As a new Congress begins a fresh look at tax reform, the AICPA intends to stay engaged in the process and advocate on issues of particular interest to CPAs. Five areas deserve strong consideration in tax reform.
Payments to Egg Donor Not Excludable From Income
The Tax Court ruled that a woman who received payments for undergoing the procedures necessary to donate her eggs could not exclude the payments from gross income as damages for personal injuries or physical sickness under Sec. 104(a)(2).
IRS Issues Additional PPACA Guidance on Identifying Full-Time Employees
The IRS provided employers with helpful guidance regarding situations where an employer changes the measurement period or method it uses for determining if a variable-hour or part-time employee has become a full-time employee.
Taxpayer Was a Bona Fide Resident of U.S. Virgin Islands
Taxpayer who had filed tax returns with the U.S. VIBIR was a bona fide resident of the U.S. Virgin Islands, and the statute of limitation on assessment had expired on the U.S. returns.
Personal Goodwill: Alive and Well Indeed!
Recent Tax Court decisions illustrate that with the right facts, the sale of personal goodwill, as an asset separate from corporate-owned goodwill, should withstand challenge.
Strategies for Minimizing the Impact of Income in Respect of a Decedent
This item discusses issues created by income in respect of a decedent and presents strategies and planning insights to assist taxpayers and their tax advisers with minimizing its impact.
Volunteering at Low Income Taxpayer Clinics Can Provide CPAs Valuable Experience
Volunteering for a Low Income Taxpayer Clinics pro bono panel gives a CPA a chance to provide valuable community service outside busy season and obtain additional experience in tax representation.
What Taxpayers Need to Know to Comply With the Final Tangible Property Regulations
An overview of the final tangible property regulations and discussion of the procedural guidance and what taxpayers will need to consider in complying with the final regulations.
Selling Partnerships That Own CFCs: A Potential Trap for the Unwary
Should gain recognized on a sale of a partnership that owns CFC stock be treated as capital gain or ordinary income?
Why the Internal Revenue Manual Is Valuable to Your Clients
Understanding how IRS personnel are instructed to perform certain procedures can be valuable to practitioners. This item contains several key areas of the IRM that should be noted in tax practice.