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Focus on Tax Previous IssueSubscribeView All Issues
February 2010
In This Issue...


When Private Equity Fund Debt Goes Bad


The Reversal in Textron: Anatomy of a Bad Decision


FBAR — Where We Are and How We Got There


Stock Drop Cases and the Presumption of Prudence: When It Applies, How It Is Overcome


IRS Extends Bar Against Collecting Penalties from Small Businesses


When Private Equity Fund Debt Goes Bad

Thomas Lenz and Joseph Bergtold, in the Journal of Passthrough Entities, provide a roadmap through the confusing and complex decision making process related to the timing and treatment of a bad debt write-off.

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     Passthrough Entities
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Read this article from the the Journal of Passthrough Entities®
Related items of interest include:
Business Tax Answer Book
Investment Planning Answer Book
Individual and Small Business Tax Planning Guide (4th Edition)
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The Reversal in Textron: Anatomy of a Bad Decision

The February issue of TAXES Magazine features an analysis of the recent Textron case, The Reversal in Textron: Anatomy of a Bad Decision by John Everett, Cheri Hennig, Sharon Lassar and Blaise Sonnier. In overturning a decision of the Court’s own three-judge panel, the First Circuit has made it infinitely more difficult for taxpayers to shield internal documents supporting aggressive and questionable tax positions from IRS scrutiny.

Read this article from TAXES - The Tax Magazine
Read this article from TAXES — The Tax Magazine
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Related items of interest include:
CPA Multistate Guide to Ethics and Professional Conduct
SOX 404 for Small, Publicly Held Companies with CD (2010)
Accounting Desk Book with CD (2010)
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FBAR — Where We Are and How We Got There

Eschrat Rahimi-Laridjani undertakes a thorough review of the requirements to report foreign bank and financial accounts in the current issue of the Journal of Taxation of Financial Products. Penalties for failure to comply with the FBAR requirements are steep and advisors must understand the rules and filing requirements.

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     Financial Products
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     Financial Products
Read this article from the Journal of Taxation of Financial Products
Related items of interest include:
Bank, Accounting and Finance
International Tax Journal
International Accounting/Financial Reporting Standards Guide (2010)
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Stock Drop Cases and the Presumption of Prudence: When It Applies, How It Is Overcome

In this time of extremely uncertain investment return, Michael Dell and Michael Nassau, in the Journal of Retirement Planning, examine the presumption of prudent investment as it relates to fiduciary responsibility.


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     Retirement Planning
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Read this article from Journal of Retirement Planning
Related items of interest include:
CPAs Guide to Independence and Ethics
Estate and Retirement Planning Answer Book
Fiduciary Accounting Answer Book
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IRS Extends Bar Against Collecting Penalties from Small Businesses

The IRS has extended the bar against collecting penalties from small businesses through March 31, 2010. This suspension applies to Code Sec. 6707A penalties for small businesses for failure to disclose listed transactions.

Read this article from Tax Shelter Alert
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Read this article from Tax Shelter Alert
Related items of interest include:
Asset Protection Strategies, with CD (2010)
FAS 157 Answer Book
GAAP Handbook of Policies and Procedures with CD (2010)
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