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May 2012 - The Tax Adviser

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  2. May 2012
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PRACTICE & PROCEDURES

Interpretations of SSTS No.1, Tax Return Positions

Recently issued revised and updated interpretations of the AICPA’s SSTS No.1, Tax Return Positions, provide guidance to practitioners on tax reporting standards when recommending return positions or preparing or signing returns.

FOREIGN INCOME & TAXPAYERS

FBAR: Handle With Care

Failing to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), can result in severe civil and/or criminal penalties.

Tax Clinic

ESTATES, TRUSTS & GIFTS

Trust Deductions: Knight, Prop. Regs. Still Govern

FOREIGN INCOME & TAXPAYERS

Foreign Limitations on Tax Loss Carryovers May Affect U.S. Foreign Tax Credits

TAX ACCOUNTING

Tax Method Accounting Change Required for Change in Book Recognition on Multiple-Deliverable Contracts

Removal of Sec. 163(j) Limitation Does Not Qualify as Accounting Method Change

Post-Implementation Review of FIN 48

Are Taxpayers Bound by Purchase Price Allocations?

corporations & shareholders

Sec. 6045B Reporting Requirements

Intercompany Debt in a Deemed Asset Sale Election

credits against tax

The Research Credit and Deduction for Passthrough Entities

expenses & deductions

Tangible Property Regulations

LB&I Guidance on Benefits-and-Burdens-of-Ownership Analysis Under Sec. 199

Guidance Issued on Interest Exceeding Acquisition and Home Equity Indebtedness Limitations

partners & partnerships

Final Partnership Debt-for-Equity Regulations

procedure & administration

Accuracy-Related Penalty Tested in Five Recent Cases

Column

CAMPUS TO CLIENTS

Opportunities for Incorporating International Tax Law Into All Levels of the Tax Curriculum

CASE STUDY

Benefiting From Unique Attributes of ESOPs

NEWS NOTES

Taxpayers to Be Required to Update EIN Information

Penalty Relief for the Unemployed Under Expanded “Fresh Start” Initiative

Payroll Tax Cut Extended; New Form 941 Released

IRS Issues Guidance on Accounting Method Changes for Repair Regs.

IRS Extends Portability Election for Some Estates

IRS Broadens Disclosures of Tax-Exemption Determinations

Exempt Organization Online Search Tool Introduced

AICPA Tax Division Remembers and Thanks Dedicated Advocate and Member, John H. Gardner

2012 Automobile Depreciation Limits

TAX PRACTICE RESPONSIBILITIES

Due Diligence Update

TAX TRENDS

Qualified Residence Interest Limits Apply on a Per Residence Basis

Filing False Tax Return Leads to Deportation Charge

TAX PRACTICE MANAGEMENT

2025 tax software survey

AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.

Tax Clinic

IRS generally eliminates 5% safe harbor for determining beginning of construction for wind and solar projects

IRS proposes using NAICS to determine lines of business for certain fringe benefit exclusions

IRS rules that community trust and affiliated nonprofit corporation can file a single Form 990

Prop. regs. issued on new qualified tips deduction

IRS rules for first time that REIT’s income from markup on electricity from EV charging stations is rents from real property