Table of Contents - May 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
• Prop. regs. address carryover of accounting methods under Sec. 381
Consolidated Returns
• Final regs. on consolidated group liquidations
Corporations & Shareholders
• Debt discharge in corporate recapitalizations: Avoiding surprises
Credits Against Tax
• Alternative motor vehicles and the AMT
Employee Benefits & Pensions
Supreme Court Upholds 401(k) Participant’s Right to Sue
Estates, Trusts & Gifts
Interim Guidance Issued on Unbundling Trustee Fees
Exempt Organizations
• Revised 2008 Form 990 requires current action
Expenses
• Federal, state, and local tax incentives for environmental remediation costs
• IRS examines treatment of restructuring costs
Maximizing the Benefits of Sec. 199 in an Asset Sale
Foreign Income & Taxpayers
• Foreign tax credits: Reducing eight categories to two
• U.S. withholding tax imposed on foreign tax-exempt organizations
Gains & Losses
IRS Provides Sec. 1031 Personal Use Safe Harbor for Dwellings
Disposing of an Activity to Release Suspended Passive Losses
Individuals
Rules Issued for Rebate Checks for Individuals with No Tax Liability
Legislation
The Mortgage Forgiveness Debt Relief Act of 2007
by Lynn Comer Jones
Personal Financial Planning
CPAs Can Take the Lead in Boomer Financial Planning
Practice & Procedures
A Review of the Revised Disciplinary Process Under Circular 230
by John C. Gardner,
Barbara J. Eide, Bruce E. May, and Diane R. May
The Qualified Offer:
The Taxpayer’s 90-Day Letter
by W. Lance Stodghill
Procedure & Administration
Supreme Court Declines to Review Check-the-Box Case
Sec. 6694 Tax Return Reporting Standards for Preparers
Defendant May Claim Improper Diversions of Corporate Funds Were Returns of Capital 320
Tax Court May Apply Equitable Recoupment to Medicare Taxes
S Corporations
• Compensation issues for self-employed S corp. owners
• IRS offers opportunity for 2% shareholders of S corp
Tax Education
Financial Literacy: University Focused Activities
