On the Bookshelf

Philip R. Fink, J.D., CPA
Professor of Taxation
University of Toledo
Toledo, OH

• IRS Practice and Procedure, Revised Second Edition, by Michael I. Saltzman (WG&L, 2002), is a complete reference for professionals who represent their clients or employer before the IRS. The book discusses various sources of information and the different types of authorities. It also offers examples of IRS correspondence and agreements for various situations, as well as the forms to be used for IRS practice. Other topics covered include: paid preparer rules and statute of limitations rules; interest and penalties; criminal investigations; liens and levies; priority of tax claims; and collections. Useful indices enhance the books value as a reference work. Over 2,000 pages; $465. Contact (800) 950-1216; www.riahome.com.

• J.K. Lassers New Rules for Small Business Taxes, by Barbara Weltman (Wiley, 2002), contains tax rules and planning strategies for small business owners. The book explains the myriad business forms and their tax consequences. It explains the various types of income and how to treat them for optimal tax results. The book discusses the variety of deductions and credits available to small businesses, and how to derive maximum tax benefits from them. Many useful examples and form samples help clarify important points. 482 pages (e-book); $16.95. Contact (800) 225-5945; www.wiley.com.

• Practitioners Guide to IRS Tax Penalties, by Robert J. Collins (CCH, 2002), provides a quick reference explaining the multitude of penalties and penalty-related issues, with substantial references to important authorities. The book explains when and how a penalty is determined, how it is computed and the circumstances under which the IRS will consider abatement. The book covers estimated tax penalties, information return penalties, preparer and promoter penalties, accuracy-related and fraud penalties, trust fund penalties and miscellaneous tax penalties. The end-of-chapter exhibits, which provide samples of forms, correspondence and instructions, are particularly useful. The books appendices reproduce relevant material from IRS publications and handbooks. 379 pages; $55. Contact (800) 248-3248; www.onlinestore.cch.com.

• Taxation of Exempt Organizations, by Frances R. Hill and Douglas M. Mancino (WG&L, 2002), includes everything one needs to know about exempt organizations, including organization, compliance and planning. It is an excellent reference for any professional managing an exempt organization or advising such clients. This book includes detailed information on public charities and private foundations, how to qualify for exempt status and the various prohibited transactions that disqualify an organization. It also discusses investment activities and transactions between private foundations and their directors, officers and founders. $185. Contact (800) 950-1216; www.riahome.com.

• The Market Approach to Valuing Businesses, by Shannon P. Pratt (Wiley, 2000), is an excellent reference for business owners or practitioners who value businesses. The book serves as both a practical tutorial and a handy desk reference. It shows how to find and analyze comparative market transaction data. Considerable time is spent discussing premiums and discounts, and computing them. The book also discusses shareholder matters, such as dissenting suits, minority oppression actions and resolutions of value under buy-sell agreements. A multitude of examples are also presented. 400 pages; $95. Contact (800) 225-5945; www.wiley.com.