1099C Issuance and Debt Forgiveness Aren’t Necessarily the Same Thing

A recent Arizona Court of Appeals case reminds us that a Form 1099C doesn’t necessarily mean the lender is not going to pursue collection—or that, in fact, there has yet been a taxable event.  In the case of AmTrust Bank v. Fossett, 1 CA-CV 08-0840, the Arizona Court of Appeals, Division One, held that the [...]

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IRS Issues Two Rulings Clarifying Use and Disclosure of Client Information

The IRS issued two Revenue Rulings under §7216 clarifying when a taxpayer’s consent will not be required to be obtained by tax preparers prior to use or disclosure of tax return information.

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IRS Failure to Update Address Invalidated Notice of Deficiency

The IRS’s failure to update addresses ended up causing it to lose the ability to challenge the amount of estate tax paid by an estate, as the Tax Court found that the IRS had failed to send the notice of deficiency to the taxpayer’s last known address.  In the case of the Estate of Rule [...]

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IRS Modifies Section 7216 Use and Disclosure Regulations

In Treasury Decision 9478, the IRS issued temporary regulations modifying the final regulations issued under §7216 that went into affect on January 1, 2009.  The IRS looked to modify provisions in Regulation §301.7216-2(n), (o) and (p).

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Not Obtaining a QDRO Was Costly for Taxpayer

A taxpayer that did not obtain a QDRO, but rather split his pension with his former spouse once it began paying, found himself stuck with the entire tax bill in the case of Benzin v. Commissioner, TC Summary Opinion 2009-198.

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Tax Court Endorses Determining Slot Machine Win or Loss At Redemption of Tokens

In Schollenberger v. Commissioner, TC Memo 2009-306, the Tax Court looked at determining a proper method for calculating wins when a casual gambler is playing slot machines.

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5 Easy Steps to Get Fit and Stay Healthy

As a membership organization, we take great pride in offering members of the Arizona Society of CPAs exceptional educational programs. Arizona CPAs and other business professionals know we offer great technical CPE and a diverse selection of programs targeted at improving leadership qualities. However, you may be surprised that we also offer seminars aimed at [...]

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Salary Paid by IRA to Account Owner (Even Via LLC Owned by IRA) Deemed a Prohibited Transaction

In an emailed advice (CCA Email 200952049), a member of the IRS Chief Counsel’s office opined that an IRA owner that is paid a salary for services rendered to the IRA, even if paid via an LLC owned by the IRA, has participated in a prohibited transaction under §4975(c), even though §4975(d)(10) has a reasonable [...]

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Website that Keeps Percent of Charge Established by Artist When Selling Music Must Report Net Paid to Artist on Form 1099s

In email advice (CCA Email 200952048), the IRS Chief Counsel’s office ruled that the following structure would require reporting on Forms 1099 to the artist and has the potential for backup withholding.

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Verizon adds new 3G cell site in downtown Phoenix

Verizon Wireless has added a new 3G cellular antenna in downtown Phoenix as a way to boost service in the area. http://feeds.bizjournals.com/~r/bizj_phoenix/~3/vQYD1_yhuow/daily43.html Posted by J. Michael Stolp from my Verizon BlackBerry Storm 2.

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