FEATURED VIDEO Tax Software Survey Analysis In this video, JofA Senior Editor Alexandra DeFelice discusses what more than 12,000 CPAs had to say about their tax preparation software and provides analysis of some tax software trends to watch. Also on journalofaccountancy.com, find more information about each tax preparation software vendor,
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Tax
Comments Requested on Expanded Payment Information Reporting
The IRS requested comments on 2012-effective amendments to IRC § 6041 expanding requirements to report on Form 1099 business payments totaling $600 or more to any person in a calendar year. The amendments were made by the Patient Protection and Affordable Care Act of 2010 (PL 111-148). They provide that,
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PENSIONS GET FUNDING RELIEF President Barack Obama signed HR 3962, the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010, on June 25. The act allows single-employer plans to elect to amortize over a longer period pension shortfalls caused by losses in asset value they
Two-Year Limit on Equitable Relief Petitions Upheld
The Seventh Circuit Court of Appeals reversed the Tax Court and upheld IRS regulations restricting to two years the period in which taxpayers can petition under IRC § 6015(f) for equitable innocent spouse relief from joint and several liability. Cathy Lantz was married to a dentist convicted of Medicare fraud.
Determining Ownership Changes When Stock Prices Fluctuate
In an effort to limit loss trafficking, Congress enacted IRC § 382 to limit the use of corporate net operating losses (NOLs) following an ownership change, which is defined generally as a greater than 50% change in stock ownership among certain 5% shareholders over a three-year period. In the event
2010 Tax Software Survey
The Journal of Accountancy and The Tax Adviser conducted a survey of AICPA members who prepared 2009 tax returns for a fee to determine which tax preparation software products were the most popular, what aspects of those products preparers liked, and what they disliked. Of the 17 products identified for
Gary Iskowitz, CPA
I am fortunate to have a successful practice comprised of a partner and 12 staff members; we work with high-income individuals in the Los Angeles area. I am also fortunate to have had both local and national television exposure. And I owe these things to an unlikely source—the Internal Revenue
New Life for Charitable Lids
One common estate planning technique the IRS has opposed or blocked for years is “charitable lid planning.” This technique relies on “defined value” and “value adjustment” clauses or similar provisions in wills, deeds or other transfer documents to cap the transfer taxes on estates, gifts or generation-skipping trusts at some
Best Practices for Exempt Organizations and Form 990
Tax-exempt organizations required to file federal Form 990, Return of Organization Exempt From Income Tax, which was expanded and revised beginning in 2008 tax years, now have some experience with the new requirements. They may have experienced much anxiety as they and their CPAs learned that the new Form 990
Son Liable for Father’s Unpaid Taxes
The Tax Court affirmed an IRS determination that a son is liable for his father’s unpaid taxes as the transferee of his father’s Florida condominium. Florida’s Uniform Fraudulent Transfer Act (FUFTA) did not protect the son from the liability. When his mother’s health declined in 1989, Scott Rubenstein moved from
Currency Option Not a Contract in “Major/Minor” Shelter
The Tax Court held that a foreign currency call option is not a foreign currency contract under the plain language of the IRC § 1256 contract mark-to-market rules. Thus an unrealized loss existing on the date that a foreign currency option was transferred to a charity was disallowed. Section 1256
Wider Material Participation Rules Could Increase Self-Employment Tax
In three recent cases, the Tax Court and Court of Federal Claims have held that a member of a limited liability company (LLC) or a limited liability partnership (LLP) should be treated as a general partner rather than presumptively as a limited partner for purposes of testing for material participation
Maximizing the Section 199 Deduction
Every business in the manufacturing sector, whether small or large, should consider the manufacturing deduction under IRC § 199. While section 199 comes with a complex set of rules, it nonetheless represents a valuable tax break for businesses that perform domestic manufacturing and certain other production activities. However, businesses should
AICPA Testifies at IRS Hearing on User Fee Regulations
Edward Karl, the AICPA’s vice president of taxation, testified Tuesday at an IRS hearing on proposed regulations relating to the user fee aspect of the Service’s proposal to require all paid tax return preparers to obtain a preparer tax identification number (PTIN) and use it on all tax returns after
IRS Finalizes Regs on Tentative Carryback Adjustments
The IRS on Monday released final regulations under IRC § 6411 providing guidance on the computation and allowance of tentative carryback adjustments (tentative refunds) (TD 9499). The final regulations finalize temporary regulations that were issued in 2007 (TD 9355) and are effective Aug. 24, 2010, the day they are scheduled
IRS Expands Use of Electronic Payments, Discontinues Paper Coupons
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 (REG-153340-09). The paper coupon payment system will be shut down at the end of this year. With this change, taxpayers will be required to use
IRS Moves Forward With Preparer Registration Plan
On Thursday, the IRS issued proposed regulations that would put into place many of the parts of its plan to register and regulate tax return preparers (REG-138637-07). Proposed amendments to Circular 230 would clarify the definition of tax practice, establish a new “registered tax return preparer” designation, define the eligibility
Final Regs Released for Payment Card and Third-Party Network Information Reporting
The IRS on Friday issued final regulations (TD 9496) regarding the new information reporting requirement under IRC § 6050W for payment card and third-party network transactions. Starting Jan. 1, 2011, banks and similar transaction settlement entities must file annual information returns for each participating merchant or other payee reporting aggregate
Rules Issued for Income Deferral of Canceled Debt
The IRS issued temporary and proposed regulations Wednesday relating to taxpayer elections to defer recognition of cancellation of debt (COD) income. The American Recovery and Reinvestment Act of 2009 (ARRA, PL 111-5) enacted IRC § 108(i), providing an election to defer COD income arising from the forgiveness or reacquisition of
Members of Congress Ask Treasury to Modify Return Preparer Registration Plans
Thirty-one members of the House of Representatives wrote to Treasury Secretary Timothy Geithner on Aug. 2, expressing concerns with aspects of the IRS’ proposal to regulate paid tax return preparers. The House members asked that the plan be modified to exempt nonsigning preparers who work for a CPA firm from
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