Court Rules on Sale of Ownership Rights in Insurance Company Demutualization

Article:  Applying the open transaction doctrine, the Court of Federal Claims held that a trust was entitled to a refund of taxes paid on the proceeds of the sale of stock the trust received in exchange for its ownership rights in a mutual life insurance company when the company was demutualized.
Published on March 11, 2011

Guidance Issued on Dividing CRTs, Assisting Divorcing Couples

Article:  The IRS recently issued Rev. Rul. 2008-41, confirming that charitable remainder trusts (CRTs) can be divided into separate but equal trusts for each recipient without adverse tax consequences.
Published on March 11, 2011

Tax Practice Quality Control Guide

Article:  The AICPA has provided substantial guidance to practitioners over the years on quality control as well as guidance regarding tax practice reviews, which are an integral part of the quality control process. It is important that all members of the firm (partners and employees) understand the firm's commitment to the
Published on January 28, 2011

Determining Basis in Tax-Free Acquisitions

Article:  Mergers and acquisitions are often a significant component of the growth strategies for many companies. CPAs who support these activities can help acquiring companies decide whether to buy the assets of the target corporation or acquire its stock.
Published on January 28, 2011

Why and How to Conduct a Tax Practice Inspection

Article:  A firm can use a tax practice inspection as a tool to test the quality of tax services provided to clients, to develop specific recommendations for improvement, and to prepare or update a tax services policies and procedures manual
Published on January 28, 2011

Concerns About CPA Letters to Third Parties

Article:  A CPA receives a request from a client to provide a letter to the client’s mortgage broker, lender, adoption agency, or other third party. Is there any harm in the CPA signing the client’s suggested letter or writing one of her own?
Published on May 14, 2010

Curriculum Tools for Tax Educators

Article:  A completely revised Model Tax Curriculum and a new website with content from the AICPA’s Next Generation Task Force are among the new tools available to tax faculty seeking to modify their course offerings and to help prepare students to enter the accounting profession.
Published on May 04, 2010

Transaction Analysis Sponsored Spin

Article:  Sec. 355 allows a corporation to distribute to its shareholders or its security holders the stock or securities of one or more corporations that it controls without triggering income or gain to itself or its shareholders.
Published on January 28, 2011

Client Data Security for the Tax Practitioner

Article:  This column takes a brief look at some practices CPAs should consider when handling data security.
Published on January 28, 2011

Revised Form 990 The Evolution of Governance and the Nonprofit World

Article:  The revised Form 990, Return of Organization Exempt from Income Tax, incorporates many of the same governance principles and transparency best practices introduced to the for-profit world through the Sarbanes-Oxley Act.
Published on January 28, 2011