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| February 17, 2010 |
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| Bridging the Gap Across State Taxes with Nexus Assistant® |
| Federal Tax Update Self-Study - 10% Off |
| Your Source for Tax Information |
| Editor's Note |
  Preparers of partnership tax returns have to do a little more digging. New rules require disclosure of a chain of ownership that can include indirect ownership. Guest writer Jane McCurdy provides examples to help you understand this new requirement.We waited a year and a half for the tax court ruling on Rhiannon O’Donnabhain, the gender-changing taxpayer who wanted to claim a tax deduction for the expenses relating to the sex-change operation. The court has finally decided - the deduction stands. Best wishes, Gail Perry, CPA Managing Editor editor@accountingweb.com |
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| Now you can easily keep track of a state’s known position on a variety of business activities – with Nexus Assistant on Checkpoint. Simply create a snapshot to quickly see and compare how each state treats each activity or a variety of activities, so that you’ll be able to better support filing positions, analyze uncertain tax positions under FIN 48, and even plan more effectively for changes in business operations. Call 800.950.1216 today or visit ria.thomsonreuters.com to learn more. Try Nexus Assistant at no cost for 30 days now! Be sure to mention code TRYNEXA when calling for your complimentary trial. |
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| Partnership taxation: New ownership disclosures require extra digging |
| The IRS Form 1065, U.S. Return of Partnership Income, is the tax return that partnerships must file annually. Beginning with the 2009 tax year, partnerships are required to answer two new questions when filing Form 1065. |
| Tax Court allows deduction for sex-change operation |
| The U.S. Tax Court in Boston ruled in favor of a plaintiff who claimed approximately $5,000 in medical deductions for expenses relating to her sex-change operation. The court ruled last week that the treatment she received stemmed from a disease and was not classified as cosmetic, thereby making the medical care tax deductible, according to court documents. |
| Vern Hoven’s Federal Tax Update Self-Study – 10% Off |  |
| Just released! Vern Hoven’s 2009 Federal Tax Update self-study in on-demand webcast format - a great resource for your office. Team taught by practicing CPA Vern Hoven and EA William Roos in a high-tech and often humorous manner. The comprehensive supporting materials are available for download. Self-study awards 26 CPE hours. Regularly priced at $295, AccountingWEB readers pay only $265. You save 10%! Offer expires February 26. Order today! | |
| How Arnold Schwarzenegger cleared an $80,000 tax lien for twenty bucks |
| Ten months ago the IRS slapped a lien on California Governor Arnold Schwarzenegger for nearly $80,000. Now after paying only $20.50, the debt is cleared. How did that happen? |
| Tips for European VAT recovery |
| European Value-Added Tax (VAT) can pose a number of problems for U.S. companies unfamiliar with the procedures involved, but taking control of your company’s VAT has never been more important. |
| California woman racks up hotel bills posing as IRS agent |
| A woman who amassed more than $55,000 in debt to a Marin County, CA, hotel by posing as an Internal Revenue Service agent has been charged with impersonating a federal employee. |
| Sacramento accountant with lavish lifestyle charged with stealing from clients |
| A former IRS agent and prominent Sacramento CPA has been accused of stealing more than $13.3 million from his clients, the Sacramento Bee reported. |
| Your Source for Tax Information |
 These pages are focused on tax news, client letters, legislative developments, tax CPE, tax software resources, checklists, and references. Other tax categories, such as income tax issues and real estate taxes are also found here.
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