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Book Review—Taxes and Value

The Ongoing Research and Analysis Relating to the S Corporation Valuation Puzzle What premium, if any, should S Corporations command? How reliable are the current models? How reliable is the evidence that supports the position of the leading U.S. Tax Court cases? What should valuation analysts and consultants consider as they advise newly formed corporations considering making the S election and S corporati ...

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Preparing for the 2016 Filing Season

How to Get Ready for the 2016 Filing Season As taxes get more complex, the to-do list to prepare for next year gets longer.  Annette Nellen, Esq., CPA, CGMA, looks at recent developments and discusses what tax practitioners can do to get ready. To read the full article in The Tax Adviser, click: Preparing for the 2016 Filing Season. ...

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Chief Counsel Advice Tackles Sec. 752’s Impact on Partnership COD Income

Determining Whether Debt is Recourse or Nonrecourse When a partnership has a debt that is forgiven, its characterization as recourse or nonrecourse can make a big difference in its tax treatment, including being eligible to be excluded under Sec. 108, as this article explains.  Mark Cook, partner with SingerLewak LLP, discusses how Sec. 752 should be interpreted under CCA 201525010. To read the full article ...

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Tax ID Theft Victims may Obtain Copies of Fraudulent Returns

IRS will Provide Tax ID Victims Copies of Fraudulent Returns The Internal Revenue Service announced procedures for victims of tax ID theft or their authorized representative to request copies of bogus returns filed by identity thieves.  This change of policy will allow identity theft victims to better assess what personal information was compromised and how it was used.  Paul Bonner, JofA senior editor, dis ...

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Congress Makes Changes to Partnership Audit and Adjustment Rules

Large Partnerships Face Major Changes to Audits and Adjustments The recently enacted federal budget deal includes major changes to how the IRS will audit large partnerships and, when adjustments result in tax underpayments, will allow the IRS to collect the tax directly from the partnership, instead of from the individual partners.  Alistair M. Nevius, Journal of Accountancy editor-in chief, discusses the n ...

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Expired Tax Provisions: No Relief In Sight?

Taxpayers and practitioners are still waiting for Congress to agree on a package extending all currently expired tax breaks.  Here's a look at the expired provisions and the actions that are pending to extend them.  Sally P. Schreiber, senior editor for Tax Insider, examines tax incentives for individuals, business, and energy-related provisions. To find out more on The Tax Adviser article, click: Expired T ...

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Deflategate, Binkygate & Disclosing Open Tax Years

The AICPA's Center for Plain English Accounting conducted an investigation into the applicability of the disclosure requirement of open tax years associated with the Financial Accounting Standards Board's Interpretation No. 48, Accounting for Uncertainty in Income Taxes.  Robert Durak, Director- Center for Plain English Accounting, American Institute of CPAs, discusses a CPEA investigation into the matter. ...

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New Law Imposes Immediate Estate Basis and Reporting Requirements

Are you aware of the new reporting requirements required between an estate and anyone acquiring property from the decedent?  Alistair M. Nevius, J.D., JofA’s editor-in-chief, explains the new reporting and statement requirements. To find out more on the JofA’s article, click: New law imposes immediate estate basis and reporting requirements. ...

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Regulations Determine Partnership Distributive Shares When Ownership Changes

“The IRS issued final regulations on determining partners’ distributive shares of partnership items when a partner’s interest varies during the partnership’s tax year.”  Sally P. Schreiber, a senior editor for the Journal of Accountancy®, explains the exceptions and methods the proposed regulation influences. To find out more on The Tax Adviser® article, click: Regulations Determine Partnership Distributive ...

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How to Avoid S Corporation Inadvertent Terminations

The requirements that S corporations must meet may be challenging but any violation of the rules may result in an inadvertent termination of an S corporation’s status.  Sally P. Schreiber, senior editor with the AICPA Magazines & Newsletters team, outlines the S corporation requirements and talks about the seven types of trusts that qualify to be S corporation shareholders.  She discusses how the IRS is ...

