Federal Tax Headlines

1975

Certain Requirements for Low-Income Housing Credit Projects Suspended to Provide Disaster Relief in New York (Notice 2011-87)

The IRS has suspended certain requirements for low-income housing credit projects in order to provide emergency housing to New York residents who were displaced by the devastation caused by Hurricane Irene during the period of August 26, 2011, to September … Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Cont
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IRS Begins PTIN Renewals for 2012 Filing Season (IR-2011-105)

The IRS has begun accepting renewals of Preparer Tax Identification Numbers (PTINs) for the 2012 filing season. Anyone who for compensation prepares, or helps prepare, all or substantially all of tax returns or claims for refunds must have a valid, … Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading

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Partnership’s Loan Payments Not Qualified Research nor Ordinary and Necessary Business Expenses; Payoffs Not Constructive Distributions to CEO; Accuracy-Related Penalty Applied (The Heritage Organization, LLC, TCM)

Amounts paid by a partnership to payoff loans on behalf of eleven corporations that were controlled by the partnership’s CEO were not qualified research expenses under Code Sec. 174 because the payments were not made for scientific activities. The payoff … Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading

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Final, Temporary and Proposed Regs. Address Deduction for Qualified Film and Television Production Costs (T.D. 9552, NPRM REG-146297-09)

The IRS has issued final, temporary and proposed regulations relating to deductions for the cost of producing film and television productions. The temporary regulations reflect changes to the law made by the Tax Extenders and Alternative Minimum Tax Relief Act … Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading

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IRS Commissioner Warns that Proposed IRS Budget Cuts “Would Lead to Noticeable Degradation of Both Service and Enforcement”

IRS Commissioner Douglas H. Shulman wrote in an October 17 letter to the congressional tax-writing and appropriations committees that proposed cuts in the IRS fiscal year (FY) 2012 budget of half a billion dollars or more “would lead to noticeable … Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading

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Draft Instructions Released for Reporting Foreign Financial Assets

The IRS has released draft instructions to Form 8938, Statement of Specified Foreign Financial Assets, which describe who must report ownership of foreign assets above a certain threshold under the Foreign Account Tax Compliance Act (FATCA) (P.L. 111-147). A draft … Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading Continue reading

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