The Pension Protection Act of 2006 includes favorable new IRA provisions. After-death IRA rollovers are now extended to beneficiaries other than spouses as well as trusts. Distributions for charities can be made entirely tax-free from the outset. And amounts from retirement plans and annuities may be rolled over into Roth IRAs rather than just traditional IRAs. Robert S. Keebler’s column in TAXES — The Tax Magazine provides helpful charts and analysis of the new IRA rules and opportunities.

• Click here to read this article from TAXES—The Tax Magazine
• Click here to order TAXES—The Tax Magazine

 

In 2006, several tax measures became effective that can have an important impact on passthrough entities. In CCH’s CPE Credit Service course, Sidney Kess, J.D., CPA, and Barbara Weltman, J.D., explain legislative developments such as the temporary increase in the alternative minimum tax exemption, as well as important judicial and administrative actions impacting partnerships and S corporations. Stay abreast of the details on recent developments that affect your clients with CCH’s Focus: Developments in 2006 for Partnerships and S Corporations, and earn four CPE hours with this course stuffed with concise planning pointers.

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The Internal Revenue Code Section 199 deduction isn’t exactly a new niche for tax consulting firms. The deduction draws on different areas of tax practice—international, consolidated returns, inventory. Still, building a niche around Section 199 requires the same steps firms undertake when launching any new niche: identifying the market, building the infrastructure and selling the service to clients. Experts explain how in the October issue of CPA Practice Management Forum.

 

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Prior to 2004, the IRS’s position regarding cost segregation studies to identify property qualifying as depreciable using 5-, 7-, 10-, or 15-year ACRS/MACRS lives versus property depreciable using longer building lives was uncertain. CCH's new Practical Guide to Cost Segregation describes the entire body of law and process for conducting studies for identifying personal property components within a building and allocating costs to those personal property components eligible for shorter depreciation lives. In this issue of Focus on Tax we offer you Chapter 7—Beginning a Cost Segregation Study from this just-released book by CPAs Paul G. DiNardo, Shirley C. Baldwin, and Cathy A. Harris.

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• U.S. Master Depreciation Guide (2006)
• Real Estate Taxation: A Practitioner’s Guide (Fourth Edition)
• Like-Kind Exchanges Under Code Sec. 1031

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The Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) was passed as a revenue enhancement measure, paving the way for more offers-in-compromise as a better alternative to the nearly nil in collections received after year 3 of the 10-year collection period. Nonetheless, taxpayers have found IRS agents in the field diverging from official policy and bucking the right of taxpayers to wipe the slate clean. Patti Logan, EA, in her column from the Journal of Tax Practice & Procedure, answers the questions raised by IRS Notice 2006-68.

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The MTC’s new model uniform statutes for reportable transactions and compilation of state filing return data (also know as the 51-state spreadsheet) were recently adopted. Controversy surrounds both the statutes and the way they were adopted. The required 51-state spreadsheet must reflect state filing positions, which would be filed in each state in which the taxpayer is subject to tax, beginning in 2009. A recent issue of CCH's State Income Tax Alert discusses the new model statute.