Corporations and Partnerships to Tell More About Ownership

The IRS issued proposed revisions to Form 1120, U.S. Corporation Income Tax Return , and Form 1065, U.S. Return of Partnership Income , that would ask for more ownership information. Corporations would be required to identify individuals who own at least 50% of the voting power of all classes of the corporation’s stock entitled to vote and entities holding at least 10% of voting power. The reporting corporation also would have to identify other foreign or domestic corporations, partnerships or trusts in which it owns at least 10% of voting stock or interest, as well as any disregarded entity it owns. Partnerships would list entities having a 10% or greater ownership interest in them directly or indirectly, along with entities in which the partnership owns at least a 10% interest. In addition, corporations with more than $10 million in assets would be asked about transfers of interest, cost-sharing arrangements and changes in accounting methods. Pending the results of comments received in August and September, the IRS plans to have the revised forms and related schedules ready for tax years ending on or after Dec. 31, 2008.


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.