An individual has issued a correspondence to the IRS. The correspondence requests advice in regards to filing a Form TD F 90-22.1 ("FBAR") for a prior year if no understatement of income exists. See also Individual Seeks Guidance on FBAR...
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Jay Bruno of Bruno American Tax Services has written a letter to IRS Commissioner Douglas H. Shulman in response to requests for comments in Announcement 2009-51 and Notice 2009-62. This letter criticizes the Treasury Department's enforcement of the filing of...
Gail Chapman Haynes of the Pension Real Estate Association, has issued a correspondence to the IRS and Treasury. The correspondence requests the following from the IRS and Treasury: "(A) The following specific guidance: Normal 0 false false false EN-US X-NONE...
Susan Serota of Pillsbury Winthrop Shaw Pittman LP has written a correspondence to IRS Commissioner Douglas Shulman. The correspondence, which addressed Notice 2009-62, requests guidance clarifying that foreign investments by U.S. qualified retirement plans are not considered financial accounts for...
A Center on Budget and Policy Priorities report examined House Budget Committee Ranking Minority Member Paul Ryan's budget plan. The report claims that Ryan's budget plan: "Provides Largest Tax Cuts in History for Wealthy, Raises Middle Class Taxes, Ends Guaranteed...
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The Tax Policy Center has issued Preliminary Revenue Estimate and Distributional Analysis of the Tax Provisions in A Roadmap for America's Future Act of 2010. This document asserts that H.R. 4529, the Roadmap for America's Future Act of 2010, would...
Continue reading "Tax Policy Center: Tax Reform Bill Would be Regressive "
J. Barclay Collins of WilmerHale LLP, responding to Announcement 2009-51, has requested an administrative ruling from the IRS guidance on the interpretation of the application of the Bank Secrecy Act for foreign financial account reporting on Form TD F 90-22.1...
Continue reading "Tax Correspondence to IRS: Ruling Requested on Reporting Requirements for FBAR "
Filing your tax return doesn't have to be stressful. Tax Tip 2010-50 lists five stress-relieving tips to help you: 1. Don't Procrastinate Resist the temptation to put off your taxes until the very last minute. Rushing to meet the filing deadline may...
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The Internal Revenue Service (IRS) today announced the release of the 2009 IRS Data Book, which is an annual snapshot of IRS activities for a given fiscal year. The report describes activities conducted by the IRS from Oct. 1, 2008,...
There are many e-mail scams circulating that fraudulently use the Internal Revenue Service name or logo as a lure. The goal of the scam - known as phishing - is to trick you into revealing personal and financial information. The...
Continue reading "Tax Tip 2010-49: Five Facts You Need to Know about Suspicious E-mails "
Richard Nenno, Managing Director and Trust Counsel, Wealth Advisory Services, Wilmington Trust Company, wrote a correspondence to the Treasury and IRS. The correspondence requests that the Treasury or IRS issue a notice or regulation exempting application of Section 2511(c) to...
The Joint Committee on Taxation has released its "Estimated Budget Effects of the Revenue Provisions Contained in the President's Fiscal Year 2011 Budget Proposal."See also JCT Estimates Effects of Obama Budget Revenue Provisions, 2010 TNT 45-9, March 9, 2010.Posted by...
Tax Notes has published an article by Stephen M. Breitstone of Meltzer, Lippe, Goldstein & Breitstone, LLP. The article addresses "the practical impact of carried interest legislation on real estate partnerships if enacted in the form currently proposed. This legislation...
The IRS has made the following announcement: Revenue Procedure 2010-20 provides a safe harbor under section 118(a) of the Internal Revenue Code for the treatment of a Smart Grid Investment Grant under 42 U.S.C. 17386 made by the United States...
Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions. If you have a choice, you can use the method that gives you the lowest tax. Tax Tip 2010-48 provides information that can be helpful...
Continue reading "Tax Tip 2010-48: Standard or Itemized Deductions"
In a recent letter to IRS Commissioner Douglas Shulman, the American Hospital Association wrote that Schedule H of Form 990, which is used by nonprofit hospitals to report their community benefit activities, does not accurately reflect the activities of multi-hospital...
Continue reading "AHA Urges IRS to Improve Hospital Reporting Form"
The IRS has made the following announcement: Notice 2010-26 designates the Chile earthquake occurring in February 2010 as a qualified disaster for purposes of § 139 of the Internal Revenue Code in the affected areas of Chile. The designation enables...
Taxpayers who pay state or local real estate taxes but don't qualify to itemize their tax deductions, may qualify for an increased standard deduction. This is the last year that the higher standard deduction for real estate taxes is available....
Continue reading "TAX TIP 2010-47: Additional Standard Deduction for Real Estate Taxes "
Rodney D. Chrisman has posted the abstract from an article titled "LLCs are the New King of the Hill: An Empirical Study of the Number of New LLCs, Corporations, and LPs formed in the United States between 2004-2007 and How...
Heather M. Field has posted an article titled "Explicit Elections in the Federal Income Tax System," 47 Harv. J. on Legis. 21 (2010), on SSRN. The abstract is below: Taxpayer choice pervades the federal income tax system. This choice can be made either...
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