First Circuit Breathes New Life Into Faade Easement Deductions
A recent First Circuit decision will affect how the tax benefits of certain façade easements are litigated in the First Circuit and may result in appeals of some of the Tax Court’s recent easement holdings.
Published on March 01, 2013
The Number of No-Change Audits Is a Concern
Two TIGTA audits are report that although the SB/SE audits recommended substantial adjustments, roughly 33% of all the audits in fiscal years (FYs) 2009–2011 resulted in no change
Published on January 01, 2013
AICPA News Update Vol.12 No.23
Tax Preparer Regulation Proposals Likely this Year, Businesses Can Leverage Tax Benefits of ARRA 2009, Audit Committee Resource Developed on FASB Codification, Auditing Standards Board Issues Additional Exposure Draft under Clarity Project, SAS No. 115 Implementation Tools Available, CPAs in Government...
Published on June 24, 2011
U.S. Tax Effects of a Foreign Jurisdiction Audit
A tax audit in a foreign jurisdiction may affect the amount of foreign tax credit that a taxpayer claimed on a U.S. return for a prior year. To obtain the benefit of an increased foreign tax credit, the U.S. taxpayer’s claim for...
Published on July 01, 2009
Global High-Wealth Audit Update
While the IRS audit rate for individual returns of persons earning less than $200,000 has hovered at about 1% over the past several years, 12% of individual taxpayers with incomes of $1 million or more were audited in fiscal year 2011
Published on July 01, 2012
Using the First-Time Penalty Abatement Waiver
This article explores the IRS first-time penalty abatement waiver and explains how to help clients remove certain penalties using it.
Published on July 01, 2013
IRS Advisory Panel Urges Changes to Risk Assessment Protocols
The IRS's Large Business & International Division is focusing on new ways to identify large businesses for examination. This item summarizes recent IRS Advisory Council recommendations on the factors the IRS should consider when risk assessing large business taxpayers.
Published on June 01, 2014
AICPA News Update - July 13, 2012
In this issue: Whether Taxes Will Increase in 2013 Remains Anybody's Guess; Three Ethics Resources for CPAs; Clarified Standards Transition Required for Year-End 2012 Audits; Auditing Standards Board Issues SAS No. 126 on Going Concern; Exposure Draft of Three Clarified SSARSs Issued, Including Proposed Revised Compilation Service Objective; New AICPA Insights® Blog Posts...
Published on July 13, 2012
The HIRE Act and the IRS Address Dividend Equivalent Payments on Equity Swaps
...of equity total return swaps (TRSs) held by a foreign investor not subject to U.S. federal net income tax has been the subject of many wide-ranging audits in recent years. The issue is whether any dividend-equivalent payments made under the terms of a TRS are subject to the 30
Published on June 01, 2010
The IRSs Examination Workhorse The Correspondence Audit
The AICPA has had active conversations with the IRS over the past several years about the difficulties taxpayers face with correspondence examinations
Published on August 01, 2010