Current Corporate Income Tax Developments, Part I - 2011

Article:  Part I of this two-part article focuses on nexus, tax base, allocable/apportionable income, and Sec. 338(h)(10) transactions.
Published on January 22, 2013

IRS Raises Form 990 Filing Threshold

Article:  The IRS has raised the gross receipts threshold for Form 990, Return of Organization Exempt from Income Tax, from $25,000 to $50,000, allowing more tax-exempt organizations to avoid filing a full Form 990 or 990-EZ.
Published on May 03, 2011

Medical Residents Subject to FICA

Article:  The Supreme Court held that individuals in medical residency programs at teaching hospitals are subject to FICA on the stipends they receive for the work they perform while participating in the medical residency programs.
Published on May 03, 2011

IRS Oversight Board Says 80% E-File Goal Will Not Be Met

Article:  The IRS Oversight Board released its Electronic Filing 2010 Annual Report to Congress and concluded that the goal that 80% of all major tax return types be electronically filed will likely not be met by 2012.
Published on May 03, 2011

Deadline for Equitable Innocent Spouse Claims Again Upheld

Article:  The Third Circuit held that the two-year deadline in Regs. Sec. 1.6015-5(b)(1) for filing an equitable innocent spouse relief claim under Sec. 6015(f) is valid because it is a permissible interpretation of the statute.
Published on May 03, 2011

Updated Guidance on Adequate Position Disclosure

Article:  The IRS has released updated guidance identifying when a taxpayer’s disclosure of an item or position in an income tax return is adequate for purposes of reducing the understatement of tax penalty and the tax return preparer penalty for understatement due to unreasonable positions.
Published on May 03, 2011

Built-In Gains Recognition Period Temporarily Reduced for 2011 Transactions

Article:  The Small Business Jobs Act of 2010 includes an additional temporary reduction of the recognition period for built-in gains tax under Sec. 1374.
Published on May 03, 2011

Sec. 168(k)(4)Credit in Lieu of Bonus Depreciation

Article:  The election under Sec. 168(k)(4) to claim a refundable tax credit in lieu of bonus depreciation has been extended again for certain property placed in service during 2011 and 2012 as part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
Published on May 03, 2011

Sec. 409A Update

Article:  This item provides an update on Sec. 409A guidance and discusses a recent case that addresses the valuation of payments subject to the Sec. 409A six-month delay on distribution of payments to specified individuals.
Published on May 03, 2011

Supplemental Claims Acceptable Amendment or New Claim

Article:  Whan a taxpayer amends a previously filed refund claim at a time outside the refund statute of limitation period, certain factors dictate whether this supplemental claim is deemed to be an amendment to an existing claim or a new claim.
Published on May 03, 2011

The Changing Landscape of Conservation Easements

Article:  Conservation easements are some of the most effective tools available to ensure permanent conservation of privately held land in the United States. This article discusses federal income tax benefits from the creation of conservation easements.
Published on May 03, 2011

Automatic Method Change Procedures Have Increased in Complexity and Level of Required Detail

Article:  Rev. Proc. 2011-14, governing automatic change of accounting method procedures was issued by the IRS on January 10, 2011, and is effective for applications filed on or after January 10, 2011, for a year of change ending on or after April 30, 2010. It contains over 137 automatic changes.
Published on May 03, 2011

IRS Wins Again on Annual Exclusion of Gifts of Partnership Interests

Article:  In Fisher, the IRS has again won on the issue of whether taxpayers’ transfers of partnership interests were transfers of present interests in property. The court held the transfers did not qualify for the gift tax annual exclusion.
Published on May 03, 2011

CPA Supervised Nonsigning Preparers and Non-1040 Preparers Exempted from Return Preparer Rules

Article:  The IRS has released guidance on the implementation of new regulations governing tax return preparers and provided an exception to its return preparer regulation plan for nonsigning preparers supervised by a CPA, attorney, enrolled agent, or other Circular 230 practitioner.
Published on May 03, 2011

The Changing Landscape of Conservation Easements Appendix

Article:  This appendix discusses various recent and landmark decisions affecting the law of conservation easements. It accompanies the article “The Changing Landscape of Conservation Easements.”
Published on May 03, 2011