TaxClinic

Practical Advice
on Current Issues

Editor:
Joel E. Ackerman, CPA, MST
Holtz Rubenstein Reminick LLP
DFK International/USA
Melville, NY

IN THIS DEPARTMENT
 

Benefits under PPA ’06 expand to include beneficiaries

Nonqualified deferred compensation and Sec. 409A final regs.

Exempt Organizations

Debt-financed income and UBTI

Expenses

Opportunities to claim health care expenses as deductions

Tax considerations for corporate aircraft

Foreign Income & Taxpayers

Sec. 1446 withholding

Gains & Losses

Sale of vacation home disallowed as tax-free like-kind exchange

Tax treatment of market discount bonds

Individuals

Kiddie tax changes for 2008

Some prior-year MTCs will be refundable beginning in 2007

Procedure & Administration

Distinguishing between independent contractors and employees

New rules govern practice before the IRS

S Corporations

Modifying the order of distribution rules for an S corporation with AE&P

S stock call options as a second class of stock

Special Industries

Payments for future remediation expenses are not insurance premiums

Unless otherwise noted, contributors are members of or associated with DFK International/USA.

If you would like additional information about these items, contact Mr. Ackerman at (631) 752-7400 x262 or jackerman@hrrllp.com.