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The article explores ways for certified public accountants (CPA) to handle tax bills that clients cannot pay in the U.S. Topics discussed include the U.S. Internal Revenue Service (IRS) solutions to assist taxpayers to pay their taxes and become compliant; regulations related to payment plans for full balance due; and use of offers in compromise that allow taxpayers to settle their tax debt for less.

The article presents a case study on capitalizing on the lower dividend tax rates in the U.S. is presented. Topics discussed include use of qualified dividends for distributions of cash or property, laws governing qualified dividends received from qualified foreign corporations in the country, ways mutual fund distributions will qualify for the reduced tax rate on dividends; and rules governing real estate investment trusts (REITs).

The article reports on the revised Model Tax Curriculum (MTC) issued by American Institute of Certified Public Accountants (AICPA) and American Taxation Association (ATA) in May 2014. Topics discussed include challenges for the study of taxation as per the MTC, inability of accounting education to keep pace with business environment and growth in technology, and need of active learning approaches to improve tax analysis skills.

The article offers information on the kiddie tax that was in the U.S. taxation system by the Tax Reform Act of 1986 (TRA) in order to prevent wealthy parents from shifting income producing assets to young children. Topics discussed include expansion of the kiddie tax; need of reform in laws concerning the kiddie tax to make it more effective and less complex for taxpayers; and tax rules of the U.S. Internal Revenue Services (IRS) for children.

The article reports on the decision of the U.S. Supreme Court in the 'National Federation of Independent Business v. Sebelius' in which the court held that the individual mandate provisions of Patient Protection and Affordable Care Act (PPACA) are constitutional. Topics discussed include legal challenges to the PPACA, the U.S. Internal Revenue Services' (IRS) laws governing premium tax credits for health insurance purchased, and feasibility of PPACA's system to tax credits.

The article offers information on regulations, rulings, and cases related to partnerships in the U.S. as of February 2015. Topics discussed include issuance of the proposed regulations providing guidance on the allocation of partnership liabilities in substituted-basis transactions from the U.S. Internal Revenue Services; laws governing treatment of startup costs and organizational expenses; and role of Tax Equity and Fiscal Responsibility Act of 1982 in auditing of income of partnerships.

The article offers information on the issuance of new tax rules by the State Administration of Taxation (SAT) in China. The new tax rules include the Provisional Measures on Administration of Taxes on Representative Offices (ROs) of Foreign Enterprises, the Administrative Measures for the Assessment and Collection of EIT on Non-resident Enterprises, and the Tax Administrative Review Measures. Moreover, it provides the specifications and effectivity date of these new tax rules.

In this article, the author discusses the importance of engagement letters for helping tax practitioners in fostering good client relationship. Topics discussed include laws for regulating tax accounting as well as income distribution, laws for regulating tax evasion and tax malpractice claims, and the contractual nature of engagement letters.

The article reports that the U.S. Accountable Care Act (ACA) form is the main concern of accountants in the tax filing season of 2014. Topics discussed include the concerns over tax preparers not having enough guidance from the U.S. Internal Revenue Service (IRS) about ACA because of lack of resources caused by budgetary constraints in the agency, the 1095 series of provisions of the ACA dealing with computations and the expected impact of health insurance on the tax preparation industry.

The article presents information on U.S. Supreme Court and Tax Court rulings as of June 1, 2014. Topics include if severance payments are subject to withholding under the Federal Insurance Contributions Act (FICA), passive-activity rules in tax accounting, and if trustees can perform personal services through a trust in order to qualify for passive loss treatment.

The article focuses on the U.S. Internal Revenue Service's (IRS) taxation of charitable remainder trusts (CRTs) and their beneficiaries. Topics include which CRTs are exempt from taxation, the application of net investment income tax, and elections to adopt the simplified method of tax accounting for CRTs.

The article presents highlights of the American Institute of CPA Spring Tax Division Meeting which was held in Washington D.C. in May of 1987, where participants contemplated the fallout from the 1986 tax act and looked ahead. Some of the topics discussed were participants' concerns of calendar year-end legislation, international taxation, travel and entertainment expenses, and tax administration developments--all in relation to the 1986 tax act. Another topic covered was the status of IRS regulations projects in the international area and the service's plans to step up litigation of cases involving international tax issues.

