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A recent TAM signals the IRS intends to limit Revenue Ruling 94-38 to its fact pattern and not allow the deductibility of cleanup costs for preacquisition contamination. Environmental cleanup costs [...]

Record Keeping for U.S. Corporations with Foreign Ownership The IRS wants its fair share of tax on international activities and trading. To achieve that end the IRS must know the [...]

the IRS recently issued Rev. Proc. 90-63, which describes three permissible methods of accounting for package design costs and provides 'the exclusive procedure' for taxpayers to obtain consent from the [...]

The family limited partnership has had its proponents and opponents over the past several years. A new taxpayer victory out of the Fifth Circuit will only fuel the debate over [...]

The Internal Revenue Service recently announced an opportunity for some partners and S corporation shareholders to spread out income that is realized in any short year generated by certain accounting [...]

As 1996 dawns, you may want to be especially careful with your record-keeping. Why? Because a revived IRS program will be peering into your lifestyle if you're unfortunate enough to [...]

The start of a new year is always a good time to take a moment to assess the hot buttons that can impact your organization during the coming year. For [...]

The climate is changing for nonprofit organizations, with both the Internal Revenue Service and Congress zeroing in on issues such as transparency, board oversight and compensation matters. While Sarbanes-Oxley requirements [...]

Byline: JERRY GEISEL WASHINGTON-What employer would file a benefit plan report with the government when the report is no longer required? Apparently, many employers would-and did-according to the Internal Revenue [...]

Even people who like to make friends and get noticed want to be beige wallflowers at tax time. But it's easier than ever to avoid IRS scrutiny. This article won't [...]

The 10 percent early withdrawal penalty tax for distributions from an IRA before age 59-1/2 does not apply to distributions that are part of a series of substantially equal periodic [...]

By Bob Rywick The Taxpayer Relief Act of 1997 added IRC a 221 to provide an above-the-line deduction for certain interest due and paid after 1997 on qualified education loans [...]

By Peter M. Berkery Jr. * IRS Updates Commuting Expense Deduction Rules: A taxpayer who meets the principal place of business test for purposes of the home office deduction is [...]

The start of the new year means the beginning of another tax season--and this year, it also means easier distribution planning for advisors with clients who have IRA assets. The [...]

Dealers and IRS are trying resolve dispute over how adjustment is reported The LIFO conformity problem is like an ax suspended over dealers' heads. It has already wounded at least [...]

WASHINGTON -- A calm discussion about the Internal Revenue Service's economic reality and market segment programs escalated into a verbal free-for-all over how far CPAs must go to complete tax [...]

Although certainly not new, the LIFO (last in, first out) method of valuing inventories continues to be an effective method for reducing income taxes for manufacturers and distributors. Even though [...]

Revenue Procedure 92-13 outlines how certain corporations may get expeditious approval from the Internal Revenue Service for a change in accounting period. There are special provisions in the Treasury Regulations [...]

Easier tax recordkeeping may be an EDI benefit you never anticipated. Here's what you should know about some new IRS guidelines. For once, taxpayers and the IRS have something in [...]

Tax Rule Targets Abuses by Foreign Companies IRS Imposes New Recordkeeping Burden on Multinationals WASHINGTON -- In a move that could have serious consequences for international trade, the Internal Revenue [...]

LONG-TERM CONTRACT SIMPLIFIED MARGINAL IMPACT METHOD FOR CALCULATING INTEREST UNDER THE LOOK-BACK PROVISION In June, the IRS issued Prop. Reg. 1.460-6 relating to the look-back method for long-term contracts. The [...]

The IRS has recently issued guidance regarding U.S. withholding tax requirements for foreign partners in partnerships which derive U.S. source income. Under IRC Sec. 1446, a domestic or foreign partnership [...]

HERE'S SOME GOOD NEWS ABOUT inventory methods and their potential tax impact. The IRS issued new regulations that make the LIFO (last-in, first-out) method of accounting for inventory far more [...]

The IRS has released guidance in the form of revenue procedures on three specific issues under its new industry issue resolution program. The program is aimed at establishing consistent IRS [...]

Chicago -- The Internal Revenue Service is cracking down on nonprofits, and only the sharpest CPAs will be able to guide their clients through these shark-infested waters, a local tax [...]

The IRS released four coordinated issue papers in late June: an all-industries paper on the dollar-value LIFO segment of inventory excluded from the LIFO index computation; a maquiladora industry paper [...]

The IRS has issued a new revenue procedure under which small resellers (those with less than $10 million in gross receipts for the three prior years) can obtain automatic approval [...]

The IRS has released two industry specialization program (ISP) coordinated issue papers -- one explaining when the percentage completion method can be used to account for income and expenses for [...]

The Bond Buyer's Nov. 9, 1994, article ('IRS Field Agents Told Not to Press Issues Involving Reserve Funds of 501(c)(3) Entities') reports that IRS field agents have been instructed not [...]

A number of business groups voiced reservations about the Internal Revenue Service (IRS) proposal that details what companies have to do to be able to deduct compensation over $1 million [...]

TAXATION HERE'S THE GOOD NEWS: THE IRS HAS LIFTED THE veil of secrecy off its guidelines about how and when its audits the tax returns of certain types of companies. [...]

In a publicly-disclosed letter to a private practitioner, the IRS has confirmed that, for any plan year after termination, a defined benefit plan does not have to file Schedule B [...]

IRS BEGINS RELEASING AUDIT GUIDES: The Internal Revenue Service Examination Division has released the first six of its Market Segment Specialization Program audit guides. The six market segments covered by [...]

Under the coordinated examination program (CEP), the IRS audits the largest U.S. corporations annually. CEP taxpayers who wanted extensions of time to the written protests of the audit determination formerly [...]

When the IRS talks, benefit plan managers had better be listening. In fact, the odds favor your plan being audited by the IRS sometime in the next decade. That doesn't [...]

Final Fringe Benefit Regulations Require Timely Election The Internal Revenue Service (IRS) recently issued final regulations explaining how employee fringe benefits will be valued for income and employment tax purposes. [...]

Avoiding the year-end bonus trap WANT TO HEDGE on your year-end bonus to see how things go? If you have a great year and take a fat bonus, the IRS [...]

Can Customer Lists Be Depreciated? Can a customer list, purchased from another company, be legally amortized on tax payments despite its being an intangible asset? Detailed and accurate record keeping [...]