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Tax season is OVER. Now CPE season begins for many of you. See www.ficpa.org/cpe for all of your CPE needs. Lynn Nichols of Nichols Patrick CPE presents the updates from the prior week. Click here to see the Nichols Patrick CPE programs in Florida during 2012.
The podcasts covers the following topics this week:
- Final Regs on Deferred Losses and Controlled Groups
(T.D. 9583; 77 F.R. 22480-22483; 4/16/2012)
The IRS has published final regulations providing guidance on the time for taking into account deferred losses on the sale or exchange of property between members of a controlled group.
- Final Regs on Income Ordering Rules for Payments to Charitable Beneficiaries
(T.D. 9582; 77 F.R. 22483-22485; 4/16/2012)
The IRS has published final regulations that confirm the economic effect requirement in existing rules on the treatment of amounts paid to the charitable beneficiary of a trust or estate under sections 642 and 643.
- Proposed Regs on Allocating E&P in Tax-Free Corporate Transfers
(REG-141268-11; 77 F.R. 22515-22516; 4/16/2012)
The IRS has published proposed regulations clarifying the current rules under section 312 regarding the allocation of earnings and profits in tax-free transfers from one corporation to another.
- IRS Addresses Claim Adjustments With Loss Carrybacks and Time-Barred Adjustments
(ECC 201215008; 3/21/2012; rel. 4/13/2012)
In e-mailed advice, the IRS reiterated that when a claim adjustment is based on a loss carryback and a time-barred adjustment, the loss carryback is the first adjustment to taxable income and that any barred adjustment decreasing taxable income is used only to offset barred adjustments increasing taxable income
- Final Regs on Reporting Interest Paid to Nonresident Aliens
(T.D. 9584; 77 F.R. 23391-23395; 4/19/2012)
The IRS has published final regulations on the reporting requirements for interest on deposits maintained at U.S. offices of some financial institutions and paid to nonresident alien individuals.
Revenue Procedure Implements Nonresident Alien Deposit Interest Regulations
(Rev. Proc. 2012-24; 2012-20 IRB 1; 4/17/2012)
The IRS has provided a list of countries with which the United States has agreed to exchange tax information, as described in concurrently issued final regulations on the reporting of deposit interest paid to nonresident aliens.
- IRS Issues Proposed Regs on Program-Related Investments of Private Foundations
The IRS has issued proposed regulations that provide guidance to private foundations on program-related investments.
- Updated FAQ on Automatic Revocation and Reinstatement Procedures for Nonfiling Exempt Orgs
(FAQs on Automatic Revocation and Reinstatement Procedures for Nonfiling Exempt Orgs; 4/18/2012)
The IRS has posted to its website an updated list of frequently asked questions about the automatic revocation of tax-exempt status for organizations that fail to file required annual electronic notices for three consecutive years. [Doc 2012-8406]
LAST UPDATED 4/23/2012