Defending R&D Credits
This article highlights and analyzes some recent decisions concerning the research and development (R&D) tax credit and IRS administrative practices when auditing R&D credit claims, most notably the Union Carbide decision in the Tax Court
Published on May 01, 2010
Controlling Interest Provisions in State and Local Real Estate Transfer Taxes
A common way for a taxpayer to transfer real estate to a new owner without paying a real property transfer tax has been to transfer an ownership interest in an entity that holds title to the property. However, a number of jurisdictions now require taxpayers who engage in these types...
Published on September 01, 2011
Comparing International Tax Systems in the Introductory Tax Class
This column describes an assignment that requires a modest time commitment to bring international tax issues into the introductory tax course and to raise student awareness of differences in tax systems
Published on November 01, 2010
Tax Practice Responsibilities
This new quarterly column addresses the tax practice responsibilities part of CPA tax professionals’ practice and provides information that will enable practitioners to become better informed about and meet their legal, regulatory, and ethical responsibilities as...
Published on May 01, 2011
The Qualified Therapeutic Discovery Project Tax Credit and Grant
Included in the 2010 Patient Protection and Affordable Care Act are a few new income tax credits. In particular, there is one that many new startups and growing health care industry enterprises may benefit from—the qualifying therapeutic discovery project credit (Sec. 48D
Published on August 01, 2010
Potential Implication of Recent Sec. 469 Court Decisions for Self-Employment Tax Rules
For purposes of self-employment taxes, many members of LLCs have treated themselves as limited partners and have therefore reported that their distributive share of income was not subject to self-employment tax under Sec...
Published on July 01, 2010
Tax Law Changes Delay Start of Filing Season for Some Taxpayers
The IRS has warned taxpayers that it will not be accepting certain 2010 individual tax returns until mid- or late February, due to tax law changes enacted by Congress late in 2010. Taxpayers affected include all those who itemize deductions on Schedule A, as...
Published on February 01, 2011
Tax Return Preparers Win Partial Victory in Fraudulent Credit Scheme Case
A district court found that two tax return preparers who had participated in a fraudulent scheme involving credits for fuel from nonconventional sources did not know the scheme was fraudulent and dismissed the IRS’s requests...
Published on December 01, 2011
Portability of Unused Estate and Gift Tax Exclusion Between Spouses
One of the essential elements in the equation for the computation of both the federal gift and estate tax is the reduction of the tax due by the amount of the estate or gift tax on the applicable exclusion amount. Because of changes to the tax law, a...
Published on May 01, 2011
Reporting Uncertain Tax Positions
This item explores the differences between financial statement reporting and federal income tax return disclosure in preparing for disclosure of uncertain tax positions on the Schedule UTP
Published on April 01, 2011