September

    The Tax Adviser September 2010 

     

     

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    Taxation of LLC Members as General Partners

    Article In recent decisions, courts have held that interests in an LLC that elects to be treated as a partnership for federal income tax purposes should not be treated as limited partnership interests per se.
    Published on January 28, 2011

    Act Provides Temporary Funding Relief for Pension Plans

    Article The Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act allows single-employer plans to elect to amortize over a longer period pension shortfalls caused by losses in asset value they experienced in 2008.
    Published on January 28, 2011

    IRS Proposes PTIN Fees

    Article The IRS proposed to begin charging all authorized tax preparers a $50 user fee to obtain or renew annually a preparer tax identification number (PTIN).
    Published on January 28, 2011

    Closing Date Deadline for Homebuyer Credit Extended to September 30

    Article The Homebuyer Assistance and Improvement Act extends the closing date deadline to qualify for the first-time homebuyer credit from June 30, 2010, to September 30, 2010.
    Published on January 28, 2011

    IRS Announces Phase-in of Mandatory E-Filing

    Article The Worker, Homeownership, and Business Assistance Act mandates e-filing by almost all return preparers; it requires any return preparer who files more than 10 individual income tax returns per year to e-file those returns, starting in 2011.
    Published on January 28, 2011

    IRS Launches Gulf Oil Spill Hotline

    Article The IRS announced that it has set up a special toll-free telephone line for taxpayers affected by the oil spill in the Gulf of Mexico.
    Published on January 28, 2011

    CPA Conflicts of Interest

    Article Avoiding conflicts of interest requires CPAs to aggressively identify potential conflicts and take appropriate remedial action.
    Published on January 28, 2011

    Significant Recent Developments in Estate Planning (Part I)

    Article This article examines developments in estate, gift, and generation-skipping tax planning and compliance between June 2009 and May 2010.
    Published on January 28, 2011

    Tax Lien Attached to Property Transferred in Divorce

    Article The IRS Office of Chief Counsel advised a member of the National Taxpayer Advocate Office that a tax lien attached to property that a husband transferred to his wife in a divorce settlement where the quitclaim deed conveying the property was not registered prior to the filing of a Notice
    Published on January 28, 2011

    Taxpayer Denied Exclusion for Gain on the Sale of a Principal Residence

    Article The Tax Court held that taxpayers who demolished a home they had lived in for more than two years, built a new home on the same lot, and then sold the new home without ever living in it were not entitled to exclude the gain from the sale from income
    Published on January 28, 2011

    Avoiding the Below-Market Rules on Corporation/Shareholder Loans

    Article The below-market loan rules apply to all advances, notes, and receivables between a shareholder and a corporation, regardless of the shareholder’s level of ownership.
    Published on January 28, 2011

    Extended NOL Carrybacks and the AMT

    Article The addition and expansion of the Sec. 172(b)(1)(H) election has created numerous tax planning opportunities for corporations that have sustained NOLs; the ability to change the character of election-year ATNOLs creates an additional benefit of making this election.
    Published on November 23, 2010

    Income Apportionment and Allocation after Mead

    Article In MeadWestvaco Corp. v. Illinois Dep’t of Revenue, the Supreme Court held that the operational function test was not intended to modify the unitary business principle by adding a new ground for apportionment.
    Published on October 20, 2010

    Tax Treatment of Expenses Incurred by Individuals Temporarily Out of Work

    Article This article examines the tax treatment of expenses incurred by individuals who are temporarily out of work.
    Published on September 21, 2010

    Leaving Retirement Benefits to Trusts Pitfalls for the Unwary

    Article There are a variety of legitimate reasons that a participant may believe it prudent to leave retirement plan benefits in trust for the benefit of the spouse. It is important that advisers are aware of the potential pitfalls associated with this option and understand the participant’s ultimate objective for the
    Published on September 01, 2010

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