Final regs clarify treatment of loss from abandoned securities Mike Habib, EAmyIRSTaxRelief.com IRS has issued final regs that provide guidance on the availability and character of a loss deduction from abandoned securities under Code Sec. 165. The regs, which adopt proposed regs issued in 2007, apply to securities abandoned after…
Recurring item deduction exception allowed for payroll taxes on bonuses and vacation pay Mike Habib, EA myIRSTaxRelief.com In a Revenue Procedure, IRS has provided a safe harbor accounting method for accrual method taxpayers that incur Federal Insurance Contributions Act (FICA) tax and Federal Unemployment Tax Act (FUTA) tax (i.e., payroll…
New proposed regs address complex issue – capitalization of tangible assets – Part III Mike Habib, EAmyIRSTaxRelief.com IRS has issued new comprehensive proposed regs on when amounts are treated as paid to acquire, produce, or improve tangible property. They replace controversial proposed regs that were issued on the same subject…
New proposed regs address complex issue–capitalization of tangible assets–Part II Mike Habib, EAmyIRSTaxRelief.com IRS has issued new comprehensive proposed regs on when amounts are treated as paid to acquire, produce, or improve tangible property. They replace controversial proposed regs that were issued on the same subject in 2006 and that…
New guidance for S corporations undergoing F reorganizations Mike Habib, EAmyIRSTaxRelief.com A new revenue ruling provides guidance for S corporations that undergo a type F reorganization where the operating S corporation becomes a qualified Subchapter S subsidiary (QSub) of a new holding corporation. It also explains which employer identification number…
New proposed regs address complex issue–capitalization of tangible assets Mike Habib, EAmyIRSTaxRelief.com IRS has issued new comprehensive proposed regs on when amounts are treated as paid to acquire, produce, or improve tangible property. They replace controversial proposed regs that were issued on the same subject in 2006 and that IRS…
Like-Kind Exchanges Under IRC Code Section 1031 Mike Habib, EAmyIRSTaxRelief.com Whenever you sell a business or an investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. IRC Section 1031 provides an exception and allows you to postpone paying…
Starting March 2008, casinos and other sponsors of poker tournaments will be required to report most winnings to winners and the Internal Revenue Service, according to the IRS. Mike Habib, EAmyIRSTaxRelief.com The new requirement, which went into effect on March 4, 2008, was contained in guidance released Sept. 4 by…
Examination and Compliance Check Processes For Exempt Organizations Mike Habib, EA myIRSTaxRelief.com The Internal Revenue Service has a variety of tools at its disposal to make certain that tax-exempt organizations comply with federal law designed to ensure they are entitled to any tax exemption they may claim. The responsibility for…
Help Yourself by Filing Past-Due Tax Returns Mike Habib, EAmyIRSTaxRelief.com Most citizens voluntarily file their tax returns and pay their taxes. Most people explain it by saying they want to pay their fair share. Others file to get a refund, claim a credit or avoid breaking the law. There are…