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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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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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The IRS Equity Compensation Audit Guide

Obviously, every equity compensation plan is different and the particular tax treatment of a given security depends on the facts and circumstances of the arrangement.  Samantha L. Albert, senior financial analyst with Mercer Capital, examines equity-based compensation and the tools available when examining these arrangements. To read more about the results of this report in the Mercer Capital's Financial Re ...

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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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Dissecting the IRS Job Aid on S Corporation Tax Affecting

Background and Objectives of the Job Aid (Part 3 of 3) In the third article of this three part series, the author discusses the remaining portions of the Job Aid, specifically, the Discussion and Analysis Section of the Job Aid which addresses: Evidence-Based Valuation Analysis, Theory-Based Valuation Analysis, and Weighting of Factors and Approaches and shares his views on the value and limits of this docu ...

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Dissecting the IRS Job Aid on S Corporation Tax Affecting

Background and Objectives of the Job Aid (Part 2 of 3) In the first of this three-part series, the leading cases involving tax-affecting where analyzed; those cases discussed included: Gross, Wall, Heck, Adams, Dallas, Gallagher, Korbel, and Guistina. This second part analyzes the first two parts of the Job Aid by section, the “Executive Summary” and first three subsections of the “Discussion and Analysis”, ...

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Dissecting the IRS Job Aid on S Corporation Tax Affecting

Background and Objectives of the Job Aid (Part 1 of 3) The release of this series of Job Aids has been hailed by many as a new era of communication and understanding between the Internal Revenue Service, taxpayers, and practitioners. However, in the opinion of this author, and others, releasing these additional documents in such a formal manner seems to be an attempt to influence practitioner behaviors in s ...

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Common Misconceptions Regarding Healthcare Entity Valuations

Five Remaining Leading Misconceptions (Part II of II) The following discussion summarizes and responds to common misconceptions many analysts have with regard to the valuation of healthcare entity property and/or services transfers. These analyst misconceptions typically involve a misunderstanding of one or more of the relevant regulatory provisions. These analyst misconceptions typically relate to an erron ...

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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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Common Misconceptions Regarding Healthcare Entity Valuations

Five of the 10 Leading Misconceptions (Part I of II) The following discussion summarizes and responds to common misconceptions that many analysts have with regard to the valuation of healthcare entity property and/or services transfers. These analyst misconceptions typically involve a misunderstanding of one or more of the relevant regulatory provisions. These analyst misconceptions typically relate to an e ...

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8 Things You Need to Know About Section 409A

Are you aware of these interesting tips regarding Section 409A?  There may be more to it than you think.  Travis Harms, leading Mercer Capital’s Financial Reporting Valuation Group, answers eight questions to offer practical and comprehensive information about how Section 409A works. Read more about the results of this report in the Mercer Capital's Financial Reporting article, 8 Things You Need to Know Abo ...

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