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    Who Can or Must File a Form 1099-C

    Article With taxpayers and businesses defaulting on credit and loans, tax advisers may consider whether their clients should issue a Form 1099-C for a bad debt.
    Published on December 01, 2012

    Measuring Insolvency Under Sec. 108

    Article While determining if a taxpayer is bankrupt is straightforward, determining whether a taxpayer is insolvent can be tricky.
    Published on December 01, 2012

    Receipt of Form 1099-C May Not Signal Taxable COD Income

    Article It is up to the taxpayer and his or her advisers to correctly identify the appropriate year in which to recognize COD income based on the date it is clear the debt will not be repaid.
    Published on December 01, 2012

    Crop Insurance Proceeds Appropriate Tax Planning Strategies

    Article The severe drought experienced by much of the United States this year, especially in agricultural regions, is expected to produce a record number of crop insurance claims.
    Published on December 01, 2012

    Contemporaneous Documentation of Charitable Contributions

    Article Earlier this year, the Tax Court highlighted how an apparently slight oversight in documentation can upend the interdependent relationship between donee and donor.
    Published on December 01, 2012

    Advising Clients Amid Constitutional Challenges to the Defense of Marriage Act

    Article Recent court decisions provide an opportunity and responsibility for tax practitioners to assist their clients in same-sex marriages with protecting their rights to federal and state tax refunds as well as providing additional advice regarding income and gift and estate tax planning in light of DOMA’s uncertain future.
    Published on December 01, 2012

    Deepwater Horizon and Sec. 162

    Article This item examines the deductibility of fines and penalties incurred by BP in the Deepwater Horizon explosion.
    Published on December 01, 2010

    Nonrefundable Milestone Fees Do Not Qualify as Success-Based

    Article A business can expense 70% of “success-based fees,” meaning amounts that are contingent on the successful closing of a covered transaction. It is important to remember this safe-harbor election can apply to both sides of the transaction.
    Published on December 01, 2012

    Net Operating Loss and Unrealized Investment Gain Tax Provision Benefit

    Article This item reviews an anomalous situation that occurs in some cases under ASC ¶740-20-45-7 for entities generating NOLs with an investment portfolio.
    Published on December 01, 2011

    Massachusetts Taxes All Contributions to 401(k) Plans by Self-Employed Individuals

    Article Contributions made to a 401(k) plan by self-employed individuals are not deductible for Massachusetts income tax purposes effective for tax years beginning on or after January 1, 2008
    Published on December 01, 2008

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