) and, based on the specific language contained in Temp. Regs. Sec. 1.469-5T, whether an interest in an LLC should be treated as an “interest in a limited partnership as a limited partner.”
    Published on December 01, 2009

    IRS Memo Allows Taxpayer to Deduct Interest on $1.1 Million Mortgage

    Article The IRS Office of Chief Counsel has issued a memorandum in which it reinterprets the definition of “acquisition indebtedness” to allow a taxpayer to deduct interest on the first $1.1 million of his or her mortgage instead of the usual $1 million limit.
    Published on December 01, 2009

    Tax Ramifications of a Foreclosure A Debtors Perspective

    Article The tax ramifications of a foreclosure, from a debtor’s perspective, can best be understood by first exploring the general approach to determining the tax treatment of any particular debt forgiveness event. This approach begins with a twostep process. The first step is to divide the debt into two components: (1)
    Published on December 01, 2009

    Real Estate Professionals Do Their Rentals Qualify for Nonpassive Status

    Article Taxpayers who make their living in a trade or business related to real property are held to a different standard than other taxpayers when it comes to the rental passive activity loss rules of Sec. 469.
    Published on December 01, 2009

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