07/14/2009 04:43:33 PM EST
Resources Tuned In To Recent Developments
Tax Planning for Retirees –Tax expert Vorris Blankenship will help you guide clients making tax planning decisions for retirement. This publication covers the federal tax treatment of everything from IRAs to disability benefits to Social Security benefits to long-term care insurance. Purchase via the LexisNexis® Store. Or access soon in July on Lexis.com or
NEW EXPERT COMMENTARIES
Now available on LexisNexis® Tax Center! “
California New Corporate Tax Penalty Creates Firestorm”
Now available on LexisNexis® Tax Center! “New Guidance on Executive Compensation Limitations”
Now available on LexisNexis® Tax Center! “President Obama’s International Tax Proposals in a Policy Context”
RESOURCES TO EXPLORE
Avoid Foreign Bank Account Reporting Confusion
Confusion and concerns as to the types of investments that are considered to be reportable foreign financial accounts continue to escalate as comments and requests for clarifications are submitted to the IRS. For those taxpayers who were unaware of the Foreign Bank Account Reporting requirements, the deadline was recently extended by the IRS to September 23rd. Stay on top of all developments in this evolving area through Tax Analysts Tax Notes Today®.
Log in to LexisNexis® Tax Center, then:
- Select the Tax News tab
- Enter this search term in the search field: fbar
- Narrow your search using the Restrict by Date pull-down menu
- Select Tax Analysts Tax Notes Today in the source selection area, under Top Tax News
- Click on Show Hits at the top of the page, it it is not selected already
Investigate Business Valuation and Other Litigation Support Service Assets
Current distressed economic conditions have intensified the legal profession’s need to understand the principles governing business valuation because these have a significant impact on client engagements. Get exclusive expert guidance online in the Attorney's Handbook of Accounting, Auditing and Financial Reporting. Or purchase this essential resource at the LexisNexis® Store.
Important Tax Considerations for Allocations to Look-Through Partners
Treas. Reg. §§ 1.704-1(b)(1)-(5) addresses IRS concerns about partnerships taking the position that the economic effect of allocations to look-through partners may be substantial without first considering the tax consequences to the owners. Get insightful analysis of the economic effect tests and the substantiality test in Tax Planning for Partners, Partnerships, and LLCs. Or order this important reference at the LexisNexis® Store.
Effective Form 990 Reporting – Important Best Practices
Strict adherence to best practice principles is critical for effective IRS Form 990 reporting. Get meaningful guidance and understand specifics about all aspects of securing – and retaining – tax-exempt organization status in Planning Tax-Exempt Organizations on lexis.com or Tax Center Or order this reference at the LexisNexis® Store. Topic coverage includes board member independence, conflict of interest, officer and employee compensation, record keeping, and other critical issues.
S Corps Ten-Year Recognition Period Adjusted
For tax years beginning in 2009 and 2010, the recognition period for S Corps built-in gains has been shortened from ten to seven years. Section 1374(d)(7)(B) provides that no built-in gains tax will be imposed on an S corporation’s recognized built-in gain during 2009 or 2010 if the seventh taxable year in the recognition period preceded such taxable year. Make sense? Learn more in Tax Planning for S Corporations or order this important reference at LexisNexis® Store .