Updates and/or additions are listed in chronological order with the latest updates at the top of the page.

September 2008

  • TAXPRO Weekly - Members Only Section - The September 4, 2008 edition of TAXPRO Weekly is now available.
     
  • Revenue Procedure 2008-54 - This revenue procedure provides guidance under the Economic Stimulus Act of 2008 that amends § 179 by increasing the dollar limitations that apply to taxpayers who elect to expense certain depreciable for taxable years beginning in 2008. The Stimulus Act amends § 168(k) to allow a 50-percent additional first year depreciation for certain new property acquired and placed in service during 2008.
     
  • You Make the Call - The September 4 question asks: Your client, on the advice of his physician, participates in a weight-loss program to alleviate his severe obesity. The program sponsor developed a line of food items that can be purchased at the local grocery store. Participants in the program are encouraged to eat the foods that the program offers, but are not required to do so. Your client tells you that it was easier for him to manage his diet by purchasing these premeasured meals. Is he permitted to claim a medical expense deduction for the cost of the program and the meals he purchases?
     
  • Wisconsin Chapter - The August edition of the Chapter newsletter is now available.
     
  • Pennsylvania Chapter - The summer edition of the Chapter newsletter is now available.
     
  • Member of the Month - Meet Kathy Vosburg - NATP's September 2008 Member of the Month.
     
  • Self-Study - The 2008 edition of the Preparing S Corporation Returns Online Self-Study Course is now available.

August 2008

  • FS-2008-23 - Is Your Hobby a For-Profit Endeavor?
     
  • Member of the Month - Meet Kathy Vosburg - NATP's September 2008 Member of the Month.
     
  • Minnesota Chapter - The August edition of the Chapter newsletter is now available.
     
  • Virginia Chapter - The Summer edition of the Chapter newsletter is now available.
     
  • TAXPRO Monthly Newsletter - Members Only - The September 2008 edition is now available.
     
  • New York Chapter - Check out the 2008 NY NATP Seminar Sites and information.
     
  • Georgia Chapter - The August edition of the Chapter newsletter is now available.
     
  • IRS Publication 4639 - Disclosure and Privacy Reference Guide. (269 pages)
     
  • Revenue Procedure 2008-52 - Provides the procedures by which a taxpayer may obtain automatic consent for a change in method of accounting. (282 pages)
     
  • Revenue Procedure 2008-50 - This revenue procedure updates the comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of § 401(a), 403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code. (179 pages)
     
  • Revenue Procedure 2008-48 - This revenue procedure describes the circumstances under which the IRS will treat a child of parents who are divorced, separated, or living apart as the dependent of both parents for purposes of §§ 105(b), 106(a),132(h)(2)(B), 213(d)(5), 220(d)(2) and 223(d)(2) when the custodial parent has not released the claim to the exemption for the child under § 152(e)(2).
     
  • Self-Study - The 2008 edition of the Introduction to Schedule D Online Self-Study Course is now available.
     
  • Self-Study - The 2008 edition of the Intermediate S Corporations Online Self-Study Course is now available.
     
  • NATP's Comments on Tax Return Preparer Penalties Under §6694 and §6695 - August 15, 2008
     
  • Ohio Chapter - The latest edition of the Chapter newsletter is now available.
     
  • New York Chapter - The July edition of the Chapter newsletter is now available.
     
  • Self-Study - The 2008 edition of the Introduction to Form 990 Online Self-Study Course is now available.
     
  • REG 102822-08 - This document contains proposed regulations that provide guidance on the manner in which an S corporation reduces its tax attributes under Sec. 108(b) for taxable years in which the S corporation has discharge of indebtedness income that is excluded from gross income under Sec. 108(a).
     
  • REG 140029–07 - These proposed regulations provide guidance concerning substantiation and reporting requirements for cash and noncash charitable contributions under Sec. 170 of the Internal Revenue Code.
     
  • Florida Chapter - The summer edition of the Chapter newsletter is now available.
     
  • Member of the Month - Meet Debra Connell - NATP's August 2008 Member of the Month.

July 2008

  • Revenue Procedure 2008-45 - IRS provides sample forms for inter vivos nongrantor and grantor charitable lead unitrusts. The procedure also contains annotations to sample trusts and alternate provisions that may be integrated into sample trusts.
     
  • TD-9418 - Final regulations on the conversion of annuity contracts from non-Roth individual retirement accounts (IRAs) to Roth IRAs under Sec. 408A.
     
  • Tax Act Summaries - Download NATP's Summary of the Housing Assistance Tax Act of 2008 (H.R. 3221).
     
    • Georgia Chapter - The July edition of the Chapter newsletter is now available.
       
    • Indiana Chapter - The July edition of the Chapter newsletter is now available.
       
    • Self-Study - The 2008 edition of the Preparing Partnerships Online Self-Study Course is now available.
       
    • TD-9417 - Final, temporary, and proposed regulations under Sec. 1301 regarding the allowance of farm income averaging to fishermen.
       
    • TAXPRO Journal - Members Only - The Summer 2008 edition is now available.
       
    • Utah Chapter - The July edition of the Chapter newsletter is now available.
       
    • Licensure Update - LICENSURE...is it still coming?
       
    • Self-Study - The 2008 editions of the Ethics & Circular 230 and Introduction to LLCs Online Self-Study Courses are now available.
       
    • TD-9411 - This document contains final and temporary regulations relating to elections to deduct start-up expenditures under section 195 of the Internal Revenue Code (Code), organizational expenditures of corporations under section 248, and organizational expenses of partnerships under section 709.
       
