June 08, 2011
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Tax cuts push debt to new milestone
June 8th, 2011 What a difference a year — and a big tax cut — makes. A recent Treasury report noted that national debt will exceed the size of the economy this year — a first since World War II. A year ago, the Treasury had estimated that notorious record wouldn’t be hit until 2014. […]
Read more- June 07, 2011
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IRS Issues New Guidelines For Overseas Accounts
June 4th, 2011 The Internal Revenue Service issued guidelines this week to help U.S. citizens living overseas report their foreign bank accounts, and offered some taxpayers more time to get into a special program to tell the IRS about accounts they kept secret. An Aug. 31 deadline to enter a voluntary disclosure program may be […]
Read more- June 06, 2011
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When Are Legal Costs Nondeductible?
In a recent tax ruling, an appeals court contrasted an insurance company and a landlord. In the 1990s, Anthem, the predecessor of WellPoint and a for-profit seller of health insurance policies, acquired three nonprofit Blue Cross Blue Shield units — one each in Connecticut, Kentucky, and Ohio. Since both Anthem and the acquired Blues were at […]
Read more- June 03, 2011
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IRS Rejects Proposed ABA Standards for Preparers Under Circular 230
June 2nd, 2011 Several modifications that the American Bar Association Section of Taxation sought from the Internal Revenue Service in relation to the reporting of uncertain tax positions were not adopted in final rules under Circular 230, practitioners told BNA June 1. The ABA tax section had recommended that the proposed amendment to Section 10.34 […]
Read more- June 02, 2011
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Final Regulations Modify Standards of Practice Before the IRS Establish Process for Becoming a Registered Tax Return Preparer
June 1st, 2011 The IRS has issued final regulations governing practice before the IRS under Circular 230. The regulations modify the general standards of practice before the IRS and the standards with respect to tax returns, and provide guidance with respect to registered tax return preparers. The final regulations adopt, with certain revisions, proposed regulations […]
Read more- June 01, 2011
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Plan carefully to make sure your 401(k) doesn’t flounder
May 30th, 2011 In study after study, 401(k) investors come up short of the amount they need to sustain a pre-retirement lifestyle during their golden years. The reason for the failure? Lack of planning. To avoid finding yourself in short of cash just as your leisure years begin, consider these six tips. 1. Have a […]
Read more- May 31, 2011
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IRS Gives Relief for Late Elections to Combine Real Estate Activities
May 27th, 2011 The IRS established a special procedure by which taxpayers can make a late election to treat all their real estate activities as a single activity for purposes of meeting material participation rules. The guidance, in Revenue Procedure 2011-34, allows eligible taxpayers to avoid applying for a private letter ruling to obtain relief; […]
Read more- May 30, 2011
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Improving the Code of Professional Conduct
June 2011 Revised structure, wording will make ethics standards more consistent. The AICPA’s Professional Ethics Executive Committee (PEEC) is undertaking a project to recodify the Institute’s ethics standards. The Ethics Codification Project’s primary focus is to improve the AICPA Code of Professional Conduct so that members and others can apply the rules and reach correct […]
Read more- May 27, 2011
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IRS Scrutinizes Gifts of Real Estate
May 26th, 2011 The Internal Revenue Service has a low-profile but sweeping effort under way to use state land-transfer records for evidence of omissions in reporting gifts of real estate to family members. Beth Shapiro Kaufman, a partner in the private-client group at law firm Caplin & Drysdale in Washington, D.C., said many tax advisers […]
Read more- May 26, 2011
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AICPA, CIMA Approve Joint Venture, Clearing Way for International Management Accountant Credential
May 23rd, 2011 The AICPA Governing Council on Monday unanimously approved a new credential called the Chartered Global Management Accountant (CGMA), a joint venture of the AICPA and the London-based Chartered Institute of Management Accountants (CIMA). “This new credential will offer a very unique value proposition to our members,” Arleen Thomas, AICPA’s senior vice president—Member […]
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