November

    The Tax Adviser November 2010 

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    Tax Court Again Holds That Innocent Spouse Relief Limit Is Invalid

    Article Despite being overruled by the Seventh Circuit in an earlier case, the Tax Court has again held that the regulatory two-year limitation period for filing a claim for equitable innocent spouse relief under Sec. 6015(f) is invalid. This item assesses the Tax Court's arguments in Hall, 135 T.C. No. 9
    Published on January 28, 2011

    Recharacterization of Income from Nonpassive to Passive Is Not a Change in Accounting Method

    Article This item examines the IRS National Office's ruling that the recharacterization of income from nonpassive to passive for purposes of the passive activity loss and credit limit rules of Sec. 469 is not a change of accounting method for purposes of Secs. 446(e) and 481(a).
    Published on January 28, 2011

    IRS Releases Prop. Regs. on Series LLCs

    Article This item reviews proposed regulations the IRS released in September on the tax treatment of series limited liability companies and foreign cell companies, proposing to treat the individual series or cells as separate entities for tax purposes.
    Published on January 28, 2011

    IRS Finalizes Regs. on Tentative Carryback Adjustments

    Article The IRS released final regulations under Sec. 6411 providing guidance on the computation and allowance of tentative carryback adjustments (tentative refunds). This item outlines the contents of those regulations.
    Published on January 28, 2011

    IRS Expands Use of Electronic Payments, Discontinues Paper Coupons

    Article The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes.
    Published on January 28, 2011

    Draft Form for Small Business Health Insurance Credit Released

    Article The IRS has issued a draft form (Credit for Small Employer Health Insurance Premiums) for businesses to use in figuring and claiming the new small business health insurance credit, starting this year.
    Published on January 28, 2011

    Individual Taxation Report Recent Developments

    Article This article covers recent developments affecting the taxation of individuals, including health care reform and other legislation, regulations, cases, and IRS guidance. The items are arranged in Code section order.
    Published on January 28, 2011

    Scope of Foreign Trust Provisions in the HIRE Act

    Article This article analyzes the foreign trust provisions of the HIRE Act and offers some practical guidance for practitioners to consider in their development of best practice procedures.
    Published on January 28, 2011

    Current Developments in Employee Benefits and Pensions (Part I)

    Article This article covers significant developments in late 2009 and 2010 in employee benefits. Part I discusses employment taxes, including the Hiring Incentives to Restore Employment Act and medical resident FICA refund claims, and provides an overview of the new health care reform legislation, focusing on guidance released and provisions that require immediate
    Published on November 02, 2010

    Unrealized Built-in Gains and Losses Under Sec. 382 and the Tax Accounting Rules

    Article Do not forget to consider the tax accounting method rules (for accrued income or expense items) when dealing with Sec. 382.
    Published on November 02, 2010

    Californias Move to Single Sales Factor

    Article Beginning January 1, 2011, multistate businesses may elect to use a single sales factor method of apportionment for purposes of their California corporate income tax return.
    Published on November 02, 2010

    California S.B. 974s Impact on California Enterprise Zones

    Article Opponents of California's Enterprise Zone (EZ) tax credit program have recently attacked its effectiveness, seeking to eliminate the use of targeted employment areas and retroactive vouchering, along with other modifications that would phase out the EZ in favor of a tax incentive program that focuses on improving California’s workforce development for
    Published on November 02, 2010

    Revised LMSB Examiner Procedures for Tax Preparer Penalty Cases

    Article This item discusses the continuing trend of shifting accountability for tax return compliance to return preparers by raising preparer conduct standards, broadening the definition of tax return preparers, and increasing preparer penalties for violations.
    Published on November 02, 2010

    District Court Rules That Same-Sex Married Couples May File Joint Returns

    Article This item discusses the impact of a recent case in Massachusetts in which a federal district court held that Section 3 of the Defense of Marriage Act is unconstitutional because it violates the equal protection principles of the Fifth Amendment’s Due Process clause.
    Published on November 02, 2010

    D.C. Circuit Finds Work Product Protection Not Waived by Disclosure to Independent Auditors

    Article The D.C. Circuit denied an IRS motion to obtain documents in connection with ongoing tax litigation affirming in part a district court’s holding that a company did not waive work product protection when it disclosed certain documents to its auditor.
    Published on November 02, 2010

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