EXECUTIVE SUMMARY. * Recently issued revised and updated interpretations of the AICPA's Statements on Standards for Tax Services No.l, Tax Return Positions, provide guidance to practitioners on tax reporting standards when recommending return positions or preparing or signing returns. The SSTS and interpretations are also important guides to AICPA members' other professional responsibilities in tax practice. * The new interpretations provide examples applying the reporting standards to tax return positions in various situations. New Interpretation 1-1 includes the consideration of economic substance and business purpose as a step in the analysis of whether a member can properly recommend a position or sign a return including a position. The increased emphasis on economic substance in the interpretations requires practitioners to fully understand the economic substance doctrine. In particular, practitioners must be aware of how the codification of the doctrine in Sec. 7701(o) may affect the analysis of whether a position has economic substance for federal tax purposes. [ABSTRACT FROM AUTHOR]

The article presents the 2011 tax planning guide to the new tax law in the U.S. It notes that the new regulations offer an opportunity to change individual retirement accounts (IRAs) to Roth IRAs which provide lifetime tax-exempt income. It adds that payroll taxes, income taxes, and estate taxes will all plummet allowing one to take full advantage of tax advantages through 2012.

This article presents the interpretation by Clifton Mann, assistant controller of Carolina Power & Light Co., of the Financial Accounting Standards Board (FASB)'s plan to change the accounting rules for deferred taxes. Mann analyzes the impact of any change boosting the aftertax income of corporations by eliminating a balance sheet liability. In response to the FASB's proposal for changes, almost half the comment letters on deferred taxes have come from utilities. This is, suggestively, because they can pass on these liabilities to customers through rate hikes, these firms would suffer most from any change.

Focuses on real estate taxation. Information on laws related to real estate taxation; Introduction of a grantor-retained income trust; Discussion on tax-free transfer of residential property.

The article informs that American Institute of Certified Public Accountants (AICPA) has introduced a new section 7216 to its Code of Professional Conduct concerning tax practice consent from clients by their certified public accountants (CPAs) to disclose their tax return information. Topics discussed include AICPA's Confidential Client Information Rule, AICPA's Standards for Tax Services, and risk associated with increased use of outsourcing by tax return preparers.

The article looks at the ways that can be used by a limited liability company (LLC) to change a LLC tax year. Topics discussed include reasons an LLC's required to change the year such as change in the principal members or their year ends change; impact of members' Year-end change on tax year; and the U.S. Internal Revenue Services' (IRS) exclusive procedures for an LLC to change the year.

The article discusses the efforts the U.S. Internal Revenue Services (IRS) for considering gross income and related deductions as one item in determining whether an accounting practice constitutes a method of accounting or an error as of February 2015. Topics discussed include changes in the laws governing deductions; release of the Chief Counsel Advice (CCA) 20144205 from IRS; and statutes and regulations for method of accounting of deductions.

The article offers information on the U.S. dollar approximate separate transactions method of accounting (DASTM) rules of Regs. Sec. 1.985-3 that governs the tax accounting of items from a qualified business unit (QBU). It mentions that a QBU's use of a functional currency becomes hyperinflationary when it has a cumulative compounded inflation rate of at least 100% over three consecutive calendar years.

The article discusses the U.S. Internal Revenue Service's issuance of Large Business & International (LB&I) Industry Director Directive (IDD) LB&I-4-0712-009 which deals with partial worthlessness tax deductions for insurance companies under Section 166(a)(2) of the nation's Internal Revenue Code. The National Association of Insurance Commissioners (NAIC) and its Statement of Statutory Accounting Principles on eligible loans are mentioned, along with tax accounting tips for insurance firms.

The article offers information about a directive of the Large Business and International (LB&I) division of the U.S. Internal Revenue Service (IRS) regarding success-based fees in tax accounting. Topics include regulation Regs. Sec. 1.263(a)-5 of internal revenue law related to success-based fees, taxation accounting standards, and regulation Rev. Proc. 2011-29 of the IRS.

Discusses the U.S. tax accounting rules that should be applied when calculating tax deductions for partners and partnerships. Activities listed under Property Regulations Section 1.465 that applies the original at-risk rules to partnerships; Provisions of the American Jobs Creation Act of 2004 that limits a partnership's ability to duplicate or shift losses between taxpayers; Requirements that need to be met by a partnership to qualify as an electing investment partnerships.

Discusses the U.S. tax accounting rules for the sale of business enterprises that are treated as installment sales published under Section 453. Factors that need to be considered when selling a company; Method that can be used to calculate the installment sale gain or loss; Technique that can be used to simplify the structure of deals involving contingent payments.

Discusses the tax accounting rules for amortizing debt issuance costs in the final regulations published under Sections 263 and 446 in the U.S. Costs required to be capitalized; Accounting method to be used to amortize costs; Requirement for the taxpayer to amortize debt issuance costs under the regulations.

The article examines the impact of U.S. Supreme Court's ruling in "South Dakota v. Wayfair Inc." and the passage of the law known as the Tax Cuts and Jobs Act (TCJA) on state and local tax (SALT). Topics discussed include the U.S. Internal Revenue service's proposed regulations related to charitable contribution deductions; tax-exempt transactions of remote sellers; and the opportunities available for lowering the indirect tax burden.

