How Can the Nonpayment Testing Period for COD Income Be Improved
The IRS asked for comments on whether it should amend existing the rules that require applicable financial entities to issue Forms 1099-C reporting COD income when a 36-month nonpayment testing period has expired
Published on November 14, 2012
Final Rules on Acceleration of COD Income Deferral Are Issued
The IRS issued final regulations on the rules to accelerate COD income that taxpayers elected to defer over a five-year period when an applicable debt instrument was reacquired by the issuer or a related party in 2009 or 2010...
Published on July 03, 2013
PTPs Can Use Safe Harbor to Determine COD Income That Is Qualifying Income
The IRS issued a safe harbor for publicly traded partnerships (PTPs) that want to avoid corporate taxation by qualifying under Sec. 7704(c) as partnerships with 90% or more of their income from qualifying sources.
Published on June 19, 2012
Taxpayers Who Did Not Establish Insolvency Must Recognize COD Income
Taxpayers who settled a credit card debt for $4,412 less than they owed in 2008 had to include that amount in income because they did not prove they were insolvent under Sec. 108(a)(1)(B) at the time of the debt discharge (Shepherd, T.C. Memo. 2012-212)
Published on July 26, 2012
Rules Issued for Income Deferral of Canceled Debt
The IRS issued temporary and proposed regulations relating to taxpayer elections to defer recognition of cancellation of debt (COD) income
Published on January 28, 2011
Corporations and Shareholders Resources
This section covers issues concerning corporations and shareholders. It contains articles, tools and practice aids, as well as comment letters pertaining to legislative matters and IRS regulation and administration. Some of the topics in this section include Incorporation and liquidations; Mergers and acquisitions; Consolidated returns and controlled corporations; and Net
Published on November 27, 2013
June 22, 2012 Tax E-Alert Top News, Tools & Resources and Announcements & Events (New Tax Section Webinar Series)
In this issue: Estate Tax Exemption Portability, 2011 FBARs, Taxpayer Identity Theft, Medicare Surtax, Tangible Property, Expenditures Related to Tangible Property
Published on June 25, 2012
December 7, 2012 Tax E-Alert New Medicare Surtax Proposed Regs, Updated ITIN Guidance, FAQs on SSTSs No. 1 Tax Return Po...
In this issue New Medicare Surtax Proposed REgs, Updated ITIN Guidance, FAQs on SSTSs No. 1 Tax Return Positions, New 2-part Busy Season Readiness Webinar Series, Rollout of the 2012 Tax Checklist has begun and more...
Published on April 23, 2013
July 27, 2012 Tax E-Alert Self-employed Can Deduct Medicare Premiums, Additional Comments Submitted on Tangible Property...
In this issue: Self-Employed Individuals Able to Deduct Medicare Premiums, Tangible Property Regulations, Fraudulent Preparer Penalty, Change to Accounting Rule Method for Gift Card Receipts, ITINS and Erroneous IRS Notices, Tax News from the Journal of Accountancy , Avoid Unpleasant SALT Surprises
Published on July 30, 2012
2013-07-12TaxE-Alert ACA Reporting Delays & Resources on Tax Impact of DOMA Case and more...
In this issue ACA Reporting Delays & Resources on Tax Impact of DOMA Case and more...
Published on August 02, 2013