What's New in Tax Tools

 

We’ve made some great changes in the Tax Tools databases to make it easier for you to see what’s been recently added. Here is a list of the items added this summer:

 

Tax Planning Tools

Strategies, Ideas & Manuals

• Federal Energy Credits & Incentives Summary Idea
• Cash to Accrual Accounting Method Change Strategy
• Bonus Depreciation Swap Strategy
• Self-Insured Employee Medical Expense Deduction Maximizer (IBNR) Strategy
• Prepaid Expense Deduction Maximization Strategy

 

Coming soon:

• Tax Client Situation Review Matrix Ideas
• S Corporation Debt Review Strategy
• Inventory Assessment Strategy
• Inventory Trade Discount Strategy
• Change from Bank Reserve Method Strategy

 

 

Tax Practice Policy
The Tax Practice Policy database is updated on a quarterly basis. The last update in September included the following items:

• Policy 4.06 Reportable & Listed Transactions
  • Changes to thresholds, definitions of ‘covered transaction’
  • Reporting and training requirements updated

 

The next update will be in January of 2010. Check back for a list of updated items.

 

Tax Compliance & Reference
The new items are located in the What’s New view within the database. Highlights from July, August and September include:

• Reportable Transaction and Material Advisor Compliance Program Guide
• China Tax Update
• Electronic Filing Requirements of Form 5500
• Summary of Rev Proc 2009-39 for Accounting Method Changes
• Open-Air Parking Structure Classification Clarified
• Form 990-EZ Electronic Organizer
• First Time Homebuyer Tax Credit
• Limited Relief for Section 403(b) Plan Reporting
• Estate & Gift Tax Planning Opportunities
• Unfavorable Guidance on Ability to Carryback Certain NOLs
• New Procedures May Delay Payments from Customers in India
• Various SALT Alerts
  • MD Amnesty Program
  • MI Ruling on Single Member LLC
  • CA BOE accepts IOU’s for Payment of Taxes
  • MA Combined Reporting Regulations Issued

 

 

The items released have been developed based on input from client requests as well as recent developments in tax. If you have questions on any of the tax tools databases, please contact us at 800.537.7163.