The Tax Adviser January 2009 

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    Individual Taxation Filing Season Update

    Article This article covers recent significant developments affecting taxation of individuals, including cases, regulations, and legislative changes, and important information for the upcoming filing season.
    Published on January 01, 2009

    IRS Changes Policy for Asserting Penalties for Late-Filed Form 5471

    Article The IRS recently sent letters to certain corporate taxpayers advising them that effective January 1, 2009, penalties for late-filed Forms 5471 will automatically be asserted when such forms are attached to a late-filed Form 1120.
    Published on January 01, 2009

    Tread Carefully What CPAs Should Know About Tax Fraud

    Article This article examines Sec. 6663 and the civil tax fraud penalty it imposes.
    Published on January 01, 2009

    Limitations on Taxpayers Ability to Disavow Tax Consequences of Contract Terms

    Article The circuit courts have split on the issue of when a taxpayer should be able to disavow the form of his or her transaction and assert that the substance of the transaction controls.
    Published on January 01, 2009

    LMSB Inspection of Corporate Officers Returns IRM Procedure vs. Actual Practice

    Article When the IRS’s Large and Mid-size Business (LMSB) Division issues an initial information document request (IDR) to a corporate taxpayer, one topic that corporate officers are often concerned about is the inspection of their individual income tax returns.
    Published on January 01, 2009

    IRS Automated Underreporter Initiative

    Article The IRS recently started a “soft notice” initiative and has sent notices to taxpayers to spur voluntary compliance.
    Published on January 01, 2009

    Communicating with Clients in Difficult Times

    Article The trusted, knowledgeable adviser must be proactive. Clients trust their CPAs and the advice, information, and education they provide.
    Published on January 01, 2009

    Questions to Include in Individual Tax Organizers

    Article To help clients avoid possible penalties and sanctions, practitioners should ensure that the following questions are included in their customized tax software organizers for individual clients for the upcoming filing season.
    Published on January 01, 2009

    Wrongful Levy Judgment Treated as Overpayment of Tax

    Article The Ninth Circuit held that for purposes of calculating the overpayment interest rate on a wrongful levy judgment, the judgment should be treated as an overpayment of tax.
    Published on January 01, 2009

    IRS Identifies Sale of Charitable Remainder Trust Interests as a Transaction of Interest

    Article In a notice, the IRS has identified as transactions of interest certain transactions in which a sale or other disposition of all interests in a charitable remainder trust (CRT), after the contribution of appreciated assets to and their reinvestment by the trust, results in the grantor (or other noncharitable recipient)
    Published on January 01, 2009

    Understanding the Effects of Nonliquidating Distributions on Corporations

    Article Nonliquidating corporate distributions are distributions of cash and/or property by a continuing corporation to its shareholders. At the shareholder level, a nonliquidating corporate distribution can produce a variety of tax consequences, including taxable dividend treatment, capital gain or loss, or a reduction in stock basis.
    Published on January 01, 2009

    Significant Recent Corporate Developments

    Article This article summarizes selected U.S. federal income tax developments during 2008 affecting corporations, including those filing consolidated returns.
    Published on January 01, 2009

    Cancellation of Indebtedness

    Article The IRS has issued final, temporary, and proposed regulations regarding information returns for cancellation of indebtedness by certain entities.
    Published on January 01, 2009

    Court Rejects Patentability of Business Methods

    Article The Federal Circuit has significantly altered the landscape of business method patents by holding that to be patentable a business process must meet the “machine or transformation” test.
    Published on January 01, 2009

    Volunteer Board President Responsible Person for Payroll Taxes

    Article Taxpayer who served (without compensation) as the president of a daycare center was responsible person under Sec. 6672.
    Published on January 01, 2009

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