Articles
More Courts Treating Basis Overstatements as Triggering Six-Year Limitations Period
Late last year, the IRS issued final regulations under which an understated amount of gross income reported on a return resulting from an overstatement of unrecovered cost or other basis is an omission of gross income for purposes of the 6-year period for assessing...
Real Estate Professionals Allowed Late Election to Aggregate Rental Real Estate Interests
The IRS has provided guidance that allows certain real estate professionals to make a late election under the regulations to treat all interests in rental real estate as a single rental real estate activity for purposes of the passive activity loss (PAL) rules. This...
Two Bonus Depreciation Deductions for One Expenditure
Under IRS regulations, businesses that trade in machinery or equipment for which they claimed bonus depreciation may qualify for another bonus depreciation deduction on the remaining depreciable basis if they swap for like-kind property that also is eligible for bonus...
FUTA Surtax is No Longer in Effect
Beginning July 1, 2011, the 0.2% federal unemployment tax (FUTA) surtax is no longer in effect. Thus, the FUTA tax rate, before consideration of state unemployment tax credits, is now 6.0%. Employers need to separately track FUTA taxable wages paid before July 1,...
Standard Mileage Rates Increase For Last Half of 2011
The IRS has announced that the optional mileage allowance for owned or leased autos (including vans,pickups or panel trucks) is increased 4.5¢ from 51¢ to 55.5¢ per mile for business travel from July 1, 2011 to Dec. 31, 2011 to better reflect the real cost of...
The IRS Notice Boom (Part 4)
It's clear that the IRS has turned to technology to boost compliance. And with more than 200 million notices on the way again this year, practitioners can expect more clients to look to them for support. To provide value all year long, firms need to manage their...
The IRS Notice Boom (Part 3)
Where the IRS is concerned, there is no defined busy season. IRS compliance systems and staff work year-round on tax compliance issues, consistently monitoring activity and issuing notices. The IRS sends certain types of notices throughout the year. For example, in...
The IRS Notice Boom (Part 2)
In a recent speech, IRS Commissioner Doug Shulman indicated that the IRS is also looking ahead, analyzing taxpayer compliance data to recognize trends and improve compliance practices. He explained that the agency created an office of compliance data analytics that...
The IRS Notice Boom (Part 1)
Meet the new IRS. It's the kinder, gentler IRS. It's an agency with processes that are fast becoming structured, streamlined, and strangely quiet. Quiet, that is, except on paper. More Internal Revenue Service notices are going out to taxpayers than ever before. In...
IRS Announces Business Mileage Allowance Increase
IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will increase 4.5¢ from 51¢ to 55.5¢ per mile for business travel from July 1, 2011 to Dec. 31, 2011 to better reflect the real cost of operating...
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