	Highlights of the Tangible Property Regulations - March 2012 The new tangible property regulations are comprehensive and will affect virtually all taxpayers. The regulations contain guidance for determining whether and when a business must capitalize costs incurred in acquiring, [...] Read More
	Recent IRS Guidance on Electronic Filing of Partnership Schedules K-1 - March 2012 The Internal Revenue Service recently issued Rev. Proc. 2012-17 in order to set forth procedures under which a partnership (including an electing large partnership, as defined in section 775) that furnishes Schedules K-1 [...] Read More
	Cost Segregation Study Results Challenged When Subject To a Purchase Price Agreement Allocation - March 2012 In a recent Tax Court Memorandum decision, the Tax Court ruled that, where an allocation of consideration or fair value to assets is in writing, the agreement is binding for all federal tax purposes and may not be altered [...] Read More
	Payroll Tax Cut Extended Through 2012 - March 2012 After attaining the stamp of approval from Congress midway through last month, the Middle Class Tax Relief and Job Creation Act of 2012 was signed into law by President Obama on February 22, 2012. [...] Read More
	New Foreign Reporting Requirements - February 2012 This tax year, U.S. holders of foreign assets will have to meet additional requirements from the IRS. The U.S. government has demonstrated a rigorous new approach to its oversight of this tax area [...] Read More
	Temporary Regulations Regarding Deduction and Capitalization of Expenditures Related to Tangible Property - January 2012 The temporary regulations provide guidance to taxpayers on costs paid to acquire, produce, or improve tangible property. Read More
	2011 Year-End Tax Planning for Individuals - December 2011 Individual income taxes, whether paid through employer withholding or quarterly estimates, are probably one of your largest annual expenditures. Read More
	2011 Year-End Tax Planning for Businesses - December 2011 The time to consider tax-saving opportunities for your business is before its tax year-end. Some of these opportunities may apply regardless of whether your business is conducted as a sole proprietorship, partnership, limited liability company, S corporation, or regular corporation. Read More
	Clarifying Conflicting Guidance: Depreciation Classification of Wireless Telecommunication Assets - August 2011 Depreciable assets are generally classified according to the provisions of Rev. Proc. 87-56, which was issued before wireless telecommunication networks [...] Read More
	Classification of Service Stations for Depreciation Purposes - August 2011 Oil change businesses, repair shops, car washes and automobile dealerships owning such facilities, as well as other taxpayers, may benefit from a recent IRS clarification [...] Read More
	Repeal of Expanded Form 1099 Reporting Legislation Headed to President for Signature - April 2011 Affecting businesses paying corporate vendors and sellers of goods at least $600 in a single year, and owners of rental real estate. [...] Read More
	IRS Announces New Offshore Voluntary Disclosure Initiative - February 2011 Affecting taxpayers with undisclosed income from hidden offshore accounts and taxpayers with certain delinquent tax form filings. Read More
	2010 Corporate Tax Opportunities Guide - December 2010 Some of these opportunities may apply regardless of whether your business is conducted as a sole proprietorship, partnership, limited liability company, S corporation, or regular corporation. Read More
	Tax Relief Act Extends Current Tax Rates - December 2010 On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Jobs Creation Act of 2010 (the “Act”). The Act extends current tax rates on individuals through 2012 [...] Read More
	R&D Tax Credit Extended For 2010 and 2011 Calendar-Year Expenses - December 2010 On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (“2010 Tax Relief Act”), extending Internal Revenue Code Section 41’s Credit [...] Read More
	Capital Gain Exclusion on Small Business Stock - November 2010 On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010 (the “Jobs Act”). One of the more intriguing provisions of the Jobs Act is the 100% exclusion from gross income of capital gains [...] Read More
	IRS Eases Disclosure Requirements for Uncertain Tax Positions - October 2010 On September 24, 2010, the Internal Revenue Service issued two Announcements providing welcome guidance concerning the recently-proposed requirement for certain businesses with assets over $10 million [...] Read More
