Regarding special-needs and international adoptions being easier than domestic adoptions (“Tax Treatment of Adoption Expenses,” April 2010, page 44): I am a CPA who adopted an 8-month-old baby from Vietnam in 2007. I started the process (the first visit to the adoption agency) in November of 2006. By Aug. 8,
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Divorce Settlement Issues
How can you assist your client and the client’s attorney in realizing a fair and equitable divorce settlement? Here are several critical tax and financial planning issues: —By John Raspante, CPA, (jraspante@grafrepetti.com) and Arthur Garcia, Esq., (agarcia@grafrepetti.com) co-directors of Graf Repetti & Co. LLP’s matrimonial advisers group in New York
Using Refund Splitting to Fund IRAs
Individual taxpayers have the option to split direct deposit federal tax refunds among up to three (open) accounts with up to three U.S. financial institutions that accept direct deposits. Refunds can fund several kinds of accounts, including checking, savings, individual development accounts, IRAs (traditional, Roth and SEP), health savings accounts,
Purcell Earns Highest Award in Taxation
Thomas J. Purcell III received the 2010 Arthur J. Dixon Memorial Award, the highest award given by the profession in the area of taxation. The award was presented by Patricia Thompson, chair of the AICPA Tax Executive Committee, at the AICPA’s Fall Tax Division Meeting in Washington. Purcell is professor
Don’t Neglect to Elect, Part 2
In the hustle and bustle of tax season, practitioners may overlook some of the elective tax benefits available to clients. Although many elections can be made under extension or on amended returns, a little forethought can go a long way. Here’s a follow-up to our June 2010 JofA article (“Tax
Taking the “Sting” Out of S Corporations’ Earnings and Profits
Under current tax law, an S corporation cannot produce earnings and profits (E&P); only C corporations can. However, if the S corporation was previously a C corporation, it may have accumulated E&P from years when it was a C corporation. Similarly, if an S corporation was a party to a
Tax Season Brings New Twists
While 2010 featured an ample number of new tax breaks and revenue-raising measures, the filing season that starts this month (with an April 18 deadline for individual returns) is notable for tax practitioners also because of its new return preparer requirements. For the first time, paid return preparers including CPAs
Congress Enacts Tax Cut Extensions
Congress in December sent to President Barack Obama for his signature the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, HR 4853, which postpones the sunset of the 2001 and 2003 tax cuts, temporarily reduces the estate tax and extends a number of expired provisions. It also
Congressional Hot Tax Topics
This page tracks developments in five hot tax topics affecting taxpayers in 2010 and 2011 that Congress has had under consideration. On Dec. 17, President Barack Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (HR 4853), which deals with four of the
IRS Exempts CPA-Supervised Nonsigners From New Preparer Rules
On Thursday, the IRS released guidance on the implementation of new regulations governing tax return preparers (Notice 2011-6), and provided an exception to its return preparer regulation plan for nonsigning preparers supervised by a CPA, attorney, enrolled agent or other Circular 230 practitioner. The notice also provides an exception for
IRS Updates Guidance on Adequate Disclosure of Positions
The IRS has released updated guidance identifying when a taxpayer’s disclosure of an item or position in an income tax return is adequate for purposes of reducing the understatement of tax penalty and the tax return preparer penalty for understatement due to unreasonable positions (Revenue Procedure 2011-13). The IRS regularly
Tax Law Changes Will Delay Start of Filing Season for Some Taxpayers
The IRS is warning taxpayers that it will not accept certain 2010 individual tax returns until mid- or late February due to tax law changes recently enacted by Congress (IR-2010-126). Taxpayers affected include all those who itemize deductions on Schedule A, as well as those who take certain recently extended
IRS Releases 2011 Tax Tables and Other Inflation Adjustments
On Thursday, the IRS released the 2011 tax rate tables and other inflation adjustments, which it had been holding while waiting for Congress to resolve various tax issues (Revenue Procedure 2011-12). With the enactment of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act
Congress Resolves Many Tax Issues During Lame-Duck Session
Congress adjourned its year-end lame-duck session on Wednesday after passing legislative fixes for several pending tax issues, including the estate tax, the expiration of the 2001 and 2003 tax cuts, an alternative minimum tax (AMT) patch, and extensions of many expired provisions. However, it failed to repeal the expanded Form
IRS Releases 2011 Withholding Tables
In the wake of Thursday night’s passage of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act, the IRS released the withholding tables for employers to use in 2011. The IRS was unable to issue the tables earlier because of uncertainty over whether the current tax rates would be
Tax Cut Extension Enacted
The House of Representatives on Thursday by a vote of 277–148 passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, HR 4853, which postpones the sunset of the 2001 and 2003 tax cuts, reduces the estate tax, extends a large number of expired provisions, and extends
IRS Maintains Stance on Omissions from Gross Income and Overstatement of Basis
The IRS on Wednesday released final regulations defining an omission from gross income for purposes of the six-year minimum period for assessment of tax attributable to partnership items and the six-year period for assessing tax (TD 9511). The regulations are designed to resolve the question of whether an overstatement of
Senate Approves Tax Cut Extender Bill
On Wednesday, the Senate voted 81–19 in favor of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Senate Amendment 4753 to HR 4853, which would postpone the sunset of the 2001 and 2003 tax cuts, reduce the estate tax, extend a large number of expired provisions,
Federal Court Rules Health Care Insurance Mandate Unconstitutional
A federal district court has held that the health care reform legislation’s mandate that individuals obtain health insurance is unconstitutional (Virginia v. Sebelius, docket no. 3:10-CV-188 (E.D. Va. 12/13/10)). In so holding, however, the court severed that mandate from the rest of the health care reform legislation and refused to
Final Regs Issued Requiring Uncertain Tax Position Disclosure Statement
On Monday, the IRS issued final regulations requiring some corporations to file a Schedule UTP, disclosing their uncertain tax positions when filing a return (TD 9510). The final regulations adopt regulations proposed in September (REG-119046-10), with one change relating to the effective date. For prior coverage, see “IRS Issues Proposed
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