BY GREG, ON OCTOBER 30TH, 2012 The Court of Appeals for the Ninth Circuit, affirming the Tax Court in an unpublished opinion, has concluded that a chief executive officer (CEO…
Background. A noncorporate taxpayer’s bad debt may be either a business or nonbusiness bad debt. A bona fide business bad debt may be deducted during the tax year in which it becomes worthless. http://jrmcpa.biz/accounting-news/2012/10/ceo-couldnt-claim-bad-debt-deduction-loans-troubled-corporat/

BY GREG, ON OCTOBER 29TH, 2012 In a private letter ruling, the IRS has declined to waive the 60-day rollover requirement for a taxpayer who withdrew funds from her IRA to secu…
In a private letter ruling, the IRS has declined to waive the 60-day rollover requirement for a taxpayer who withdrew funds from her IRA to secure care at an assisted living facility pending the sale of her home, but failed to timely redeposit them when t… http://jrmcpa.biz/accounting-news/2012/10/widows-request-waive-60-day-ira-rollover-rule-denied-irs/

As year end approaches, practitioners are scrambling to determine if individual clients should shift income and deductions between this year and next, a task made complicated by un…
As year end approaches, practitioners are scrambling to determine if individual clients should shift income and deductions between this year and next, a task made complicated by uncertainty over 2013 tax rates triggered by the looming EGTRRA sunsets. http://jrmcpa.biz/accounting-news/2012/10/year-end-planning-when-c-corporations-should-defer-or-accele/

BY GREG, ON OCTOBER 24TH, 2012 The following plan limits are increased effective Jan. 1, 2013: Defined benefit plans. The limitation on the annual benefit under a defined b…
The following plan limits are increased effective Jan. 1, 2013 http://jrmcpa.biz/accounting-news/2012/10/retirement-plan-dollar-limits-are-changed-2013/

BY GREG, ON OCTOBER 22ND, 2012 The Treasury Inspector General for Tax Administration (TIGTA) has reported that the IRS failed to inform about 1.45 million taxpayers that they …
The Treasury Inspector General for Tax Administration (TIGTA) has reported that the IRS failed to inform about 1.45 million taxpayers that they qualified for relief from penalties totaling close to $181 million under a little known program—“First-Time Aba… http://jrmcpa.biz/accounting-news/2012/10/irs-failed-provide-penalty-relief-millions-taxpayers/

BY GREG, ON OCTOBER 17TH, 2012 The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2013 increases to $113,700 …
The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2013 increases to $113,700 from $110,100, which was the wage base for 2012. The $3,600 increase, which is about 3.27%, is due to an increa… http://jrmcpa.biz/accounting-news/2012/10/social-security-wage-base-increases-113700-2013/

BY GREG, ON OCTOBER 15TH, 2012 The Supreme Court has declined to review a decision of the Eleventh Circuit that a minister could not exclude under former Code Sec. 107 the par…
The Supreme Court has declined to review a decision of the Eleventh Circuit that a minister could not exclude under former Code Sec. 107 the parsonage allowance he received for a second residence as well as his principal residence. http://jrmcpa.biz/accounting-news/2012/10/supreme-court-wont-review-case-disallowing-ministers-parsona/

BY GREG, ON OCTOBER 15TH, 2012  The Supreme Court has declined to review a decision of the Court of Appeals for the Eighth Circuit, which held that an S corporation paying unr…
The Supreme Court has declined to review a decision of the Court of Appeals for the Eighth Circuit, which held that an S corporation paying unreasonably low salary was liable for employment taxes on dividends reclassified as salary. http://jrmcpa.biz/accounting-news/2012/10/supreme-court-wont-review-decision-penalizing-s-corporation/

BY GREG, ON OCTOBER 12TH, 2012 During the Sept. 12, 2012 IRS webinar titled “Payment Alternatives – When You Owe the IRS,” Traci Suiter, lead public affairs specialist with IR…
During the Sept. 12, 2012 IRS webinar titled “Payment Alternatives – When You Owe the IRS,” Traci Suiter, lead public affairs specialist with IRS’s Small Business/Self-Employed Division, explained the criteria that must be met for a business owing payroll… http://jrmcpa.biz/accounting-news/2012/10/express-installment-plan-offers-advantages-businesses-deliqu/