QSub Election Does Not Increase Shareholder Stock Basis
The Tax Court held that shareholders of an S corporation improperly increased the adjusted basis of their S corporation stock when the S corporation made a QSub election for its wholly owned C corporation subsidiary.
Published on July 31, 2013
A Case for Adding Personal Financial Planning Services to a CPA Practice
This column explores why CPAs make excellent PFPs, why CPAs move into financial planning, how successful CPA/PFPs have made the move, and some of the challenges they face.
Published on April 29, 2010
Taxability of Debt Discharge Income
In the current economic climate, it is likely that practitioners are encountering more clients with debt discharge income than in the recent past. Often, the question that comes up is, is it taxable income and if it is taxable, how should it be reported? Taxpayers will sometimes receive a 1099-C
Published on June 01, 2011
Uncertain Tax Position Reporting Looking More Likely
IRS Announcement 2010-30 revealed the draft Schedule UTP for reporting Uncertain Tax Positions. The finalization of the Schedule seems to be on a fast track as comments must be submitted by June 1, 2010. The IRS proposes to require the Schedule for corporate return years beginning on or after December
Published on January 28, 2011
Current Developments in S Corporations (Part I)
This article discusses recent legislation, cases, rulings, regulations, and other developments in the S corporation area for the period July 9, 2009–July 9, 2010. This part focuses on various S corporation operating provisions.
Published on October 05, 2010
In the Face of Terrorism and Natural Disasters
Andrew was then. Now we have Katrina, tsunamis and terrorism. You never know when any of these will strike your city or hit a town near you. The last thing you want is a security breach of your clients’ information because of a lack of a good disaster recovery plan
Published on January 28, 2011
New Requirements for 2006 Business Filers
Editor: John L. Miller, CPA When filing 2006 corporate tax returns, many businesses will encounter new IRS requirements that significantly affect how they file. Some filers of Forms 1120, U.S. Corporation Income Tax Return, and 1120S, U.S. Income Tax Ret
Published on July 13, 2010
Individual Taxation Digest of Recent Developments Part II
This is the second of a two-part article covering recent developments affecting taxation of individuals, including regulations, cases, and IRS guidance.
Published on April 16, 2014
Reporting Dilemma Personal Use of Rental Properties
Properly apportioning real estate expenses between personal and rental use presents several challenges.
Published on July 23, 2013
Managing New Schedule M-3 Disclosures
The most recent change to Schedule M-3, for 2010 and following tax years, requires new disclosures of research and development (R&D) costs and Sec. 118 exclusions from income of nonshareholder contributions to capital for corporate filers.
Published on August 24, 2012