Appendix 1 Bankruptcy/InsolvencyComparison of Old and New Law
Toolkit:
The Toolkit Companion Disc to the Accountant's Business Manual Supplement 48 contains an error. Bankruptcy/Insolvency Appendix 1, Comparison of Old and New Law, was one of the appendix files that was mistakenly omitted from the 2011-2012 CD, which would have been included with your supplement...
Published on February 02, 2012
Exhibit 1 Form 1040NR foreign national questionnaire
Article:
Published on February 12, 2010
Electronic Schedules K-1
Article:
The IRS issued rules partnerships must follow if they want to supply Schedules K-1 electronically
Published on March 31, 2012
Interpretations of SSTS No.1, Tax Return Positions
Article:
Recently issued revised and updated interpretations of the AICPA’s SSTS No.1, Tax Return Positions, provide guidance to practitioners on tax reporting standards when recommending return positions or preparing or signing returns
Published on April 30, 2012
Careful Analysis Required for Potential Regs. Sec. 1.752-7 Liabilities
Article:
Regs. Sec. 1.752-7 defines what constitutes a 1.752-7 liability, how these liabilities are treated when assumed by the partnership or another partner, and the impact of a later...
Published on January 28, 2011
Customer Reward Programs Deducting Fulfillment Costs Prior to Economic Performance
Article:
Regs. Sec. 1.451-4 provides a narrow exception to the economic performance rules that allows accrual-basis taxpayers who issue premium coupons (or trading stamps) to deduct the estimated fulfillment cost...
Published on August 01, 2012
IRS Publishes FAQs on Small Business Health Care Credit
Article:
On April 1, the IRS published on its website 22 questions and answers about the new small business health care tax credit
Published on January 28, 2011
Preparing Canadian Structures for 2010
Article:
Effective January 1, 2010, Canada will look through tax-transparent U.S. LLCs and determine treaty eligibility at the member level
Published on January 28, 2011
Recurring-Item Exception Can Economic Performance Be Accelerated
Article:
Rev. Rul. 2012-1 addresses the application of the economic performance rules and whether the recurring-item exception may be applied to accelerate economic performance with respect to liabilities for the lease of...
Published on May 31, 2012
Revenue Procedure Adds New Disclosure Requirements for Grouping of Passive Activities
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Regs. Sec. 1.469-4 sets forth rules for grouping a taxpayer’s trade or business activities and rental activities for purposes of applying the passive activity loss and credit limitations. Under...
Published on January 28, 2011
IRS Revises Sec. 179 Expensing Amounts to Reflect HIRE Act Changes
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On June 1, the IRS issued revised inflation-adjusted numbers to reflect the extension of the increased Sec. 179 expensing amount for 2010 (Rev. Proc. 2010-24
Published on August 01, 2010
FBARs and Not-Yet-Reported Offshore Income Penalties and Practitioners Issues
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This item considers (1) options available for the client that did not disclose under the IRS’s voluntary disclosure program, which ended October 15, 2009; (2) practitioners’ responsibilities, including tax organizers and engagement...
Published on January 28, 2011
Californias Move to Single Sales Factor
Article:
Beginning January 1, 2011, multistate businesses may elect to use a single sales factor method of apportionment for purposes of their California corporate income tax return
Published on November 02, 2010
Taxability of Employer-Owned Life Insurance Contracts
Article:
Sec. 101(j)(1) limits the amount of tax-free treatment a person (which can be any type of entity) can receive from the proceeds on an employer-owned life insurance (EOLI) contract...
Published on January 28, 2011
New Rules Seek to Reduce Tax Advantages of Converting Second Home to Principal Residence
Article:
Beginning January 1, 2009, the full $250,000/$500,000 exclusion under Sec. 121 will no longer be available on the sale of a taxpayer's principal residence if the residence was...
Published on May 03, 2010