Tax & Accounting Blog

Federal Tax Headlines

1975

Public Commentary Invited on Content and Administration of Registered Tax Return Preparer Competency Exam (Notice 2011-48)

June 9, 2011

By Wolters Kluwer Tax and Accounting

The IRS invites public commentary on the content and administration of the registered tax return preparer competency examination. Final regulations have been published that require…

Corporations’ Return Signer Was Not Person Other than the Taxpayer; Accuracy-Related Penalty Imposed on Related Corporate Groups for Several Years (Seven W. Enterprises, Inc. & Subsidiaries, TC)

June 8, 2011

By Wolters Kluwer Tax and Accounting

Two closely held corporate groups were subject to the accuracy-related penalty for several years. The individual who prepared and signed the returns was an employee…

Treasury Security Rate Set for Computing Current Plan Liability for June 2011 (Notice 2011-49)

June 8, 2011

By Wolters Kluwer Tax and Accounting

For pension plan years beginning in June 2011, the IRS has released the corporate bond weighted average interest rate, the permissible range of interest rates…

Public Commentary Invited on Content and Administration of Registered Tax Return Preparer Competency Exam (Notice 2011-48)

June 8, 2011

By Wolters Kluwer Tax and Accounting

The IRS invites public commentary on the content and administration of the registered tax return preparer competency examination. Final regulations have been published that require…

IRS Releases Area Median Gross Income Figures for Issuers of Mortgage Revenue Bonds and Mortgage Credit Certificates (Rev. Proc. 2011-37)

June 7, 2011

By Wolters Kluwer Tax and Accounting

The IRS has issued guidance with respect to the United States and area median gross income figures used by issuers of qualified mortgage bonds and…

Expiration of FUTA Surtax Looms

June 6, 2011

By Wolters Kluwer Tax and Accounting

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…

Non-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.)

June 6, 2011

By Wolters Kluwer Tax and Accounting

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…

Changes Proposed for New Markets Tax Credit Program (IR-2011-61; NPRM REG-101826-11; Advance NPRM REG-114206-11)

June 6, 2011

By Wolters Kluwer Tax and Accounting

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…

Six-Year Assessment Limitation Period Applied to Overstated Basis Return; New Regulations Entitled to Chevron Deference (Salman Ranch, Ltd., CA-10)

June 3, 2011

By Wolters Kluwer Tax and Accounting

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…

Costs 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)

June 3, 2011

By Wolters Kluwer Tax and Accounting

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…