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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; […]

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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 […]

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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 […]

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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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Tax Tips for a Sub S Corporate Structure

May 19th, 2011 When you become self employed, you must decide what form of business entity to establish. The basic categories include: sole proprietorship, partnership, C corporation, LLC (Limited Liability Company), and S corporation. It’s important to discuss entity selection with both your attorney and your tax pro, before deciding what structure is best for […]

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