Expiration of FUTA Surtax Looms
The 0.2-percent federal unemployment (FUTA) surtax is scheduled to expire after June 30, 2011. If the surtax expires, the FUTA tax rate would drop to…
read moreNon-Stock Mutual Savings Association in Conservatorship Was Member of Debtor’s Affiliated Group; Federal Financial Assistance Received by Association Properly Included in Debtor’s Consolidated Returns (In re Franklin Savings Corp., BC-DC Kan.)
A Chapter 11 debtor-corporation’s objection to the IRS’s administrative expense claim for three years of post-petition taxes was rejected. The federal financial assistance received by…
read moreChanges Proposed for New Markets Tax Credit Program (IR-2011-61; NPRM REG-101826-11; Advance NPRM REG-114206-11)
The IRS and Treasury Department announced proposed changes to the New Markets Tax Credit (NMTC) program. The NMTC provides incentives to invest in businesses in…
read moreSix-Year Assessment Limitation Period Applied to Overstated Basis Return; New Regulations Entitled to Chevron Deference (Salman Ranch, Ltd., CA-10)
A Final Partnership Administrative Adjustment (FPAA) issued by the IRS more than three years after the partnership filed its return was not time barred. The…
read moreCosts of Providing Foster Home for Feral Cats Were Charitable Contributions; Unreimbursed Volunteer Expenses over $250 Were Subject to Same Substantiation Requirements as Cash Contributions; Substantial Compliance Sufficient (Van Dusen, TC)
A pro se attorney who used her residence to provide a foster home for about 80 undomesticated cats could deduct a portion of her costs…
read moreIRS Taking Steps to Combat Identity Theft, Shulman Says
An unexpected growth in tax fraud committed through identify theft has prompted the IRS to upgrade safeguards for e-filers as well as customer services provided…
read moreIRS Barred from Collecting Additions to Tax by Three-Year Statute of Limitations (Dingman, TCM)
The IRS was barred from collecting additions to tax for fraudulent failure to file income tax returns because the assessments of the additions to tax…
read moreArkansas, Tennessee, Missouri and Kentucky Disaster Notices Updated
A May 3, 2011, notice (TAXDAY, 2011/05/04, I.4) granting relief to victims of severe storms, tornadoes and associated flooding beginning April 23, 2011 in parts…
read moreFinal Regulations Modify Standards of Practice Before the IRS, Establish Process for Becoming a Registered Tax Return Preparer (T.D. 9527)
The IRS has issued final regulations governing practice before the IRS under Circular 230. The regulations modify the general standards of practice before the IRS…
read moreFBAR Filing Date Extended One Year for Certain Individuals (IR-2011-57)
The filing date has been extended from June 30, 2011, to June 30, 2012, for those individuals with only signature authority who are required to…
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