Proposed Regs. on Basis for S Corporation Shareholders From Bona Fide Indebtedness
The IRS issued proposed regulations on when an S corporation shareholder can increase basis in the S corporation’s stock based on loans to the corporation.
Published on June 12, 2012
Taxpayers Can Deduct Certain Local Lodging Expenses Under Proposed Rules
The IRS issued proposed regulations that permit employees to treat certain expenses paid or incurred for local lodging as deductible business expenses.
Published on April 25, 2012
Tokyo, Hong Kong Again Top IRS High-Cost Housing List
The IRS listed 288 places as having allowable foreign housing exclusions above the otherwise applicable limitation for 2013 of $29,280.
Published on May 03, 2013
IRS Issues Proposed Regs. on 3.8% Net Investment Income Tax
The IRS released proposed regulations governing the 3.8% net investment income tax imposed under Sec. 1411.
Published on January 29, 2013
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
Regulations Issued for Specified Foreign Financial Assets Reporting
The IRS issued temporary and proposed regulations on the requirement that certain foreign financial assets be reported to the IRS for tax years beginning after March 18, 2010.
Published on December 16, 2011
Supreme Court Declines to Hear Historic Boardwalk Rehabilitation Credit Case
The Supreme Court declined to hear an appeal of a decision denying historic rehabilitation credits for a state authority’s partnership with a company to redevelop the Atlantic City historic Boardwalk Hall.
Published on May 31, 2013
Sec. 304 Anti-Abuse, Anti-Avoidance Rules Finalized
The IRS finalized regulations that apply to transactions subject to Sec. 304 but that are structured with the principal purpose of avoiding the statute’s application.
Published on December 26, 2012
Regulations Finalize Rules on Entertainment Use of Business Aircraft
The IRS issued final regulations relating to the disallowance under Sec. 274 of deductions for the use of business aircraft for entertainment.
Published on July 31, 2012
Where to Disclose Form 8938 and/or FBAR - 2011 Filings
This table helps one identify which foreign financial assets and accounts must be disclosed for 2011 on: 1) Form 8938, Statement of Specified Foreign Financial Assets; 2) Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (commonly referred to as FBAR); or, 3) both. The table is based
Published on April 23, 2013