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    Taxpayers Must Reveal Tax Shelter Opinion Letters Despite Attorney-Client Privilege

    News By attempting to establish good-faith and state-of-mind defenses, taxpayers put their legal knowledge and understanding into contention, and therefore they waived attorney-client privilege.
    Published on April 17, 2014

    Foreign Housing Expense Limitations Issued for 2014

    News On Monday, the IRS provided its annual list of inflation-adjusted limitations on foreign housing expenses for 2014.
    Published on April 15, 2014

    Horse Breeder Materially Participated

    News The Tax Court held that a taxpayer materially participated in his horse-breeding activity for 2002 through 2004 and therefore was not barred from deducting his losses as passive activity losses under Sec. 469.
    Published on April 11, 2014

    Guidance Issued on Application of Windsor to Retirement Plans

    News Administrators of qualified retirement plans must recognize the same-sex spouses of legally married participants as of June 26, 2013, under guidance issued by the IRS.
    Published on April 10, 2014

    Taxpayers Can Claim Charitable Contributions for Typhoon Relief on 2013 Returns

    News The IRS announced procedures under the Philippines Charitable Giving Assistance Act, which allows taxpayers to take deductions for cash contributions to qualified charities for the relief of victims of Typhoon Haiyan on their returns for the 2013 tax year.
    Published on April 07, 2014

    AICPA Recommends Changes to Net Investment Income Tax Rules

    News The AICPA submitted a comment letter to the IRS recommending a number of changes to the Sec. 1411 regulations on the application of the net investment income tax to charitable remainder trusts when final regulations are issued.
    Published on April 02, 2014

    How to Calculate Employer Health Care Responsibilities

    News To determine whether a business is subject to the employer mandate penalty under the Patient Protection and Affordable Care Act, the business must determine the number of its full-time employees, which includes its full-time equivalent employees (FTEs).
    Published on April 02, 2014

    Final Rules Issued on Employment Tax Responsibilities of Designated Payer Agents

    News Final regulations contain rules on the liability for employment taxes when an employer designates an agent under a “service agreement” to pay its employees and to satisfy its employment tax obligations instead of following normal IRS procedures to designate an agent.
    Published on March 31, 2014

    Trust Materially Participated in Real Estate Business

    News The Tax Court held that a trust materially participated in its rental real estate business and therefore could deduct the losses it incurred in conducting those activities as losses from nonpassive activities.
    Published on March 31, 2014

    Abuse Victims Who File Separate Returns Are Eligible for Premium Tax Credit

    News Victims of domestic violence who are afraid or unable to contact their spouse to file a joint return may be able to claim the Sec. 36B premium tax credit using procedures announced by the IRS.
    Published on March 28, 2014

    IRS Expands Use of Electronic Signatures

    News The IRS provided new methods for taxpayers to electronically sign Form 8878.
    Published on March 28, 2014

    Gamblers Luck Turns in Second Trip to Tax Court

    News A taxpayer who consistently lost money playing the slots at two casinos in California was found not to have an actual and honest profit objective and could not deduct her gambling losses on Schedule C.
    Published on March 27, 2014

    Supreme Court Rules Severance Payments Are Subject to FICA

    Article The Supreme Court held in an 8–0 decision that severance payments to terminated employees are taxable wages for FICA tax purposes.
    Published on March 26, 2014

    New Guidance Clarifies Tax Treatment of Bitcoin and Other Virtual Currencies

    News The IRS issued its first guidance on the tax rules that apply to virtual currencies, in the form of 16 questions and answers.
    Published on March 26, 2014

    IRS Clarifies Electronic Signatures Permitted for Form 8879

    News The IRS updated the online version of Publication 1345, Handbook for Authorized IRS e-File Providers of Individual Income Tax Returns, to clarify that electronic signatures are permitted for Form 8879 as well as Form 8878.
    Published on March 21, 2014

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