Table of Contents - January 2009
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
• IRS Issues Second Directive on Gift Cards
Charitable Contributions
AICPA Comments on Charitable Contribution Substantiation Prop. Regs.
Corporations & Shareholders
• Final Unified Loss Rule Published
• IRS Issues Guidance on Sec. 382 for Corporations in the Capital Purchase Program
Significant Recent Corporate Developments
Understanding the Effects of Nonliquidating Distributions on Corporations
Credits Against Tax
Depreciation
• IRS Issues Guidance on Electing Out of 50% Additional First-Year Depreciation
Employment Taxes
Volunteer Board President “Responsible Person” for Payroll Taxes
Estates, Trusts & Gifts
IRS Identifies Sale of Charitable Remainder Trust Interests as a Transaction of Interest
Foreign Income & Taxpayers
• Automatic Penalty Assertions Begin for Delinquent Forms 5471
Gains & Losses
• Lenders Allowed Nonrecognition Treatment for Certain Securities Loans Terminated Due to Bankruptcy
Individuals
• Effects of Emergency Economic Stabilization Act Provisions on Individuals
Individual Taxation: Filing Season Update
Questions to Include in Individual Tax Organizers
Personal Financial Planning
Communicating with Clients in Difficult Times
Practice & Procedures
Court Rejects Patentability of Business Methods
Procedure & Administration
Cancellation of Indebtedness Information Returns
Tread Carefully: What CPAs Should Know About Tax Fraud
IRS Automated Underreporter Initiative
Limitations on Taxpayers’ Ability to Disavow Tax Consequences of Contract Terms
LMSB Inspection of Corporate Officers’ Returns: IRM Procedure vs. Actual Practice
IRS Changes Policy for Asserting Penalties for Late-Filed Form 5471
Wrongful Levy Judgment Treated as Overpayment of Tax
S Corporations
• Final Sec. 1367 Regs. Address Open Account Debt Between S Corps. and Their Shareholders
