Claiming Bonus Depreciation on Self-Constructed Long Production Period Assets

Article:  This item discusses the process of claiming bonus depreciation on self-constructed long production period assets, with a  focus on how the taxpayer can determine how the binding contract rules and placed-in-service rules apply to particular projects.
Published on July 13, 2012

2010 Best Article Award

Article:  Announcement of the winner of the Tax Adviser's 2010 Best Article Award.
Published on July 12, 2012

S Corporation Shareholder Compensation How Much Is Enough

Article:  This article looks at recent court decisions regarding S corporation shareholder reasonable compensation that provide helpful guidance on how an adviser can determine what is reasonable compensation.
Published on April 20, 2012

Codification of Economic Substance Affects All Tax Practitioners

Article:  This column discusses uncertainty surrounding the codification of the economic substance doctrine and explores selected areas of impact on CPAs’ professional obligations and practice.
Published on January 13, 2012

No Reasonable Cause for $3.4 Million Omission from Income

Article:  The Tax Court held that a taxpayer did not have reasonable cause for omitting from income $3.4 million from the termination of a swap transaction that was reported to him on a Form 1099.
Published on January 13, 2012

Charitable Deduction Allowed for Expenses of Cat Rescue Organization Volunteer

Article:  The Tax Court allowed a taxpayer to take a charitable deduction for expenses she incurred while taking care of cats for a charitable organization dedicated to cat neutering and rescue because her expenses were incident to services provided to a charitable organization.
Published on January 13, 2012

IRS Removes Form 5472 Duplicate Filing Requirement

Article:  The IRS has issued temporary and proposed regulations to remove the duplicate filing requirement for Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business.
Published on January 13, 2012

Diversifying Concentrated Positions in the Most Tax-Efficient Manner

Article:  This item explores techniques that may be used to the advantage of investors wishing to diversify concentrated securities positions in a tax-efficient manner.
Published on January 13, 2012

Planning for the Unearned Income Medicare Contribution Tax

Article:  The unearned income Medicare contribution tax is scheduled to come to life at the end of next year, and it may have a significant impact on some taxpayers.
Published on January 13, 2012

Separately Identifiable Intangible Assets Tax Opportunities and Traps

Article:  Treating self-created customer-based intangibles as assets separate from goodwill can result in more favorable tax treatment for these intangibles. This article examines the rules regarding the separate treatment of self-created customer-based intangibles and the situations in which separate treatment may be beneficial.
Published on January 13, 2012

Two-Year Innocent Spouse Limitation Period Upheld Again

Article:  The Fourth Circuit overturned a Tax Court decision and upheld a Treasury regulation that sets a two-year statute of limitation on claims for innocent spouse relief, marking the third time the Tax Court has been overruled on this issue by a higher court.
Published on January 13, 2012

Final Circular 230 Regs. Implement Preparer Registration Rules

Article:  The IRS has issued final regulations implementing components of its initiative to register and regulate all paid tax return preparers.
Published on January 13, 2012

IRS and FinCEN Extend FBAR Deadlines for Certain Filers

Article:  The IRS has further extended the deadline for certain persons to file an FBAR form for 2009 and earlier years. U.S. persons with a financial interest in, or signature authority over, any financial accounts in a foreign country must file an FBAR if the aggregate value of these accounts exceeds
Published on January 13, 2012

Alternative Simplified R&D Credit Rules Finalized

Article:  The IRS has issued final regulations governing the election and calculation of the alternative simplified research and development credit. The regulations extend the election procedures for the alternative incremental research credit to the alternative simplified credit.
Published on January 13, 2012

Tax Court in the Classroom

Article:  This column describes mock Tax Court: An exercise that has assisted students in improving their communication and analytical skills and has proven instrumental in helping them prepare for their professional careers in accounting.
Published on January 13, 2012