    • Revenue Procedure 2008-35 - This revenue procedure provides guidance to tax return preparers regarding the format and content of consents to disclose and consents to use tax return information with respect to taxpayers filing a return in the Form 1040 series. This revenue procedure also provides specific requirements for electronic signatures when a taxpayer executes an electronic consent to the disclosure or use of the taxpayer's tax return information. 
       
    • Notice 2008-62 - Interim guidance on the application of § 457(f) to certain recurring part-year compensation including common arrangements involving public school employees who provide services during a 10-month school year and elect to be paid ratably over 12 months.
       
    • TD-9409 - This document contains final and temporary regulations that provide rules relating to the disclosure and use of tax return information by tax return preparers.  These regulations provide updated guidance regarding the disclosure of a taxpayer's social security number to a tax return preparer located outside of the United States.
       
    • TD-9408 - This document contains final regulations relating to a claim that a child is a dependent by parents who are divorced, legally separated under a decree of separate maintenance, or separated under a written separation agreement, or who live apart at all times during the last 6 months of the calendar year.  The regulations reflect amendments under the Working Families Tax Relief Act of 2004 (WFTRA) and the Gulf Opportunity Zone Act of 2005.
       
    • TD-9407 - This document contains final and temporary regulations relating to the simplification of procedures for obtaining automatic extensions of time to file certain returns. 
       
    • Self-Study - The 2008 editions of the Preparing Form 1041 and the Individual Tax Topics Online Self-Study Courses are now available.
       
    • Illinois Chapter - The June edition of the Chapter newsletter is now available.
       
    • Louisiana Chapter - The June edition of the Chapter newsletter is now available.
       
    • New York Chapter - The June edition of the Chapter newsletter is now available.

    June 2008

    • Quick Reference Guides - The Quickfinder 2008 order form is now available.
       
    • Kansas Chapter - The June edition of the Chapter newsletter is now available for download.
       
    • Notice 2008-59 - Provides guidance on Health Savings Accounts.
       
    • IRS Tax Forums - This summer, the IRS Oversight Board will attend the IRS' Nationwide Tax Forums to meet with tax practitioners and listen to their views concerning the administration and management of the Internal Revenue Service.
       
    • IR-2008-80 - IRS Launches Summer Push to Reach Retirees and Disabled Veterans Who Have Yet to File for Their Economic Stimulus Payments
       
    • Notice 2008-57 - Disaster relief payments—qualified disaster defined—China earthquake.
       
    • Arizona Chapter - The Summer edition of the Chapter Newsletter is now available.
       
    • Quick Reference Guides - TheTaxBook 2008 order form is now available.
       
    • July 2008 AFRs & 7520 Rates - Members Only Section - The new rates are now available.
       
    • Revenue Procedure 2008-12 - This revenue procedure provides guidance to tax return preparers regarding the format and content of consents to disclose and consents to use tax return information with respect to taxpayers filing a return in the Form 1040 series, e.g., Form 1040, Form 1040NR, Form 1040A, or Form 1040EZ, under section 301.7216-3 of the Regulations on Procedure and Administration (26 CFR Part 301). This revenue procedure also provides specific requirements for electronic signatures when a taxpayer executes an electronic consent to the disclosure or use of the taxpayer's tax return information.
       
    • REG–129243–07 - This document contains proposed regulations implementing amendments to the tax return preparer penalties under sections 6694 and 6695 of the Internal Revenue Code (Code) and related provisions under sections 6060, 6107, 6109, 6696, and 7701(a)(36) reflecting amendments to the Code made by the Small Business and Work Opportunity Tax Act of 2007.  The proposed regulations affect tax return preparers and provide guidance regarding the amended provisions. (218 pages)
       
    • Tax Act Summaries - Download NATP's Summary of the Heroes Earnings Assistance and Relief Tax Act of 2008 (H.R. 6081).
       
    • Announcement 2008-56 – This announcement provides for a change in the reporting of dividends on employer securities that are distributed from an employee stock ownership plan ("ESOP") under § 404(k) of the Internal Revenue Code ("§ 404(k) dividends").
       
    • Announcement 2008-52 – Listing of recent disciplinary sanctions involving attorneys, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents, and appraisers. These individuals are subject to the regulations governing practice before the IRS under Cir. 230.
       
    • Minnesota Chapter - The May edition of the Chapter newsletter is now available.
       
    • Massachusetts Chapter - The June edition of the Chapter newsletter is now available.
       
    • Maine Chapter - The latest edition of the Chapter newsletter is now available.
       
    • New Jersey Chapter - The spring edition of the Chapter Newsletter is now available.
       
    • Notice 2008-52- Guidance on contributions to Health Savings Accounts (HSAs) under amendments to the Code by the Tax Relief and Health Care Act of 2006.
       
    • Notice 2008-51 - Guidance regarding qualified HSA funding distributions under the Tax Relief and Health Care Act of 2006, adding § 408(d)(9) to the Code, allowing distributions from an Individual Retirement Account to a Health Savings Account.
       
    • Self-Study - The 2008 edition of the Tax Implications of Real Estate Online Self-Study Course is now available.
       
    • Indiana Chapter - The June edition of the Chapter newsletter is now available.
       
    • New Mexico Chapter - The June edition of the Chapter newsletter is now available.
       
    • New York Chapter - The May edition of the Chapter newsletter is now available.
       
    • Wisconsin Chapter - The May edition of the Chapter newsletter is now available.


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