Holmes & Associates,CPAs: Concentrating on the needs of Small and Medium Businesses since 1986 CPA Firm Long Beach, CA

Tax Alerts

Tax Briefing(s)

2012 Tax Year-in-Review

American Taxpayer Relief Act of 2012

IRS releases 2013 auto and truck maximum fair market value amounts for calculating fringe benefit income
The IRS recently issued the maximum fair market value (FMV) amounts that are used to determine the proper valuation rule for employees calculating fringe benefit income from employer-provided autom...

Trustee's activities as president/shareholder were disregarded in determining trusts' material participation
In a recently issued technical advice memorandum (TAM), the IRS Chief Counsel concluded that two trusts had not materially participated in the activities of two S Corps. Although an individual who ...

IRS issues final rules on elections for qualified stock dispositions under Code Sec. 336(e)
The IRS has issued final regulations under Code Sec. 336(e) that allow taxpayers to elect to treat the sale, exchange, or distribution of at least 80 percent (by vote and value) of a corporation's ...

U.S., U.K. and Australia combat offshore tax evasion in a joint effort
The U.S. and the tax authorities of the United Kingdom and Australia recently announced a plan to share tax information involving companies and trusts holding offshore assets of taxpayers under the...

IRS issues statement clarifying its policy on obtaining search warrants
The IRS has announced that it will obtain a search warrant in all cases when seeking the contents of emails from internet service providers (ISPs). The announcement comes after the agency has been ...

IRS issues 2013 adjusted foreign housing allowances
The IRS has released adjustments to the limitation on housing expenses under Code Sec. 911 for tax years beginning on or after January 1, 2013. The maximum inflation-adjusted standard cost allowanc...

CA - Low-income housing credit regulations amended
Amendments made to the California Tax Credit Allocation Committee (CTCAC) regulations governing the low-income housing credits against personal income, corporation franchise and in...