AICPA Tax Insider - 2010 

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    2010 Tax Software Survey

    Article The Journal of Accountancy and The Tax Adviser conducted a survey of AICPA members who prepared 2009 tax returns for a fee to determine which tax preparation software products were the most popular, what aspects of those products preparers liked and what they disliked.
    Published on January 28, 2011

    How Poor Planning and Tainted Opinion Added Up to a $36.7 Million Accuracy Penalty

    Article In a case of first impression, the Tax Court in Canal Corp. et. al. v. Commissioner, 135 T.C. No. 9, was presented with a leveraged partnership transaction. As a result of poor planning, sloppy paperwork and a tainted opinion by PriceWaterhouseCoopers (PwC), the Tax Court held that the transaction constituted a disguised sale,
    Published on January 28, 2011

    Edges of Acceptable Tax Planning

    Article The 11th Circuit affirmed the application of section 1031(f)(4) to a like-kind exchange that was structured by a corporation to avoid the purposes of the related party rule of section 1031(f). Ocmulgee Fields, Inc. v. CIR, No. 967-07 (11th Cir. 8/13/2010), aff'g, 132 T.C. No. 6 (2009). After an earlier similar ruling
    Published on January 28, 2011

    Registered Tax Return Preparers Beware of New Jargon and Compliance Obligations

    Article The federal government has been increasingly focused on errors of paid return preparers. After study by the Internal Revenue Service (IRS) and other government agencies, the IRS has a plan that casts a wide net, at significant cost, to try to rein in a few bad preparers, increase the competency
    Published on January 28, 2011

    Building a Learning Culture at a CPA Firm

    Article How a learning culture will increase your firm’s efficiency, range of services and ability to retain high-quality employees. Sponsored by AuditWatch In today’s hectic environment, CPAs often find themselves running from one fire to the next. However, as w
    Published on January 28, 2011

    The Bread and Butter of Corporate Taxation Expensing

    Article M&A may be exciting (or at least as exciting as tax law gets), but the bread and butter of corporate tax practice is in reducing current year taxable income and the best way to do that is to ensure that costs paid in the year don’t have to be capitalized.
    Published on January 28, 2011

    Goodnight GRAT

    Article Grantor-retained annuity trusts — commonly referred to as “GRATs” — have been in the cross-hairs of the Internal Revenue Service (IRS), Congress and the Obama Administration for some time. This is because of the increased use of short-term GRATs with zero-remainder interests, resulting in no gift tax upon the creation
    Published on January 28, 2011

    While You Were Filing ...

    Article The following bills were signed into law during filing season. Provisions warranting immediate attention are noted along with links to sources of additional information (a thorough discussion of each is beyond the scope of this article).
    Published on January 28, 2011

    Does an Overstatement of Basis Constitute an Omission From Gross Income

    Article For the last 50 years the Internal Revenue Service (IRS) has argued that an overstatement of basis constitutes an omission from gross income in determining if the six year statute of limitations applies. In response to the IRS’s lack of success with respect to this issue, temporary regulations were promulgated
    Published on January 28, 2011

    Uncertain Tax Position Reporting Looking More Likely

    Article 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

    Self-Employment Tax Policy Considerations

    Article In March 2010, healthcare reform included an increased Medicare tax for high-income employees and self-employed individuals (IRC §3101(b)(2) and §1401(b)(2)) and a new unearned income Medicare contribution tax for high-income individuals (IRC §1411). Also in 2010, a "loophole closer" proposal called for self-employment tax on earnings of certain S corporation
    Published on January 28, 2011

    Seventh Circuit Upholds Limitation Period for Seeking Equitable Innocent Spouse Relief

    Article On June 8, 2010, the Seventh Circuit in Cathy Marie Lantz v. Commissioner, Docket No. 09-3345, reversed the Tax Court’s decision invalidating the Internal Revenue Service (IRS) regulation, Section 1.6015-5(b)(1), which imposes a two-year limitations period for seeking equitable innocent spouse relief.
    Published on January 28, 2011

    Going Green May Result in Significant Tax Savings

    Article The time has come to take stock of the options that Certified Public Accountants (CPAs) have for their clients’ financial planning needs. Whether it is incorporating a financial-planning practice in a firm, partnering with a CPA financial planner or referring business to a CPA financial planner, never has there been
    Published on January 28, 2011

    Tracking Section 382

    Article The problem: The problem the Notice addresses can exist only for loss corporations with multiple classes of stock, for example, common stock and one class of pure preferred stock. Multiple classes cause uncertainty about how to factor into the change of ownership calculation changes of stock value. The Notice’s solution
    Published on January 28, 2011

    The Statute of Limitations

    Article How one taxpayer carefully reviewed the Statute and saved over $1.5 million.
    Published on January 28, 2011

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