June

    The Tax Adviser June 2011 

     

     

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    100% Bonus Depreciation Guidance Issued

    Article In Rev. Proc. 2011-26, the IRS has issued guidance on how taxpayers can deduct 100% of the cost of qualified business property placed in service in 2011 under rules enacted last year .
    Published on August 06, 2013

    Could Forgetting to Include the Effect of UNICAP Put Accounting Method Changes at Risk

    Article Taxpayers making automatic accounting method changes that affect capitalizable costs should consider the uniform capitalization rules of Sec. 263A and the related regulations (UNICAP rules).
    Published on April 27, 2012

    IRS Issues Final Regs. and Guidance on Mandatory E-Filing Requirements

    Article The IRS issued final regulations and several pieces of guidance relating to the requirement that return preparers e-file tax returns, starting this year. The final regulations require specified tax return preparers to e-file if they reasonably expect to file 100 or more income tax returns in 2011.
    Published on October 04, 2011

    Expanded 1099 Reporting Requirements Repealed

    Article The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 repeals both the expanded Form 1099 information reporting requirements mandated by last year’s health care legislation and also the 1099 reporting requirements imposed on taxpayers who receive rental income enacted as part of last year’s Small
    Published on October 04, 2011

    Lack of Control Does Not Except Owners from Trust Fund Recovery Penalty

    Article The owners of a company who had delegated payroll functions to a separate payroll company they owned but did not operate were liable for trust fund recovery penalties because they were responsible persons both before and after the withholding taxes that were the basis of the penalties accrued.
    Published on October 04, 2011

    Expense Does Not Qualify as Compensation but Does Qualify as Theft Loss

    Article The Tax Court held that amounts that an abusive man took from his live-in girlfriend’s business did not qualify as deductible compensation expenses but did qualify as deductible theft losses.
    Published on October 04, 2011

    Guidance on Unbundling Trustee Fees Extended

    Article The IRS announced that it is extending interim guidance on the treatment of investment advisory fees and other costs subject to the 2% floor under Sec. 67(a).
    Published on October 04, 2011

    IRS Allows Oil and Gas Company a Bulk Sale Exception

    Article A recent IRS letter ruling provides helpful insights to independent producers of oil and gas that, by claiming allowable percentage depletion deductions, can lower their costs, while at the same time securing contracts for bulk sales of oil and gas with industrial, commercial, and government entities.
    Published on October 04, 2011

    IRS Issues Guidance on Treatment of Gift Cards

    Article This item provides background information on the tax and accounting treatment of gift card income and discusses two revenue procedures that address these issues.
    Published on October 04, 2011

    Sales-Based Royalties and Vendor Allowances

    Article Proposed regulations would allocate sales-based royalties and vendor allowances to property sold during the tax year. The preamble indicates that the intention of the proposed regulations is that neither sales-based royalties nor sales-based vendor allowances should adjust the value of ending inventories.
    Published on October 04, 2011

    Telecom Universal Service Fund Payments Not Excludible from Income Under Sec. 118

    Article Governments sometimes make payments to telecommunications carriers for providing telephone and communication services to low-income users and those in remote or isolated areas. The courts have recently addressed the tax treatment of those payments.
    Published on October 04, 2011

    Why the Flap Over a VAT

    Article This item provides a view of issues that would need to be considered if the United States were to consider adopting a value-added tax (VAT) at the federal level.
    Published on October 04, 2011

    Revenue Procedure Attempts to Clarify Entity Classification Election

    Article For federal tax purposes, certain entities can elect passthrough tax treatment by simply checking the box. As this item points out, checking the box for passthrough treatment is not so simple if the taxpayer is uncertain about whether the entity has more than one member.
    Published on October 04, 2011

    Engagement Letter Fairness Opinion Fee Language May Affect Fees Taxation

    Article Language used in investment banker (IB) engagement letters to implement fee payment arrangements can significantly affect the federal income tax treatment of such payments.
    Published on October 04, 2011

    Building Value Through Sustainability

    Article The authors describe a company that formed a sustainability committee in 2008 to monitor the various initiatives taking place around five pillars identified as important to the firm: people, clients, community, profession, and environment.
    Published on October 04, 2011

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