“Transactions of Interest” Regs Finalized

Proposed regulations under section 6011 concerning disclosure of reportable transactions, which include the new category of “transactions of interest,” have been finalized. In general, the final regulations apply to transactions entered into on or after Aug. 3. However, the provision regarding transactions of interest applies to transactions entered into on or after Nov. 2, 2006. The IRS defines a transaction of interest as one it believes has a potential for abuse, but about which it lacks sufficient information to designate it a tax-avoidance tactic. On Aug. 14, in notices 2007-72 and 2007-73, the IRS identified its first two transactions of interest. In one, charitable contributions of real-estate interests are valued significantly beyond the interests’ purchase price and normal appreciation. In the other, grantor trusts cancel out gains and recognize losses as they “toggle” grantor status off and on.


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.