Table of Contents - November 2009
Note: In accordance with IRS Circular 230, Regulations Governing the Practice of Attorneys, Certified Public Accountants, Enrolled Agents, Enrolled Actuaries, and Appraisers before the Internal Revenue Service, the information on this website is not intended or written to be used as, and cannot be used as or considered to be a "covered opinion" or other written tax advice, and should not be relied on for the purpose of (1) avoiding tax-related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matter(s) addressed herein, for IRS audit, tax dispute or other purposes.
Bullets indicate items in the Tax Clinic department.
Charitable Contributions
Deducting Donated Services and Out-of-Pocket Expenses
Corporations & Shareholders
Determining Basis in Tax-Free Acquisitions
Depreciation
• Electing to Accelerate AMT and Research Credits in Lieu of Bonus Depreciation
Employee Benefits & Pensions
IRS Boosts Tax Incentives for Retirement Savings
Current Developments in Employee Benefits and Pensions (Part I)
Exempt Organizations
• Small Tax-Exempt Organization E-Postcard Requirements Finalized
Expenses & Deductions
• New Rules Seek to Clarify Allocation and Reporting of Mortgage Insurance Premiums
• Proposed Procedures for Simplifying Employer-Provided Cell Phone Substantiation Rules
Aggregating Activities to Avoid the Hobby Loss Rules
Foreign Income & Taxpayers
• FBAR Extended for Certain Persons
• Treatment of Foreign Currency Option Gains
• U.S.-Source FDAP Income Compliance Designated as Tier 1 Issue
Gross Income
• Tax Treatment of Employment-Related Judgments and Settlements
Individuals
• Dependency Exemption for Divorced or Separated Parents
LLCs & LLPs
• LLCs, LLPs, and the Passive Loss Rules
Procedure & Administration
Appeals Mediation Process Expanded and Updated
Guidance on Late Entity Classification Elections
COD Information Reporting Rules Finalized
Tax Practitioners Face Increasing Regulation
Third-Party Tax Opinion Letters Held by IRS Are Not Discoverable
Res Judicata Does Not Bar Taxpayer from Claiming NOL Carrybacks
S Corporations
Current Developments in S Corporations (Part II)
Tax Accounting
Automatic Accounting Method Change Procedures Modified
Tax Education
CPA Exam Aligns with Model Tax Curriculum
