April

    The Tax Adviser April 2013 

    Photo by Siri Stafford/Photodisc/Thinkstock Articles

    Protecting Communications and Documents From IRS Summons Enforcement
    Linda Burilovich

    Bankruptcy and the Trust Fund Recovery Penalty
    Steven T. Petra and Nina T. Dorata

    Recently Issued Sec. 108(e)(8) Regulations: Liquidation Value Safe Harbor
    John R. McGowan, Troy Luh, and Douglas Murphy

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    Protecting Communications and Documents From IRS Summons Enforcement

    Article This article examines the rules and definitions that form the basis for the practitioner-client and the work product privileges and identifies certain measures that can increase the protection of sensitive client information.
    Published on April 01, 2013

    Check-the-Box A Trap for the Unwary

    Article It has never been easier to effect the choice of operating as a sole proprietorship, partnership, or corporation for federal income tax purposes; however, sometimes unforeseen problems can result.
    Published on April 01, 2013

    Deducting S Corporation Losses to Extent of Shareholder Basis

    Article An S corporation shareholder reports corporate income or loss on the personal income tax return for the year in which the corporate year ends; losses or deductions passed through to the shareholder first reduce stock basis, then loss amounts are applied against debt basis.
    Published on April 01, 2013

    IRS Proposes Employer Play-or-Pay Regulations Under Health Care Reform

    Article The  IRS issued proposed regulations on the employer shared-responsibility provisions under Sec. 4980H, sometimes referred to as the “play-or-pay” rule.
    Published on April 01, 2013

    Incorporating an Insolvent Partnership Availability of the Insolvency Exclusion

    Article Incurring COD income at the partnership level may provide significantly different, and potentially detrimental, tax results to owners in a partnership than would incurring COD income at the corporate level.
    Published on April 01, 2013

    International Tax Issues for Newly Multinational Corporations A Due-Diligence Perspective

    Article A taxpayer that ventures into international business by acquiring a multinational target may encounter a number of tax issues that could result in significant unanticipated tax liabilities.
    Published on April 01, 2013

    New Decanting Statutes Offer Road Map for Escaping Fiduciary Tax and Updating Trust Terms

    Article As trust decanting statutes proliferate, federal and state taxing authorities must wrestle with the income, estate, and gift tax issues raised by decanting.
    Published on April 01, 2013

    Is Tax Identity Theft Becoming an Epidemic

    Article As the primary resource for many client questions on both tax and IRS procedure, tax advisers should understand the issues surrounding identity theft.
    Published on April 01, 2013

    U.S. Withholding Tax Requirements on Payments to Nonresidents and Foreign Entities

    Article This item provides an overview of the types of income subject to U.S. withholding tax and related U.S. information reporting requirements.
    Published on April 01, 2013

    Specified Foreign Financial Asset Reporting Postponed

    Article The IRS announced that it is postponing for at least one year the requirement that domestic entities report interests in specified foreign financial assets.
    Published on April 01, 2013

    IRS Updates Sec. 7216 Guidance on Disclosing Tax Return Information

    Article The IRS took additional steps to protect taxpayer information with the December release of final regulations under Sec. 7216. The IRS also released guidance to tax return preparers about the format and content of taxpayer consents.
    Published on April 01, 2013

    Additional Time for Filing Automatic Accounting Method Changes

    Article While taxpayers generally must obtain the IRS’s consent to change an accounting method for federal income tax purposes, the IRS grants automatic consent for certain accounting method changes, provided the taxpayer complies with certain procedures.
    Published on April 01, 2013

    Recently Issued Sec. 108(e)(8) Regulations Liquidation Value Safe Harbor

    Article Recently issued final regulations on partnership debt-for-equity exchanges contain a liquidation value safe-harbor method for valuing the partnership interest received in exchange for the cancellation of debt.
    Published on April 01, 2013

    FATCA Final Regulations Issued

    Article The IRS issued final regulations providing rules on information reporting by foreign financial institutions (FFIs) and withholding on certain payments to FFIs and other foreign entities.
    Published on April 01, 2013

    IRS Announces Simplified Home Office Deduction

    Article The IRS provided taxpayers with an optional safe-harbor method to calculate the amount of the deduction for expenses for business use of a residence during the tax year under Sec. 280A, beginning with the current tax year.
    Published on April 01, 2013

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