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The items included in our blog, Accounting News, formerly Marso's Tax Notes, are informational only and are not meant as tax advice. Please consult with your tax advisor to determine how any item applies to your situation.

Jan
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BY GREG, ON OCTOBER 30TH, 2012 The Court of Appeals for the Ninth Circuit, affirming the Tax Court in an unpublished opinion, has concluded that a chief executive officer (CEO…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/


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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/


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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/


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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/


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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/


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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/


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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/


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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/


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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/


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