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Regulation A+: Raising the Capital Cap for Small Companies

The Securities and Exchange Commission recently issued Regulation A+ that amends the existing exemption from registration requirements for smaller issues of securities. This ruling creates a two-tiered offering structure that will solve many of the limitations of Regulation A. Madeline L. Harrigan, a financial analyst with Mercer Capital, says the updated Regulation A+ provides a greater annual dollar limit ...

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Selected Accounting Standards Update

Evolving Accounting Standards for CPAs Wiley author, Joanne Flood, reviews three 2015 Accounting Standards Updates (ASUs). Those reviewed are ASU 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items,; ASU 2015-02, Amendments to the Consolidation Analysis; and ASU 2015-03, Simplifying the Prese ...

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Both Parties Fired Up over Estate Tax

  Democrats and Republicans in the House are divided on the issue of repealing the estate tax. Republican says this tax is unfair to people who must pay taxes as they accumulate wealth through the years. Democrats want to expand the tax, hitting more estates with a higher top rate. Bernie Becker discusses these issues in The Hill and explains the House is divided. Image courtesy of Salvatore Vuono/Free ...

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An Update on Affordable Care Act Busy Season Developments

Two provisions of the affordable care act—the premium tax credit and the individual shared-responsibility payment (the individual mandate)—are complex and making it extra challenging for both taxpayers and preparers filing individual tax returns for 2014.  Early on this tax season, the IRS discovered some errors, complications, and adversities for some individuals and provided relief says Annette Nellen, ta ...

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2015’s Dirty Dozen Tax Scams

Phone fraud tops this year's list of the biggest IRS tax scams of 2015, states Sally P. Schreiber, JD, senior editor of Journal of Accountancy, followed by phishing, identity theft, return preparer fraud, and hiding income offshore, rounding out the top five scams. The article delves into the many schemes, including suspicious e-mails, detecting identity theft, refund fraud, fake charities, and more, and in ...

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AICPA Weighs in on Tax Reforms to Paul Ryan

The American Institute of Certified Public Accountants (AICPA) has sent a letter urging Rep. Paul Ryan (R–Wis.), the new chair of the House Ways and Means Committee, to follow the AICPA’s principles of good tax policy to guide tax reform. The letter comes in response to the Tax Reform Act of 2014, a draft proposal put forth by the former Ways and Means chair Dave Camp (R–Mich.). The AICPA’s letter addresses ...

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U.S. Government to Roll Out Resources to Assist Taxpayers with ACA Tax Filings

The Treasury Department and Health and Human Services announced last week that in the coming weeks it will introduce “consumer-friendly” resources for taxpayers to use to comply with the new healthcare rules. Starting this year, taxpayers are facing additional paperwork for this year’s filing, causing concern for taxpayers and their accountants. Tax filers will now have to report whether they had healthcare ...

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The Top Nine Tax Stories to Watch for in 2015, Forbes

Despite all the talk about new changes underway now that Republicans will assume control of Congress and governorships in 31 states, much of the current tax issues will look the same in 2015 as they did in 2014, according to Forbes. Below is a snapshot of the top nine tax stories to watch in 2015: Business Taxes.  Will 2015 be the year of business tax reform? Probably not, according to Forbes, as the Afford ...

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Donating RMDs Saves on Taxes, Other Benefits

Thanks to the U.S. Senate, IRA owners age 701/2 and older have until Wednesday, December 31, 2014, to make a direct transfer from their account to an eligible charity of their choice of up to $100,000 without paying taxes on the distribution. The senate approved the direct rollover in addition to more than 50 other tax provisions as part of the extender’s package on December 16, 2014—just two weeks shy of t ...

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NFL to Lose Tax Exempt Status?

  The NFL is the nation’s largest sports franchise, generating nearly $10 billion per year. What most people don’t know is that it’s also a nonprofit organization. Even at that level of income, the NFL is a 501(c)(6) “business league” organization where the vast majority of its earnings trickle down to its 32 teams, which includes the Washington Redskins. Recently, Eleanor Holmes Norton, Washington DC’ ...

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