The Tax Adviser February 2011 



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    False Tax Returns, Mail Fraud, and Money Laundering

    Article The Third Circuit Court of Appeals may have opened the door to a new approach that could result in significantly increased criminal penalties for taxpayers who file false returns. Taxpayers who mail or e-file their tax returns and knowingly understate their taxable income thereon may be exposing themselves to the
    Published on April 02, 2014

    The Gross Income Requirement for Trusts Charitable Deductions

    Article The author reviews the gross income requirement for charitable deductions taken by trusts.
    Published on February 14, 2011

    EGTRRA and JGTRRA Tax Rates Extended for Two Years in Lame Duck Session

    Article The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 has provisions from four of the five tax areas that were considered to be important for Congress to address during its “lame duck” session: the estate tax, expiring tax cuts, expired tax provisions, and the alternative minimum tax (AMT).
    Published on February 03, 2011

    The Tax Adviser February 2011

    Published on February 01, 2011

    Current Developments in Partners and Partnerships

    Article This article reviews and analyzes recent rulings and decisions involving partnerships. The discussion covers developments in partnership formation, debt and income allocations, distributions, passive activity losses, and basis adjustments during the period November 1, 2009–October 31, 2010.
    Published on February 01, 2011

    AICPA National Tax Conference Hosts Senior IRS Executives

    Article The AICPA hosted a number of senior IRS executives at the institute’s National Tax Conference on October 26, 2010. This item gives an overview of the policies or programs that these speakers discussed, which will have a significant impact on the practices of CPA members and their clients.
    Published on February 01, 2011

    Learning Tax with Flowcharts

    Article This column provides instructors with step-by-step instructions to minimize their start-up time when assigning flowchart construction to their students.
    Published on February 01, 2011

    Planning Considerations When Converting a C Corporation to an LLC

    Article The authors discuss when shareholders should consider a conversion from a C corporation to an LLC. Possible disadvantages are explored, and tax costs and benefits are assessed.
    Published on February 01, 2011

    IRS Releases 2011 Standard Mileage Rates

    Article The IRS released the standard mileage rates for use in 2011. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.
    Published on February 01, 2011

    IRS Maintains Stance on Omissions from Gross Income and Overstatement of Basis

    Article The IRS released final regulations defining an omission from gross income for purposes of the six-year minimum period for assessment of tax attributable to partnership items and the six-year period for assessing tax. The regulations are designed to resolve whether an overstatement of basis in a sold asset results in
    Published on February 01, 2011

    Final Regs. Issued Requiring Uncertain Tax Position Disclosure Statement

    Article The IRS issued final regulations requiring some corporations to file a Schedule UTP, Uncertain Tax Position Statement, disclosing their uncertain tax positions when filing a return.
    Published on February 01, 2011

    Tax Law Changes Delay Start of Filing Season for Some Taxpayers

    Article The IRS has warned taxpayers that it will not be accepting certain 2010 individual tax returns until mid- or late February, due to tax law changes enacted by Congress late in 2010. Taxpayers affected include all those who itemize deductions on Schedule A, as well as those who take certain
    Published on February 01, 2011

    Classification of Business Entities That Are Not Corporations

    Article An organization with two or more owners that is an entity separate from the owners and that is not a corporation is an eligible entity that can be classified as a corporation or a partnership. The regulations provide a set of default rules that establish the classification of an eligible
    Published on February 01, 2011

    Final Form and More Guidance on Small Business Health Care Tax Credit

    Article The IRS released a new form and guidance relating to the small business health care tax credit for the 2010 tax year. The guidance discusses issues relating to employers’ eligibility for the credit and other eligibility issues.
    Published on February 01, 2011

    Additional Relief Under Sec. 409A Document Failure Correction Program

    Article The IRS issued further relief for nonqualified deferred compensation  plans covered by Sec. 409A, expanding the types of plans eligible for relief. It also provides an additional method of correction and transition relief for certain plan document failures relating to payments at separation from service.
    Published on February 01, 2011

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