Table of Contents - dECEMBER 2008
Note: In accordance with IRS Circular 230, Regulations Governing the Practice of Attorneys, Certified Public Accountants, Enrolled Agents, Enrolled Actuaries, and Appraisers before the Internal Revenue Service, the information on this website is not intended or written to be used as, and cannot be used as or considered to be a "covered opinion" or other written tax advice, and should not be relied on for the purpose of (1) avoiding tax-related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matter(s) addressed herein, for IRS audit, tax dispute or other purposes.
Bullets indicate items in the Tax Clinic department.
ACCOUNTING METHODS & PERIODS
• Retailer Could Not Accelerate Rebate Liability via Recurring-Item Exception
CREDITS AGAINST TAX
• IRS Issues Guidance on Energy Credit
EMPLOYEE BENEFITS & PENSIONS
IRS Amends No-Rule Policy for NQDC Plans
Current Developments in Employee Benefits and Pensions (Part II)
Summary of the Sec. 409A Correction Program
EXEMPT ORGANIZATIONS
• Changes to Form 990 Reflect IRS Policy Goals
EXPENSES
• Reminder: Support Your Auto Expense
• Temp. Regs. Allow Deemed Election to Expense Startup, Organizational Costs
FOREIGN INCOME & TAXPAYERS
IRS Provides Liquidity Assistance, Relief
GAINS & LOSSES
• IRS Provides Guidance on Pre-Ownership Change Capital Contributions
Like-Kind Exchanges of Partnership Properties
GROSS INCOME
• New Rules Seek to Reduce Tax Advantages of Converting Second Home to Principal Residence
Nonphysical Injury Awards After Murphy
INTEREST INCOME & EXPENSE
• Certain Debt Obligations Not Subject to AHYDO Restrictions
LEGISLATION
Economic Stabilization Act Extends Expired Provisions and Repeals MLTN Standard
PARTNERS & PARTNERSHIPS
Partner Allowed to Make Different Elections for Different Partnership Interests
PERSONAL FINANCIAL PLANNING
• Taxation of Long-Term Care Insurance
PRACTICE MANAGEMENT
PROCEDURE & ADMINISTRATION
Tax Preparer and Taxpayer Reporting Standards Equalized
REAL ESTATE
GAO Report Finds Rental Income Is Misreported
S CORPORATIONS
Allocating Passthrough Items to S Corporation Shareholders
STATE & LOCAL TAXES
• California Combined Report Includes Unitary Insurance Subsidiary
• Continued Trend Toward State Related-Party Expense Addback
• Massachusetts Corporate Tax Law Changes Effective in 2009
• Massachusetts Taxes All Contributions to 401(k) Plans by Self-Employed Individuals
Recent Trends and Developments in Sales and Use Taxation
