Vol. 38 No. 10, October 2007

Index

• Guidance on FIN 48 and independence.
• IRS announces redesigned Form 8857.
• IRS releases tax gap report.
• Prop. regs. clarify treatment of trust administrative expenses.
• Benefits under PPA '06 expand to include beneficiaries.
• Nonqualified deferred compensation and sec. 409A final regs.
• Debt-financed income and UBTI.
• Opportunities to claim health care expenses as deductions.
• Tax considerations for corporate aircraft.
• Sec. 1446 withholding.
• Sale of vacation home disallowed as tax-free like-kind exchange.
• Tax treatment of market discount bonds.
• Kiddie tax changes for 2008.
• Some prior-year MTCs will be refundable beginning in 2007.
• Distinguishing between independent contractors and employees.
• New rules govern practice before the IRS.
• Modifying the order of distribution rules for an S corporation with AE&P.
• S stock call options as a second class of stock.
• Payments for future remediation expenses are not insurance premiums.
• Treatment of legal fees incurred by individuals: depending on the claim that generated them, individuals' legal fees may be characterized in a variety of ways, from fully deductible to deductible only as a miscellaneous itemized deduction to totally nondeductible. This article explains the possible tax treatments, outlines how to determine the proper treatment, and highlights recent judicial and legislative developments.
• This two-part article discusses recent legislation, cases, rulings, regulations, and other developments in the S corporation area. Part I focuses on eligibility, elections, and termination issues.
• Final regulations on dual consolidated losses: originally enacted in 1986, the dual consolidated loss (DCL) rules are designed to prevent a corporation from using a net operating loss to offset income both in the United States and in a foreign country. Part II discusses triggering events and their consequences, plus applicable transition rules.
• The growing epidemic of financial elder abuse (and what CPAs can do about it).
• IRS announces new approach to the National Research Program.
• Advantages of a C corporation.
• Installment agreements: an alternative to offers in compromise.
• Federation of Exchange Accommodators (FEA).
• Morley Fool Tax Center.
• Tax Grotto.
• Transactional Records Access Clearinghouse (TRAC).
• U.S. Census Bureau--State and Local Tax.
• Worldwide Tax Summaries Online.
• The CPA's role in reviewing LLC allocations.
• IRS extends the reach of sec. 83 to post-grant stock transfers.