Monthly Archives: August 2010

First Circuit affirms Tax Court’s validation of “check-the-box” regs. Medical Practice Solutions LLC, Carolyn Britton, Sole Member, (CA 1 8/24/2010) 106 AFTR 2d ¶2010-5239 The First Circuit Court of Appeals has affirmed the Tax Court’s rejection of an attempt to … Continue reading →

The Employment Development Department (EDD) has announced these Important Payroll Tax Changes in 2011: starting with the first quarter of 2011, employers will begin reporting their Unemployment Insurance, Employment Training Tax, and State Disability Insurance contributions, along with the Personal … Continue reading →

New Q&As explain longer NOL carryback option for businesses under recent law change (Notice 2010-58, 2010-37 IRB. In a new Notice, IRS uses a question and answer (Q&A) format to address a number of specialized issues that have arisen under … Continue reading →

California — Corporate Income Tax — Coming in 2010—Access Your Account. Beginning in the Fall of 2010, the Franchise Tax Board (FTB) will provide taxpayers, tax professionals, and businesses a new secure method to log in and access e-services on … Continue reading →

Proposed regs on Circular 230 standards for return preparers also modify standards for all practitioners. IRS has issued proposed regs that would modify the general standards of practice before IRS (i.e., Circular 230) to provide for competency testing, continuing professional … Continue reading →

Revised Form 1139 Instructions explain longer NOL carryback option for businesses. In recently revised Instructions for Form 1139, Corporation Application for Tentative Refund (Rev. August 2010), IRS has explained how businesses can elect the new optional longer net operating loss … Continue reading →

JCT releases comprehensive description of revenue changes in President’s budget proposal. On August 16, the Joint Committee on Taxation (JCT) issued a detailed, 500-page-plus description of revenue provisions in the President’s Fiscal Year budget proposal. RIA observation: The budget proposals … Continue reading →

President signs excise tax law carrying estimated tax changes for large corporations. On August 11, the President signed into law H.R. 5552, the Firearms Excise Tax Improvement Act of 2010. It amends the Code to allow excise taxes on recreational … Continue reading →

On August 10, the President signed into law HR 1586, the Education Jobs and Medicaid Assistance Act (the Act), which includes provisions closing a number of foreign-tax-credit related loopholes and repealing the advanced earned income tax credit (EITC). New Rules … Continue reading →

House Ways and Means Committee Transfer Pricing Hearings. House Ways and Means Committee Chairman Sander Levin (D-MI) announced on July 15, 2010, that a transfer pricing hearing would be held on July 22, 2010 [BNA Daily Tax Report, July 16, … Continue reading →