	Small Business Jobs Act of 2010 Signed Into Law - September 2010 The $42 billion bill for assisting small businesses, the Small Business Jobs Act of 2010 (HR5297), was officially signed into law this week. The bill’s intent is to bolster small business hiring by facilitating access to capital [...] Read More
	IRS Releases Draft "Schedule UTP" for the Reporting of Uncertain Tax Positions - May 2010 On January 26, 2010, the Internal Revenue Service issued Announcement 2010-9, in which it indicated that it was considering changes to reporting requirements regarding certain taxpayers’ uncertain tax positions. [...] Read More
	Expired Tax Provisions Relating to International and Federal Tax May Affect First Quarter Reporting and Effective Tax Rate Determinations - April 2010 On January 1, 2010, several taxpayer-favorable provisions of the Internal Revenue Code expired. Included in the expired provisions is section 954(c)(6), commonly [...] Read More
	Life Sciences - $1 Billion in Credits and Grants for Qualifying Therapeutic Discovery Projects - April 2010 On March 23, 2010, the President signed the Patient Protection and Affordable Care Act, Pub. L. No. 111-148 (the “Act”). The Act created Internal Revenue Code section 48D, which provides a tax credit equal to 50 [...] Read More
	Health Care Reform Eliminates Deduction For Subsidy Payments on Retiree Prescription Drug Expenses - April 2010 Companies with qualified retiree prescription drug plans are eligible to receive subsidy payments from the Secretary of Health and Human Services, if the plan [...] Read More
	Hiring Incentives To Restore Employment (HIRE) Act - March 2010 Summary: On March 18, 2010, President Obama signed H.R. 2847, the Hiring Incentives to Restore Employment (HIRE) Act (the “Act”), as Pub. L. No. 111-147. The Act contains a number of tax provisions intended [...] Read More
	Foreign Financial Bank Account Reporting Guidance Revised; Limited Relief Extended - March 2010 On February 25 and 26, 2010, the Treasury Department and Internal Revenue Service issued three items of guidance concerning the filing of Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts [...] Read More
	Administration Outlines Fiscal 2011 Tax Proposals - March 2010 On February 1, 2010, the Treasury Department released General Explanations of the Administration’s Fiscal Year 2011 Revenue Proposals ("Green Book"), which provides a description of the Obama Administration’s budget [...] Read More
	Section 6039 of the Internal Revenue Code - January 2010 In November of 2009, the Internal Revenue Service (IRS) issued final regulations relating to the Return and Information Statement Requirements of Section 6039 of the Internal Revenue Code that require both public [...] Read More
	Year-End Tax Letter for Businesses - December 2009 Now is the time to consider tax-savings opportunities for your business. Some of these opportunities may apply regardless of whether your business is conducted as a sole [...] Read More
	Year-End Tax Letter for Individuals - December 2009 Tax planning considerations for individuals including year-end ideas. Individual income taxes, whether paid through employer withholding or quarterly estimates, are probably one of your largest annual expenditures. So, just as you [...] Read More
	The Worker Homeownership and Business Assistance Act of 2009 - November 2009 On November 6, 2009, President Obama signed H.R. 3548, the Worker, Homeownership and Business Assistance Act of 2009 (the “Act”). The Act contains a number of tax provisions. Read More
	IRS Extends Deadline for Disclosing Unreported Income from Foreign Accounts - September 2009 The Internal Revenue Service (IRS) has announced a one-time extension to the deadline for special voluntary disclosures by taxpayers with unreported income from foreign banking and financial accounts. [...] Read More
	The Latest Word on FIN 48 Accounting for Uncertainty in Tax Positions - August 2009 On May 18, 2009, FASB issued a proposed FASB Staff Position, FSP FIN 48-d, "Application Guidance for Pass-through Entities and Tax-Exempt Not-for-Profit Entities and Disclosure Modifications [...] Read More
	Report of Foreign Bank and Financial Accounts: FBAR Form TD F 90 22.1 - August 2009 In October 2008, the Internal Revenue Service ("IRS") released a revised version of Form TD F 90 22.1, Report of Foreign Bank and Financial Accounts (the so-called "FBAR" form), for the reporting of foreign banking [...] Read More