Table of Contents - July 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
• Dollar-Value LIFO Pooling for Automobile Resellers
Charitable Contributions
Getting the Most from Individual Charitable Contributions
by Richard F. Boes and Gary R. Wells
Corporations & Shareholders
• Hot Stock and the Active Trade or Business Regs.
• The “Substantially All” Requirement: A Momentary Concept
Expenses
• Issues Under Proposed De Minimis Rule for Expensing Tangible Property
Foreign Income & Taxpayers
• When Do Foreign Currency Forward Contracts Constitute Sec. 1256 Contracts?
• When Is a Foreign Entity Relevant for U.S. Entity Classification Purposes?
• Who Is a Manufacturer Under the Proposed Contract Manufacturing Regs.?
Gross Income
Ten Things CPAs Need to Know About Structured Legal Fees
Individuals
Taxpayer Must File Jointly to Qualify as Innocent Spouse
Legislation
The Economic Stimulus Act of 2008
by Lynn Comer Jones
Personal Financial Planning
Guiding Clients Through the Transfer-for-Value Maze
Practice & Procedures
AICPA Asks Court to Nullify Tax Patents
Court Reverses Broad-Based FICA Exclusion for Severance Payments
The Importance of CPAs Supporting VITA: One CPA’s Experience
Procedure & Administration
IRS Allows Penalty-Free Withdrawal of Stimulus Payments from IRAs
IRS Provides Guidance on Return Preparer Penalties
Government Loses Son of Boss Tax Shelter Case
• Forms 8275 and 8275-R: How Much Information Is Enough?
• IRS Intensifies Focus on Worker Classification
• Refund Claims and the Saturday-Sunday-Holiday Rule of Sec. 7503
• Reportable Transactions: When Does the 90-Day Disclosure Rule Apply?
IRS Enforcement Activities: Past, Present, and Future
by Raymond L. Placid, H. Wayne Cecil, and Carl Pacini
Tax Court Vacates Stipulated Decisions in Tax Shelter Case
Tax Court Reviews Only Final Supplemental Notice of Determination
Real Estate
Converting a Residence to Rental Property
S Corporations
• F Reorg. of an S Corp. May Require a New EIN
