November 2011

November 28, 2011

IRS Proposes New Treatment of LLC Members, Limited Partners Under Passive Loss Rules

The IRS issued proposed regulations that would redefine “interest in a limited partnership as a limited partner” for purposes of determining material participation under the Sec. 469 passive loss rules.

November 22, 2011

IRS Launches New Round of Preparer Office Visits

The IRS has sent letters to tax return preparers whom the IRS has identified as at high risk of not complying with their responsibilities as return preparers. The IRS will follow up with office visits to some of these preparers who appear to have serious compliance issues.

November 22, 2011

Competency Testing for Registered Tax Return Preparers Set to Start

As part of its ongoing initiative to regulate previously unenrolled tax return preparers, the IRS announced on November 22 that competency testing for registered tax return preparers will start next week.

November 21, 2011

President Signs Government Contractor Withholding Repeal, Veterans Job Credits

The president signed into law the Three Percent Withholding Repeal and Job Creation Act.

November 18, 2011

Temporary Regs. on All-Cash D Reorgs Issued

The IRS issued temporary and proposed regulations governing the determination of the basis of stock or securities in a corporate reorganization when the issuing corporation does not distribute any stock or securities in the reorganization.

November 17, 2011

IRS Reissues Alternative Valuation Date Proposed Regulations

The IRS issued new proposed regulations on electing an alternate valuation date for an estate and withdrew earlier ones released in 2008.

November 17, 2011

Congress Sends Repeal of 3% Government Contractor Withholding to President

The House of Representatives passed a bill that will repeal a 3% government contractor withholding requirement. The bill now goes to President Barack Obama for his signature.

November 15, 2011

Witnesses Tell Congressional Subcommittee Small Business Health Tax Credit Is Too Complicated

A tax credit enacted to encourage small businesses and tax-exempt organizations to provide health insurance coverage for employees is too complicated and is not meeting its goal, witnesses told a congressional panel on November 15.

November 15, 2011

Final Regs Issued on Debt Satisfied by a Partnership Interest

The IRS issued final regulations on the application of Sec. 108(e)(8) to partners and partnerships.

November 10, 2011

Final Regulations Govern Listed Transactions for GST Tax

The IRS issued final regulations on Thursday that add transactions that reduce or eliminate the generation-skipping transfer (GST) tax as listed transactions or transactions of interest and require the disclosure of those transactions under Sec. 6011.

November 10, 2011