In a recently-released IRS Advice Memorandum, the IRS concluded that in certain situations, property acquired by a bank through foreclosure or by deed in lieu of foreclosure (known as “other real estate owned” or “OREO”) is not considered property acquired for resale for purposes of Code Sec. 263A(b)(2).
Recently, the U.S. Office of Management and Budget (OMB) issued proposed revisions to Circular A-133 “Audits of States, Local Governments and Non-Profit Organizations”.
The 2012 legislative session produced some taxpayer-friendly changes to New Hampshire tax law, adding to a list of longstanding, but sometimes overlooked, business tax incentives in the state.
It’s no secret that long-term care providers, specifically nursing homes, are financially in dire straits. The Class Act was supposed to prop this up, but was recently repealed and, more dramatically, completely stripped from federal attention during the last rounds of fiscal cliff negotiations.
On November 1, 2012, the American Institute of Certified Public Accountants (AICPA) released an Exposure Draft that would offer privately owned small and medium-sized entities (SME’s) in the U.S. an alternative framework of financial reporting.
The annual race known as tax return filing season has barely begun, and Murphy’s Law (this time masquerading as Congress and the IRS) has ensured that millions of taxpayers and their accountants will ungracefully stumble out of the gate. Most of our readers undoubtedly are familiar with the so-called “fiscal
Over the cliff and back While Congress was not able to avoid watching us fall over the so-called “fiscal cliff” before the year expired (and 2012 was a Leap Year; they had an extra day!), they reached a compromise late last night that reeled us back in before we spent