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Private Collection Agencies to Start Collecting Tax Debts in the Spring

Under legislation enacted last year, the IRS is required to use private debt collection agencies to collect outstanding inactive tax liabilities.  The IRS has awarded contracts to four companies to participate in the program in spring 2017.  Sally Schreiber, JofA senior editor, explains what this all means. To read the full article in the Journal of Accountancy, click: Private Collection Agencies to Start C ...

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Disguised-Sale and Partnership Liability Allocation Rules Issued

The Internal Revenue Service issued three sets of regulations last week that address issues of disguised sales of property by or to a partnership and allocations of excess nonrecourse liabilities to partners.  Alistair Nevius, The Tax Adviser’s editor-in-chief, explains these regulations. To read the full article in The Tax Adviser, click: Disguised-Sale and Partnership Liability Allocation Rules Issued. ...

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Noncompete Agreements for Section 280G Compliance

Golden parachute payments can lead to significant tax consequences for both the company and the individual.  Lucas Parris, senior member of Mercer Capital’s Financial Reporting Valuation Group, discusses strategies to mitigate these tax risks to reduce the likelihood of additional excise taxes. To read the full article in Mercer Capital's Financial Reporting Blog, click: Noncompete Agreements for Section 28 ...

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Sometimes it Sucks to be Right

IRS Wins, Business Founders and their Families Lose Is cheap debt good for closely held families? Are closely held business overleveraged? Are FLP discounts about to come to an end? Why aren’t business founders and their families doing more to counter the proposed regulations that would target family business transfers? What should valuation professionals do in this environment? Dr. Sheeler answers these qu ...

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Agencies Propose Amendments to Employee Benefit Plan Reporting

Federal Agencies Plan Amendments to Form 5500 Employee benefit plans would face new reporting requirements under extensive changes to Form 5500, Annual Return/Report of Employee Benefit Plan, proposed by the federal government last month. The federal agencies are also proposing to require all group health plans to file Form 5500 along with a new Schedule J. Sally P. Schreiber, Tax Adviser senior editor, exp ...

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Worker Classification and the Evolving Service Delivery Model

Worker Classification in the Gig Economy With one-third or more of Americans working as freelancers, the traditional factors for classifying workers as employees or independent contractors are becoming obsolete.  Here's what tax practitioners need to know about changing employment relationships in the gig economy. To read the full article in The Tax Adviser, click: Worker Classification and the Evolving Ser ...

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IRS Future State is Not a One Size Fits All

Forum Discusses Future State of the IRS Nina Olson, the national taxpayer advocate, heard from tax practitioners and taxpayer groups on how the Internal Revenue Service can modernize its taxpayer services.  Troy Lewis, chair of the AICPA's Tax Executive Committee, called for better training and technology and IRS cooperation with stakeholders.  Ann Marie Maloney, AICPA communications manager, reports. To re ...

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Social Security: Keeping Exorbitant Tax Rates at Bay

Don't Let Clients Fall into This Social Security Tax Trap Social Security recipients may face disproportionately high tax rates because of the way the IRS calculates income with respect to Social Security.  So-called combined income includes adjusted gross income as well as tax-free income, half of Social Security income and some add-ons.  Paul Norr, certified financial planner with Bucks County Financial P ...

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Using PPA Data as Comparables in Upcoming Valuations

The Case of Trademarks and Brands Since the adoption of fair value accounting governed by SFAS 141 (in 2001) and IFRS 3 (in 2004), hundreds of thousands of different intangible assets have been valued, audited, and reported in financial statements of public companies all over the world. After fifteen years of fair value accounting, the debate about the accuracy of such values and their relevance for readers ...

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Auto Dealership Business Valuations

Nuances Valuing and Normalizing an Auto Dealership There are many reasons an auto dealership may require a business valuation; buy-sell agreements, shareholder disputes, employee stock ownership plans (ESOPs), and estate planning and gifting strategies. In many instances, there will be an opposing party that questions the validity of the final value, whether it be a dissenting stockholder or the Internal Re ...

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2016’s Dirty Dozen Tax Scams

Here are the IRS's Top "Dirty Dozen" Tax Scams for 2016 The Internal Revenue Service released its annual list of the "dirty dozen" worst tax scams, starting with identity theft and winding up with frivolous tax arguments.  Sally P. Schreiber, senior editor of JofA, lists what taxpayers and practitioners need to watch out for. To read the full article in the Journal of Accountancy, click: 2016’s Dirty Dozen ...

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Estate of Woelbing

Settlement of a Valuation Case Before the U.S. Tax Court This article discusses issues found in a case that is pending before the United States Tax Court (the “Tax Court”).  The specific issues relate to issues regarding sales of closely held stock to grantor trusts in exchange for promissory notes.  Specifically, the IRS took issue with two grantor sale trust transactions.  The two cases were filed on Dece ...

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Complicated Nanny Taxes Can Trip Up Families

How to Determine Household Workers' Tax Status The so-called "nanny tax," which actually applies to any form of household employment, can be complicated for clients to deal with.  A client is treated as an employer if he or she pays more than $2,000 to a household worker per year.  Whether that worker is an employee or an independent contractor depends on the nature of the business arrangement.  Karen DeMas ...

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Estate of Purdue v. Commissioner

T.C. Memo. 2015-249: A Checklist to Address 2036 Concerns The issue raised in Estate of Purdue v. Commissioner was whether the “decedent’s desire to have the marketable securities and the building interest held and managed as a family asset constituted a legitimate non-tax motive for the transfer of property to PFLLC.” ...

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Temporary Regs. Under Sec. 482 Coordinate Transfer-Pricing Rules with Other Code

Regulations Clarify Arm's-Length Standard for Transfer-Pricing Rules The temporary regulations provide that the arm's-length standard of Sec. 482 applies to all controlled transactions without regard to the form or character of the transactions, and they are particularly concerned with tax-favored transfers of assets outside the U.S.  Jay L. Camillo, M.A. (international relations), Atlanta, and Kenneth P. C ...

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Controversial Charitable Donation Rules Withdrawn

The IRS announced that it is withdrawing proposed regulations released last September that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations (REG-138344-13).  Charities that elected to use the new procedure would have been required to obtain donors’ Social Security or other tax identification ...

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Taking Control of the Final Form 1040

When clients die, tax practitioners can take a number of steps on their clients' individual income tax returns for their final year that can help the family save on taxes.  Karen Cohen, CPA, explains what they are. To read the full article in The Tax Adviser, click: Taking Control of the Final Form 1040. ...

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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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To Beat Crooks to Your Tax Refund, Start Taxes Now

Filing Tax Returns Early May Foil Identity Thieves People may be able to thwart crooks targeting their tax refunds by filing their 2015 tax returns as early as possible.  Russ Wiles for USA Today, explains how clients can get some of the supporting paperwork completed now so their returns can be filed as soon as the Internal Revenue Service starts accepting them. To read the full article in USA Today, click ...

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Current Developments in Employee Benefits and Compensation

This article covers recent developments in employee benefits, examining, among other things, the Affordable Care Act's complicated reporting requirements, the proposed fiduciary responsibility rules, and updated procedures to correct employee plan failures.  Terry Richardson, principal, and Bryce Tholen, manager, both with PwC LLP in Dallas, take an in depth look at what’s involved.. To find out more on The ...

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