The article offers information on the 529 plan, a tax-advantaged savings plan that have been available to help plan for children's or grandchildren's post-secondary education for over 20 years in the U.S. Topics discussed include taxation laws governing income in the plans and qualified distributions; and difference between 529 plan or a Roth individual retirement account (IRA).

The article informs that the U.S. Internal Revenue Service (IRS) has issued proposed regulations on August 1, 2018 on the Section 965 transition tax, which was added to the Internal Revenue Code by the Tax Cuts and Jobs Act. Topics discussed include increase in the Subpart F income of the corporation; inclusion of foreign earnings and profits (E&P) in income; and taxation of deferred foreign income.

The article examines the risks associated with taxation and data privacy laws for data centers. Tax implications are explained in relation to the scrambling by governments as a result of fear for losing tax revenues. The complexity of legislation in different jurisdictions pertaining to storage and transfer of private data is discussed along with the draconian nature of penalties in some countries. The need to do due diligence is emphasized to avoid massive tax bills or criminal prosecutions. INSET: Big data: Clear use cases driving demand growth in Asia Pacific.

The article presents information on the responsible person law in New Jersey. The New Jersey taxes Court addressed the issue of responsible persons in the court case Coo perstein v. Director, Division of Taxation, 13 NJ Tax 68. According to the author, the responsible party law seems far reaching but the courts in the state have taken a pragmatic approach in its enforcement.

The article offers updates related to tax accounting regulations in the U.S. The U.S. Internal Revenue Service (IRS) will no longer provide debt indicators to associated financial institutions and tax preparers for the 2011 tax filing season. U.S. President Barack Obama has signed the H.R. 1586 education and Medicaid funding bill into law that includes reforms on international tax. Paid tax return preparers require to register with the IRS to obtain a Preparer Tax Identification Number (PTIN).

The article focuses on the European Court of Justice's (ECJ) confirmation of its rulings relative to Great Britain Taxation of Foreign Dividends (TFD) and Controlled Foreign Corporations (CFC). Included here are the cases of Fiscal Investment Institution (FII) Group Litigation and Cadbury Schweppes PLC. The ECJ is said to have stated that the system of taxing foreign dividends received by companies in less than 10% shareholdings is potentially incompatible with the European Commission (EC) law.

The article reports on a proposed U.S. amendment which calls for a separate chief executive officer (CEO) attestation to prove the accuracy of corporate tax returns. The amendment was included in the 2004 version of the U.S. Senate corporate tax bill. It was ejected from the bill by the House-Senate Conference Committee. Financial Executives International (FEI) is opposing the measure.

In this article the author speculates on whether legislation would be introduced to require chief executive officers to attest to the accuracy of corporate tax returns in the United States. He notes that provisions of a bill would require corporate executives to sign corporate tax returns for accuracy. He also discusses some of the legislative developments that triggered concerns over attestation of corporate tax returns, notably the passage of the Sarbanes-Oxley Act.

Reports on Section 263A regulations' historic absorption method of accounting for taxpayers using either the simplified production method or the simplified resale method to capitalize costs. Reduction of compliance time without substantial adverse tax effects. INSET: Example: Historic absorption ratio..

The article reports that the legislative bill Enrolled Agents Credentials Act was re-filed in the U.S. Congress in February 2015. Topics discussed include the reason the bill was filed, who enrolled agents are and how they help American taxpayers, and California's requirements for professionals who offer tax returns preparation as a service for a fee.

The article reports on the release by the U.S. Internal Revenue Service (IRS) on January 9, 2015 of updated procedures for changing a method of accounting used by businesses for income tax purposes.

The article discusses developments in the taxation sector in Canada, particularly in Alberta, as of late November 2013. It claims that the expiration of the tax cuts introduced during the term of former U.S. president George W. Bush made the U.S. top federal marginal income tax rate higher than Canada, in general, and Alberta, in particular. The opinion of Moodys Gartner Tax Law lawyer Saul Abrams on the developments is also cited.

The article discusses U.S. taxation law related to individual retirement accounts (IRA). The 72(t) section of the tax code which allows exceptions to the penalty for early withdrawals from an IRA for persons under 59 1/2 years old is considered, particularly the substantially equal periodic payments (SEPP) provisions governing the length of time over which withdrawals must be made to avoid the penalty.

The article discusses the implications of the U.S. Internal Revenue Services' (IRS) Chief Counsel Advice (CCA) 201430013 concerning divisions of a business are separate and distinct. Topics discussed include methods of accounting for separate or business, decision of the U.S. Eighth Circuit in court case Peterson Produce Co. and CCA guidance over identification of the separate and distinct trade or businesses.