The Tax Adviser November 2009 



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    Current Developments in Employee Benefits and Pensions (Part I) - 2009

    Article This two-part article provides an overview of current developments in employee benefits, focusing on new guidance regarding executive compensation and health and welfare benefits.
    Published on January 22, 2013

    Automatic Accounting Method Change Procedures Modified

    Article The IRS has modified the procedures for obtaining automatic consent to change an accounting method.
    Published on January 28, 2011

    CPA Exam Aligns with Model Tax Curriculum

    Article The content of the Uniform CPA Examination has been updated and now reflects many of the recommendations of the Model Tax Curriculum.
    Published on January 28, 2011

    Current Developments in S Corporations (Part II)

    Article This article discusses S corporation eligibility, elections, and termination issues. It covers significant topics related to a second class of stock, trusts owning S corporation stock, and an interesting ruling on the reelection of S status.
    Published on January 28, 2011

    Third-Party Tax Opinion Letters Held by IRS Are Not Discoverable

    Article The Tax Court denied a taxpayer’s motion to compel the IRS to produce redacted copies of all third-party tax opinions regarding son-of-boss transactions it had collected, as well as a list of the names and addresses of all law firms and accounting firms known to the IRS to have issued
    Published on January 28, 2011

    Res Judicata Does Not Bar Taxpayer from Claiming NOL Carrybacks

    Article The Tax Court ruled that the doctrine of res judicata did not bar a taxpayer from claiming net operating loss (NOL) carrybacks to 1999 and 2000, despite a prior deficiency case involving those years, because the statutory scheme for NOL carrybacks includes Sec. 6511(d)(2)(B) (i), which allows a refund attributable
    Published on January 28, 2011

    Guidance on Late Entity Classification Elections

    Article The IRS released Rev. Proc. 2009-41, which gives eligible entities guidance on how to obtain relief when they make a late entity classification election. The relief is available for 3 years and 75 days after the requested effective date of the eligible entity’s classification election.
    Published on January 28, 2011

    Tax Practitioners Face Increasing Regulation

    Article Congress and the IRS have been focusing on regulating tax and financial services. Although the problems that are being addressed were not caused by CPAs, practitioners may be swept up in the solution.
    Published on January 28, 2011

    COD Information Reporting Rules Finalized

    Article The IRS issued final regulations regarding information returns for cancellation of indebtedness by certain entities.
    Published on January 28, 2011

    Dependency Exemption for Divorced or Separated Parents

    Article When a child is supported by his or her parents, the dependency exemption is normally a simple matter. However, the situation is much more complicated when it comes to divorced or separated parents.
    Published on January 28, 2011

    LLCs, LLPs, and the Passive Loss Rules

    Article Sec. 469(h)(2) treats a limited partner’s losses from an interest in a limited partnership as presumptively passive. The IRS has taken the position that a taxpayer who is a member of an LLC or LLP that is taxed as a partnership should be treated as a limited partner and therefore
    Published on January 28, 2011

    Appeals Mediation Process Expanded and Updated

    Article The IRS expanded the number of cases that are eligible to go through mediation in Appeals and updated the mediation procedures (Rev. Proc. 2009-44).
    Published on January 28, 2011

    Tax Treatment of Employment-Related Judgments and Settlements

    Article Recent program manager technical assistance provides a detailed analysis of the IRS’s position on dealing with income and employment tax consequences, as well as appropriate reporting, of employment-related judgment or settlement payments.
    Published on January 28, 2011

    Treatment of Foreign Currency Option Gains

    Article Sec. 988 treats most (but not all) gains and losses from foreign currency transactions as ordinary in character. Depending on the taxpayer’s circumstances, this treatment can be favorable or otherwise.
    Published on January 28, 2011

    U.S.-Source FDAP Income Compliance Designated as Tier 1 Issue

    Article The IRS has designated the obligation of U.S. withholding agents to report and withhold on U.S.-source fixed or determinable annual or periodic (FDAP) income as a Large and Mid-Size Business (LMSB) Division Tier 1 issue.
    Published on January 28, 2011

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