Safe Harbor for Home Swaps

Revenue Procedure 2008-16 provides a method for section 1031 like-kind exchanges of homes that are rented out or otherwise held as income-producing properties but also used occasionally by taxpayers for personal purposes. Dwellings will be considered held for productive use in a trade or business or for investment if, in each year of the two years immediately before the exchange (relinquished property) and two years after (replacement property), the taxpayer owns the dwellings for the entire period and rents them at fair rental for at least 14 days, and the personal use in each of those years does not exceed the greater of 14 days or 10% of the number of days rented. The procedure is effective for exchanges on or after March 10, 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.