In a case involving the proper valuation of LLC interests that were transferred by a taxpayer into trusts set up for the benefit of her children, the Tax Court has held that transfers should be valued as transfers of LLC interests and not, as the IRS had argued, as transfers
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IRS Provides Guidance on Election to Defer COD Income
In Revenue Procedure 2009-37, the IRS has provided guidance to taxpayers on how to make the new election to defer recognizing cancellation of debt (COD) income under IRC § 108(i). The revenue procedure also requires taxpayers who make the election annually to provide additional information on their returns, starting with
First Circuit Denies Textron Work Product Privilege
In a 3-2 decision Thursday, the First Circuit Court of Appeals overturned its earlier three-judge ruling and a district court to hold that the work product doctrine did not protect tax accrual workpapers of aviation and industrial conglomerate Textron Inc. from IRS summons. Judge Michael Boudin, writing for the majority,
Comments Sought on Partnerships, Combined Pension Plans
The IRS requested public comment Wednesday on proposed regulations issued earlier on allocation of gain or loss in partnership mergers. In a separate notice, the Service invited comment on combined defined contribution and defined benefit plans under IRC § 414(x), on which the Service plans to issue guidance before it
Phone Tax Suit Revived
A panel of the U.S. Court of Appeals for the District of Columbia ruled that taxpayers could challenge under the Administrative Procedure Act (APA) the IRS’ method of refunding long-distance telephone excise taxes. The 2-1 decision in Neiland Cohen v. U.S. (docket no. 08-5088) reversed and remanded a dismissal of
IRS Extends FBAR Filing Date for 2008 Filings
The IRS announced Friday in Notice 2009-62 that it is extending for certain taxpayers the due date for filing calendar year 2008 Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). Because the Treasury Department is still working out various FBAR filing issues, it has decided to
TIGTA Announces Program to Detect, Deter IRS Employee Misconduct
The Treasury Inspector General for Tax Administration (TIGTA) announced on Tuesday that it has reached an agreement with the IRS to conduct a program to detect and deter waste, fraud and abuse in IRS programs and operations. The purpose of the program is to protect against attempts to interfere with
Tax Software Survey: TaxWorks
Click here for a PDF of detailed survey responses for TaxWorks. Tax program name TaxWorks Vendor name RedGear Technologies Inc. Telephone 800-230-2322 E-mail address sales@taxworks.com Web site taxworks.com Price on Federal 1040 $1,095.00 Is this an increase from last year? By how much? No Renewal price $1,095.00 State price $260.00
Tax Software Survey: UltraTax CS
Click here for a PDF of detailed survey responses for UltraTax CS. Tax program name UltraTax CS Vendor name Thomson Reuters Telephone 800-968-8900 E-mail address CS.Sales@thomsonreuters.com Web site cs.thomsonreuters.com Price on Federal 1040 $2,250 Is this an increase from last year? By how much? Yes, $50 Renewal price $1,960 State
Tax Software Survey: ProSystem fx Tax
Click here for a PDF of detailed survey responses for ProSystem fx Tax. Tax program name ProSystem fx Tax Vendor name CCH, a Wolters Kluwer business Telephone 800-739-9998 E-mail address sales@prosystemfx.com Web site cchgroup.com Price on Federal 1040 $3,585 Is this an increase from last year? By how much? Yes
Tax Software Survey: TaxACT 2009 Preparer’s 1040 Edition
Click here for a PDF of detailed survey responses for TaxACT 2009 Preparer’s 1040 Edition. Tax program name TaxACT 2009 Preparer’s 1040 Edition Vendor name 2nd Story Software Inc. Telephone 800-573-4287 E-mail address support@TaxACT.com Web site taxact.com Price on Federal 1040 $119 Is this an increase from last year? By
Tax Software Survey: TaxSlayer Pro
Click here for a PDF of detailed survey responses for TaxSlayer Pro. Tax program name TaxSlayer Pro Vendor name TaxSlayer Pro Telephone 888-420-1040 E-mail address sales@taxslayerpro.com Web site taxslayerpro.com Price on Federal 1040 $895 Is this an increase from last year? By how much? No Renewal price $795 (Early renewal
Tax Software Survey: TaxWise Complete Tax and Accounting
Click here for a PDF of detailed survey responses for TaxWise Complete Tax and Accounting. Tax program name TaxWise Complete Tax and Accounting Vendor name CCH Small Firm Services Telephone 800-775-9473 E-mail address Eriana.Rivera-Rozo@cchsfs.com Web site taxwise.com Price on Federal 1040 $3,625 (includes e-filing, all tax modules, all states, accounting
2009 Tax Software Survey
The JofA and The Tax Adviser surveyed our readers to determine what they liked and did not like about their tax preparation software. The survey was conducted in late June and early July and received 9,776 responses. Below are results showing how many respondents used each product and overall ratings by
Tax Software Survey: Drake Software
Click here for a PDF of detailed survey responses for Drake Software. Tax program name Drake Software Vendor name Drake Software Telephone 800-890-9500 E-mail address Sales@drakesoftware.com Web site drakesoftware.com Price on Federal 1040 $1,395 (with early season discounts as low as $995) Is this an increase from last year? By
Tax Software Survey: GoSystem
Click here for a PDF of detailed survey responses for GoSystem. Tax program name GoSystem Vendor name Thomson Reuters Telephone 800-968-8900 E-mail address CS.Sales@ThomsonReuters.com Web site cs.thomsonreuters.com Price on Federal 1040 Starting at $2,900 Is this an increase from last year? By how much? No Renewal price Starting at $2,900
Tax Software Survey: ProSeries Professional
Click here for a PDF of detailed survey responses for ProSeries Professional. Tax program name ProSeries Professional Vendor name Intuit Inc. Telephone 800-934-1040 E-mail address APD_Sales@intuit.com Web site www.proseries.com Price on Federal 1040 $1,399.00 Is this an increase from last year? By how much? Yes, $100.00 difference Renewal price Same
Tax Software Survey: TurboTax
Click here for a PDF of detailed survey responses for TurboTax. Tax program name TurboTax – for Individual Consumer Use Vendor name Intuit Inc. Telephone 800-624-8384 E-mail address Submitted via TurboTax.com Web site Web site www.turbotax.com Price on Federal 1040 $74.95 Is this an increase from last year? By how
Tax Software Survey: ATX 1040 Office
Click here for a PDF of detailed survey responses for ATX 1040 Office. Tax program name ATX 1040 Office Vendor name CCH Small Firm Services Telephone 800-728-9776 E-mail address sales@atxinc.com Web site www.atxinc.com Price on Federal 1040 $635.00 Is this an increase from last year? By how much? No Renewal
Tax Software Survey: TaxSimple
Click here for a PDF of detailed survey responses for TaxSimple. Tax program name TaxSimple Vendor name TaxSimple Telephone 973-989-8955 E-mail address jvora@taxsimple.com Web site taxsimple.com Price on Federal 1040 $100 – $695 Is this an increase from last year? By how much? No Renewal price $100 – $695 State
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FROM THIS MONTH'S ISSUE
4 ways solo practitioners can stand out
Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.
From The Tax Adviser
April 30, 2026
Current developments in taxation of individuals: Part 2
April 30, 2026
