January

    The Tax Adviser January 2012 

    Articles

    Retiree Tax Planning for Eligible Retirement Plans of Tax-Exempt Entities
    Vorris J. Blankenship

    EITC Due Diligence Requirements: IRS Ramps Up Enforcement and Education Efforts
    John R. McGowan and Ananth Seetharaman

    2010-2011 Revisions to Circular 230
    John C. Gardner, Joseph Kastantin, and William E. Maas

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    Large Business and International Examination Process Changes

    Article The IRS Large Business and International (LB&I) Division has focused on improving the quality, efficiency, and effectiveness of the overall compliance and examination process for LB&I taxpayers.
    Published on August 24, 2012

    New Reporting for Specified Foreign Financial Assets

    Article Effective for tax years starting after March 18, 2010, new Sec. 6038D requires individual taxpayers to report any interest in “specified foreign financial assets” if the value of these assets in aggregate exceeds an applicable threshold amount.
    Published on August 24, 2012

    Equitable Ownership and Mortgage Interest Deductions

    Article Many individuals have experienced difficulty in obtaining a loan for a new home or refinancing a present home. An alternative for many individuals is to tap into the creditworthiness of parents or other family members. The question is: Who is entitled to the mortgage interest deduction?
    Published on August 24, 2012

    EITC Due-Diligence Requirements IRS Ramps Up Enforcement and Education Efforts

    Article This article explains the basic EITC rules, the due-diligence requirements under Sec. 6695(g), and the proposed changes to the regulations under Sec. 6695(g).
    Published on August 24, 2012

    20102011 Revisions to Circular 230

    Article This article focuses primarily on the Circular 230 tax preparer penalties and other sanctions as well as the regulations governing practice before the IRS that were revised by T.D. 9527.
    Published on August 24, 2012

    IRS Proposes Rules on Sec. 1256 and Notional Principal Contracts

    Article The IRS issued proposed regulations clarifying when swap contracts and certain similar agreements will be subject to mark-to-market accounting and the other rules of Sec. 1256.
    Published on August 24, 2012

    LB&I Directive on Success-Based Fees Has Tax Accounting Implications

    Article A recent directive instructs LB&I examiners not to challenge the treatment of success-based fees incurred or paid in tax years ending before April 8, 2011, if the taxpayer capitalized at least 30% of the total success-based fees incurred on the transaction on its originally filed return.
    Published on August 24, 2012

    IRS Rules Energy Contract Is Not a Commodity

    Article The IRS analyzed whether a taxpayer properly applied mark-to-market treatment under Sec. 475(e) a tolling agreement and concluded that the tolling agreement was not a commodity and that mark-to-market treatment of the agreement did not clearly reflect income.
    Published on August 24, 2012

    IRS Provides Safe Harbor for Nonaccrual-Experience Accounting Method Taxpayers

    Article The IRS issued guidance providing a book safe-harbor accounting method for taxpayers that use the nonaccrual-experience  accounting method under Sec. 448(d)(5) and Regs. Sec. 1.448-2.
    Published on August 24, 2012

    REIT May Exclude Interest-Rate Swap Income from Gross Income Tests

    Article The IRS ruled that income a REIT receives from an interest-rate swap agreement that hedges indebtedness of the REIT’s lower-tier partnership is not includible in the REIT’s gross income for purposes of applying the 95% and 75% gross income tests.
    Published on August 24, 2012

    Eligible Independent Contractor Treated as Managing Hotel on Behalf of REIT

    Article The IRS ruled that, after a restructuring transaction, an eligible independent contractor will continue to be treated as managing and operating a hotel on behalf of a taxable REIT subsidiary for purposes of Sec. 856(d)(8)(B).
    Published on August 24, 2012

    IRS, DOL, Several States to Share Data on Worker Classification

    Article The DOL and the IRS agreed to share information and coordinate law enforcement “to end the business practice of misclassifying employees in order to avoid providing employment protections.”
    Published on August 24, 2012

    Excessive Energy Property Grant Is Includible in Gross Income

    Article An IRS memorandum advises that grant applicants must include in gross income any amounts they received but were not entitled to under a grant program of Section 1603 of the American Recovery and Reinvestment Act of 2009.
    Published on August 24, 2012

    Guidance on Characterizing Gross Receipts from Telecommunications Services

    Article In Rev. Rul. 2011-24, the IRS provided guidance for determining whether a taxpayer that provides telecommunications services derives gross receipts from services, leasing or renting property, or a combination of the two, for purposes of the domestic production activities deduction under Sec. 199.
    Published on August 24, 2012

    IRS Updates Determination Letter Procedures for Preapproved Plans

    Article In Rev. Proc. 2011-49, the IRS updated the procedures for sponsors and practitioners to request opinion and advisory letters regarding qualification under Secs. 401 and 403(a) for preapproved plans.
    Published on August 24, 2012

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