Special News Update - Spring Council 2013 Highlights
Newsletter:
The AICPA governing Council’s spring 2013 meeting was held in Washington, D.C. this week. AICPA leaders from each of the 50 states, the District of Columbia, Puerto Rico, the Virgin Islands and Guam attended the Council meeting.
Published on May 21, 2013
AICPA Tax Standards Strengthened
Article:
Revised AICPA statements on standards for Tax Services (SSTS) became effective on January 1, 2010, and provide high, enforceable ethical responsibilities for CPAs in providing tax services.
Published on April 13, 2010
When Plaintiffs in Class Actions Pay Tax on Attorneys Fees
Article:
The taxation of attorneys’ fees in opt-out class actions has become relatively clear, as long as certain elements are established. In opt-in cases, class members risk being tagged with income in the amount of the attorneys’ fees.
Published on July 22, 2010
AICPA News Update Volume 13 No. 13
Newsletter:
In This Issue: Regulatory Alert, Business and Industry Guide from AICPA & more
Published on January 28, 2011
IRS Will Not Challenge OID Treatment of Interchange Fees
Article:
The IRS announced that it will no longer challenge whether interchange fee income earned by credit card issuers creates or increases original issue discount (OID) on a pool of credit card loans.
Published on January 28, 2011
Did Canal Corp. Sink the Leveraged Partnership Transaction
Article:
This item reviews the recent decision by the Tax Court in Canal Corp. and illustrates the limitations of the leveraged partnership exception to the disguised sale rules of Sec. 707(a)(2)(B
Published on June 16, 2011
Effective Date Amended for Temporary Repair Regulations
Article:
The IRS issued technical amendments to address the effective date for the temporary regulations that apply to amounts paid to acquire, produce, or improve tangible property.
Published on January 31, 2013
IRS Issues Guidance on Sec. 382 for Corporations in the Capital Purchase Program
Article:
The IRS has issued guidance (Notice 2008-100) on the application of Sec. 382 to loss corporations whose instruments Treasury acquires pursuant to the Capital Purchase Program.
Published on April 19, 2010
Interpreting SEC Schedules 13D and 13G for Sec. 382 Purposes
Article:
Sec. 382 requires a taxpayer corporation to track the ownership shifts among “5% shareholders.”
Published on May 11, 2010
IRS Withholding Tax Enforcement Dropping the Other Shoe
Article:
Despite a hefty price for noncompliance—including secondary liability for the withholding tax, interest, and various penalties—U.S. companies have yet to master the science of cross-border withholding.
Published on May 31, 2012
Lenders Allowed Nonrecognition Treatment for Certain Securities Loans Terminated Due to Bankruptcy
Article:
Rev. Proc. 2008-63 permits securities lenders continued nonrecognition treatment under Sec. 1058(a) for certain securities loans terminated due to the bankruptcy of the securities borrower, provided the lender applies the collateral to the purchase of identical securities within 30 days of the default.
Published on April 19, 2010
State Law Property Classifications Do Not Control Like Kind Determination
Article:
The IRS ruled that state law property classification does not control whether exchanged properties are considered of “like kind” for purposes of Sec. 1031.
Published on December 31, 2012
Timing Considerations of Discharging Taxes in a Chapter 7 Bankruptcy
Article:
This article discusses liquidations under Chapter 7 and focuses on individuals who are attempting to have their debts discharged, or wiped out, in bankruptcy.
Published on April 19, 2013
Who Is a Manufacturer Under the Proposed Contract Manufacturing Regs.
Article:
In February 2008, the IRS issued proposed regulations intended to clarify the manufacturing exception in the context of foreign base company sales income (FBCSI) under Sec. 954(d)(1).
Published on May 14, 2010
Per Diem Rate Updates for 201213
Article:
The IRS has issued its annual update of special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home.
Published on November 30, 2012