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When a client declares bankruptcy, taxes are one of a small handful of obligations that cannot be discharged. But there are remedies under both bankruptcy and tax law that can help taxpayers meet their tax obligations without undue financial hardship. In CCH’s Practical Guide to Resolving Your Clients’ Tax Liabilities, author Kenneth C. Weil devotes an entire chapter to remedies under the tax code for those who have declared bankruptcy — including statutes of limitations, installment agreements, offers in compromise and innocent spouse provisions.
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The check-the-box regulations that allow entity choice for tax purposes have been a popular tool for tax simplification over the past decade. But as these regulations mature, they are starting to see use in ways that their developers didn’t anticipate. Concerns are rising in particular with regards to foreign businesses, notes Philip E. Postlewaite in a recent issue of CCH’s Journal of Taxation of Global Transactions. Postlewaite is encouraged by IRS officials’ statements of support for check-the-box, but he notes practitioners should be concerned about what actions will be taken to curb the perceived excesses that are emerging after a decade of use. His article provides an overview of the problems that are surfacing as well as a look at the potential fixes that could be put into play and what consequences those remedies could bring.
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If a retail property is bringing rental rates that are above market, a lease-fee valuation assessment could result in high property taxes that are out of proportion to the property’s actual value. For those situations, a property tax practitioner may want to push for a fee-simple valuation that reflects market value for rental properties. Many factors can result in rents that are above market — long-term leases, tenants with low creditworthiness, etc. In those situations, the key is to show that valuation is the correct one, according to experts interviewed by the editors of CCH’s Property Tax Alert newsletter. These experts provide practical tips for getting assessors to see the situation your way as well as strategies to manage other business considerations, such as keeping tenants from finding out what others are paying in rent.
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Critical changes were made to the Medicaid eligibility standards while you were busy in the heart of tax season this year. It is vital to get up to speed on these changes to provide sound advice to your clients and prevent potential malpractice claims, according to three estate planning experts who write on these latest Medicaid changes in a recent issue of CCH’s Journal of Practical Estate Planning. The harsh new penalty period rules combine with the five-year look back for all asset transfers to potentially cause serious problems for elderly clients who do something as simple as tithe regularly to their churches. Stan Miller, D. Scott Schrader and Rebecca H. Winburn , all of Little Rock, Arkansas, walk practitioners through the minefield of the Deficit Reduction Act that became law in February and offer sound practice tips for managing the new Medicaid eligibility standards.
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The abusive transaction controversies of recent years, along with a string of high-level indictments and prosecutions of tax professionals from some of the nation’s largest firms, have scarred the image of tax practice, argues Charles D. Retting in a recent issue of CCH’s Journal of Tax Practice and Procedure. The challenge, Rettig notes, is for the vast majority of professional and ethical practitioners to take back the public image of tax practice from these few bad apples. Further, Rettig notes it is up to practitioners to make sure the IRS sees them as partners in tax compliance and not as the handmaidens of dishonest tax practice and tax evasion. In his article, he outlines the steps all practitioners need to take today to make sure the reputation of tax practice regains the respect it has had in past years.
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