Tax Clinic
Editor:
Frank J. O’Connell Jr., CPA, Esq.
For additional information about these items, contact Mr. O’Connell at (630) 574-1619 or foconnell@crowechizek.com.
Editor Notes: Frank J. O’Connell Jr. is a partner in Crowe Chizek in Oak Brook, IL.
Unless otherwise noted, contributors are members of or associated with Crowe Chizek.
Accounting Methods & Periods
• Installment sales: Allocation of installment payments
• Tax Court denies an impermissible accounting method change
Corporations & Shareholders
• IRS clarifies application of the step-transaction doctrine
Credits Against Tax
• Alternative simplified method for claiming the research credit
Employee Benefits & Pensions
• IRS increases scrutiny of performance-based plans under Sec. 162(m)
• Ten things to know about the Roth 401(k)
Gross Income
• Corporate cancellation of debt relief
Partners & Partnerships
• IRS flexes its muscles under the partnership anti-abuse rules
Procedure & Administration
• Disclosure under the preparer penalty prop. regs.
Special Industries
• Letter ruling reaffirms favorable treatment for sale of charter
• Transactions between private equity fund–owned portfolio corporations: An update
