- August 23, 2010
- Andrew Presti
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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 […]
Read more- August 20, 2010
- Andrew Presti
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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 […]
Read more- August 19, 2010
- Andrew Presti
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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 […]
Read more- August 18, 2010
- Andrew Presti
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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 […]
Read more- August 17, 2010
- Andrew Presti
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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 […]
Read more- August 16, 2010
- Andrew Presti
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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 certain debt instruments occurring between Jan. […]
Read more- August 13, 2010
- Andrew Presti
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President Obama Signs Bill Modifying Foreign Tax Credit
President Obama signed Aug. 10 legislation (H.R. 1586) that makes a handful of changes to the foreign tax credit as a way to help pay for a temporary increase in funding for Medicaid and education. The signing of the Education Jobs and Medicaid Assistance Act of 2010 followed House passage of the measure after a […]
Read more- August 05, 2010
- Andrew Presti
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Back to the Basics: Common Gift Tax Return Mistakes
Donors report gifts subject to the gift tax and gifts subject to the generation-skipping transfer (GST) tax on Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. The proper reporting of gifts on Form 709 depends on a number of factors, including the type of gift, who the gift is given to, and whether […]
Read more- August 04, 2010
- Andrew Presti
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FAQ: What’s new in back-to-school tax savings?
It is no secret to students, working individuals going back to school, and their families that the cost of education is becoming continuously more expensive year after year. The Tax Code provides a variety of significant tax breaks to help pay for the rising costs of education, from elementary and secondary school to college and […]
Read more- August 04, 2010
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How do I…Set up a retirement plan for employees of my small business?
Many small employers want to offer their employees the opportunity to save for retirement but are unsure of how to go about setting up a retirement plan. In this article, we’ll explore three options that are widely used by small businesses: payroll deduction IRAs, SEP plans, and SIMPLE IRAs. Payroll deduction IRAs Many small employers […]
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