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Andrew Presti

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 requirements for becoming a registered […]

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Andrew Presti

Congress Urged to Scrap New Form 1099 Reporting Requirements

The U.S. Chamber of Commerce announced Aug. 17 that more than 1,099 companies around the nation have signed a letter to lawmakers asking them to repeal new Form 1099 reporting requirements, calling them burdensome, complex, and very costly. Implemented as part of the recently enacted health care reform law (Pub. L. No. 111-148 as modified […]

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Andrew Presti

Decoupling Gift Tax, Estate Tax Exemptions Adds Complexity, JCT Says

President Obama’s proposal to keep the exemption level for the gift tax below that of the estate tax may discourage evasion, but it significantly adds to the complexity of the tax code, the Joint Committee on Taxation said in an Aug. 16 analysis. JCT’s analysis of the president’s fiscal year 2011 budget proposal noted that […]

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Andrew Presti

Laying Claim to Options Expense Deductions

The IRS concludes that stock-option payments made to employees of a former subsidiary create a compensation expense and deduction that belong to the subsidiary, not the parent company. Guidance from the Internal Revenue Service’s chief counsel, released last summer, opined on the tax treatment of stock-option payments made by a parent company to employees of […]

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Andrew Presti

New Law Significantly Alters FTC Regime, Practitioners Say

Changes to the foreign tax credit under newly signed legislation (Pub. L. No. 111-226) represent significant alterations to the cross-border tax regime and create a host of questions for taxpayers, Ernst & Young LLP practitioners said Aug. 12. “These provisions represent fundamental changes in some long-standing international tax rules,” Barbara Angus, a practitioner in E&Y’s […]

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