2008 Articles

Chair’s Corner By Robert J. Krupp October 2008 The Federal Taxation Section Council is offering all of its members the opportunity to submit current articles to our Newsletter for publication.

Chair’s Corner By Robert J. Krupp August 2008 As the Chair of the Federal Taxation Section Council for 2008-2009, I want to welcome you.

Collecting the rent: Renting real estate to your business By Roman A. Basi March 2008 All too often when meeting with a client, I determine that one of the largest assets in their company is real estate.

Collection issues and the IRS By William M. Gasa May 2008 As financial times get tight, more people are having trouble paying their taxes. IRS employees follow certain procedures for collection of those taxes.

Collection Issues and the IRS – Part II By William M. Gasa December 2008 In our October newsletter, I reported that the IRS has made Internal Revenue Manual (IRM) procedural changes previously issued to field personnel also available to the public.

Collection issues and the IRS—Part I By William M. Gasa October 2008 The IRS has made Internal Revenue Manual (IRM) procedural changes previously issued to field personnel also available to the public.

Corporate and partnership update By David F. Jarmusz March 2008 Changes to corporate and partnership laws.

Estate and gift tax changes for 2009 By Mike Drone December 2008 Several changes in the estate and gift tax law go into effect in 2009.

Estate and gift tax: Recent cases and rulings By Joseph P. O’Keefe & Elizabeth C. Hesselbach March 2008 Until recently, the IRS had required any estate making a §6166 election to post a surety bond or grant the IRS a special extended tax lien.

Fed Tax Section Council takes to the Hill—As in Capitol Hill, Washington, D.C. By Leonard S. DeFranco March 2008 For several years, typically in May, the Federal Tax Section Council has made an annual trek to visit with members of Congress.

Individual income tax update By Thomas F. Arends May 2008 The following is a summary of materials presented at the Federal Taxation Section’s 2007/2008 Federal Tax Conference in Chicago and Springfield with respect to recent developments in individual income taxation.

Inside out—Revaluation of Partnership Capital Accounts By Derek P. Usman December 2008 Foremost, a capital interest is a share of the value of partnership assets.

It seems straightforward, but it’s not… tax traps for the unwary By Gregory A. Zbylut October 2008 The average taxpayer has a ‘tax attention span’ of a few years, at most. And tax preparers often do, too. Yet, a good memory, and some homework up front can often avoid headaches later.

Legislative agenda item: Arguments in favor of eliminating or limiting the Independent Contractor Designation By Gregory A. Zbylut August 2008 One of the largest problems facing small businesses, during boom times as well as recessions, is having sufficient cash on hand to pay bills as they come due.

Legislative agenda item: Estate Tax Repeal By Robert J. Krupp August 2008 The debate surrounding the estate tax no longer focuses on eliminating the tax in total. Rather, the debate centers on the amount of the exemption and the rate.

Legislative agenda item: Offers in compromise By William M. Gasa August 2008 These comments are submitted as a follow-up to last year’s report, which is attached in its entirety at the end of these comments, and will address the status of last year’s recommendations.

Legislative agenda item: Proposed changes to Section 6694—Understatement of Taxpayer Liability by Return Preparer By George E. Marifian August 2008 These Comments address the need for amendments to recent changes to the tax return preparer penalty and the definition of tax return preparer in IRC Sections 6694 and 7701(a)(36).

President-Elect Obama’s proposed rise in capital gains doesn’t mean you will pay more taxes when you sell your home By Michael S. Schimmel December 2008 Your stocks are worthless and your retirement plan is virtually nonexistent.