Using Family Partnerships and Refuting IRS Challenges
This is an article highlighting the AICPA's position concerning the legitimate use of family partnerships. In particular, the AICPA takes exception with the IRS's refusal to recognize for transfer tax purposes the validity of many family partnership's under examination.
Published on September 05, 2012
IRS Rules That Mortgages Over $1 Million Can Be Deductible
The IRS has ruled that indebtedness incurred by a taxpayer to acquire, construct or substantially improve a qualified residence can constitute “home equity indebtedness” to the extent it exceeds $1 million, up to an excess of $100,000.
Published on January 28, 2011
03.20.2012 Infocast on IRC Section 6038D Specified Foreign Financial Asset Reporting When is form 8938 required in 2011 ...
The AICPA is holding an audio and slide infocast on Tuesday, March 20, 2012 from 2:00 to 3:30 p.m. Eastern on IRC Section 6038D: Specified Foreign Financial Asset Reporting: When is form 8938 required in 2011 Individual Income Tax Returns? A rebroadcast will be held on March 27, 2012 from
Published on March 19, 2012
IRS Issues Regs. on Interest Expense Allocation and Apportionment for Partners
The IRS has issued temporary and proposed regulations that make four changes to the rules for allocating and apportioning interest expense for partners in partnerships.
Published on January 18, 2012
IRC Section 6038D - Specified Foreign Financial Asset Reporting - The 8938 Form Requirement in 2011 Individual Income Ta...
An audio and file infocast on IRC Section 6038D: Specified Foreign Financial Asset Reporting: Learn to determine when form 8938 is required in Individual Income Tax Returns.
Published on April 30, 2013
IRS Issues Regulations on New Indoor Tanning Tax
The IRS issued final, temporary and proposed regulations to provide guidance on the new 10% indoor tanning services excise tax
Published on January 28, 2011
Sample Text for Sec. 83(b) Election Released by IRS
The IRS released sample language for making the Sec. 83(b) election and examples of the amount of income taxpayers would recognize if they made the election.
Published on June 27, 2012
IRS Reissues Alternative Valuation Date Proposed Regulations
The IRS issued new proposed regulations on electing an alternate valuation date for an estate and withdrew earlier ones released in 2008.
Published on November 18, 2011
Archive of March 20, 2012 AICPA Form 8938 / IRC Section 6038D Infocast
The materials and replay of this event are now available for free without CPE for Tax Section members. The AICPA held an audio and slide infocast on Tuesday, March 20, 2012 from 2:00 to 3:30 p.m. Eastern on IRC Section 6038D: Specified Foreign Financial Asset Reporting: When is form 8938 required
Published on May 21, 2012
Final Regs Issued on Debt Satisfied by a Partnership Interest
The IRS issued final regulations on the application of Sec. 108(e)(8) to partners and partnerships.
Published on November 17, 2011
IRS Issues Guidance on Carryover Basis Rules for 2010 Decedents Estates
The IRS issued guidance on the time and manner for making the election not to have estate tax apply to estates of decedents who died in 2010.
Published on August 16, 2011
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
President Proposes Many Tax Changes in 2014 Budget
The president's proposed FY 2014 budget aims to raise approximately $580 billion in revenue through new taxes, limits on deductions, and other tax proposals.
Published on April 11, 2013
2010 Estate Tax Payment, Carryover Basis Election Extended
Executors of estates of most decedents who died in 2010 now can get an automatic extension until March 19, 2012, to pay any estate tax due as well as to file an estate tax return, the IRS announced on September 13.
Published on September 14, 2011
Final Regulations for Sec. 336(e) Elections Are Issued
The IRS issued final regulations on the rules that apply when an election under Sec. 336(e) is made.
Published on May 14, 2013