CPA and Accounting Articles
March 4, 2010
Scott Saunders The related party rules in a 1031 exchange say that if someone exchanges with a related party, and the related party sells the property within two years, the transaction is disqualified from the tax deferral benefits of §1031. This article look at the related party rules in light of Teruya Brother v. Comm. Full Story
March 4, 2010
Scott Saunders A discussion of Partnership/LLC issues in a 1031 exchange along with an analysis of the Oregon Department of Revenue v. Marks, Or Tax (2009). Co-authored by Jonathan Christianson, Esq., Counsel for Asset Preservation. Full Story
February 9, 2010
Joseph Lazzarotti, Bruce Schwartz and Raymond Turner - Jackson Lewis LLP Until now, no mandate or procedure has existed for employers to self-report
excise taxes due under the Internal Revenue Code for violations of the
duties imposed by COBRA, HIPAA and other laws relating to group health
plans. The IRS has seldom assessed these excise taxes on audit. Full Story
February 9, 2010
Wendy Schick, CPA CFP - Rea & Associates, Inc. Taxpayers who convert a traditional IRA into a Roth IRA can enjoy a
number of tax advantages, which are described below. However,
there's always been a problem for higher-income folks. You couldn't
convert a traditional IRA into a Roth in a year when your modified
adjusted gross income (MAGI) exceeded $100,000. The good news is the
$100,000 restriction has disappeared. You can now convert a traditional
IRA into a Roth no matter how high your income (assuming Congress doesn't
change the law). Full Story
February 9, 2010
Jerome Libin, Mary E. Monahan, Marc A. Simonetti and Jose - Sutherland Asbill & Brennan LLP In a speech January 26, 2010 before the New York State Bar
Association, IRS Commissioner Douglas Shulman announced that, for certain
corporations and other business taxpayers, it will require disclosure of
uncertain tax positions on tax returns, but that it is otherwise retaining
its policy of restraint on requesting tax accrual workpapers. Full Story
February 9, 2010
Barton W.S. Bassett - Morgan, Lewis & Bockius LLP On January 13, the U.S. Court of Appeals for the Ninth Circuit withdrew the
opinion and dissent filed on May 27, 2009 in Xilinx, Inc. v.
Commissioner. The Xilinx decision has far-ranging
implications for cost-sharing structures under Section 482 of the Internal
Revenue Code (IRC), and transfer pricing in general. Today’s news is
met with cautious optimism, as it is not yet clear what the court intends
to do. Nonetheless, the withdrawal is welcomed at this point based on the
fact that the Ninth Circuit’s priordecision was the target of
widespread criticism by taxpayers and the tax bar. Full Story
January 25, 2010
Scott Saunders - Asset Preservation Inc. In a delayed exchange transaction structured to satisfy the requirements of
§1031, an exchanger has up to 180 calendar days to acquire like-kind
replacement property measured from the day the relinquished property is
sold. Once initiated, the delayed exchange may be successfully completed
(resulting in complete tax deferral), partially completed (resulting in
recognition of some capital gain) or it may fail if no like-kind
replacement property is acquired (resulting in the recognition of all
capital gain generated by the sale). Full Story
January 25, 2010
D. Nathan Smith - Baker Donelson Two recently-litigated taxpayer victories underscore the continuing
viability of family entities (family limited partnerships or LLCs, or
FLPs) as an estate planning tool. These entities serve the purpose of
organizing management and control of family assets, and at the same time
typically generate estate and gift tax discounts on transferred shares of
the entity. Although the Obama Administration proposed earlier this year
that the discounts generated by family entities should be reduced or
eliminated, these cases indicate that current law still respects the
advantages, both tax and non-tax, that can be achieved through these
entities. Full Story