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Lynn Nichols of Nichols Patrick CPE presents the latest federal tax update via podcast this week. The FICPA has the tax training you need this season. Click here to see all of the live programs available.
For web delivered tax courses choose from the following:
The Next Chapter: Status of Health Care Reform After the Election - 3 hour webinar
November 15, 2012
FICPA Tax and Financial Planning Conference (Both Days) – 16 Hour Webcast
Dec. 6-7, 2012
Tax Identity Theft: What You and Your Clients Need to Know Before Tax Season- 2 hour webinar
December 12, 2012
The Landscape for the Tax Professional: Now and In the Not Too Distant Future - 2 hour webinar
January 8, 2013
(Doc numbers are citations to Tax Analysts’ Tax Notes Today, the leading source of current tax information for tax professionals)
- Payments to Estate May Be Rolled Over From Traditional IRA to Roth IRA
(LTR 201243017; 7/31/2012; rel. 10/29/2012)
The IRS ruled that airline payments to a former pilot's estate were eligible for transfer to a Roth IRA under the Worker, Retiree and Employee Recovery Act of 2008, that the executrix's establishment of an IRA for the assets was an appropriate interpretation of the act, and that the executrix can roll over the proceeds from the IRA to a Roth IRA.
- SB/SE Guidance on Discharge of Some Tax Debt in Bankruptcy Cases
The IRS Small Business/Self-Employed Division has reissued interim guidance on the dischargeability of a tax debt when a return was filed late and when it was filed during or after the assessment of a substitute for return under section 6020(b).
- AICPA Expresses Concern With Reporting Specified Foreign Financial Assets
(Tax Analysts Tax Notes Today; Letter dated 10/25/2012; Article; 10/30/2012)
Jeffrey Porter of the American Institute of Certified Public Accountants has commented on Form 8938, "Statement of Specified Foreign Financial Assets," the Form 8938 instructions, and other section 6038D guidance, highlighting taxpayers' and tax practitioners' concerns about the information reporting of specified foreign financial assets.
- CARDS Transaction Lacked Economic Substance; Deductions Disallowed
(Donald J. Kipnis et al. v. Commissioner; T.C. Memo. 2012-306; 11/1/2012)
The Tax Court held that a custom adjustable rate debt structure transaction engaged in by the owners of an S corporation lacked economic substance and upheld the IRS's disallowance of their loss deductions and deductions of fees associated with the transaction.
- AICPA Exposure Draft Proposes Financial Reporting Framework
(Exposure Draft: Proposed Financial Reporting Framework for Small- and
A financial reporting framework for smaller entities that establishes principles for the recognition, measurement, and presentation of income and refundable taxes in financial statements that are prepared without U.S. generally accepted accounting principles was proposed by the American Institute of Certified Public Accountants on November 1. The draft, some 252 pages in length, subdivided into 32 chapters covering issues from ‘Concepts’ to ‘Contingencies’ is a long-awaited response to the needs of non-public companies for relief from some of the more burdensome requirements of Generally Accepted Accounting Principles.
LAST UPDATED 11/5/2012