Tax notes. (Tax Matters).
* The IRS publishes final regulations involving amendments to Circular 230 (www.irs.gov/pub/irs-irbs/irb0233.pdf), which governs the practice of CPAs and others before the service. Among the issues these rules cover are submitting taxpayer records to the IRS; handling a client's act of noncompliance, error or omission; contingent fees; returning a client's records; advertising and solicitations; and IRS disciplinary proceedings.
* In August the IRS issued final regulations (www.irs.gov/pub/irs-regs/ td9013.pdf) pertaining to treatment of self-charged items of income and expense under IRC section 469. The changes recharacterize a percentage of certain portfolio income and expense as passive income and expense (that is, self-charged items) when a taxpayer engages in a lending transaction with a partnership or an S corporation (that is, a pass-through entity) in which the taxpayer owns an interest and the loan proceeds are used in a passive activity.
* The IRS gives tax professionals early notice of where their clients' 2002 tax returns should be filed in 2003. To improve customer service, it redistributed tax-return workloads among its 10 regional processing centers. It published (www.irs.gov/ pub/irs-news/ir-02-92.pdf) the location of the processing center for each geographic area.
For single-click access to further coverage of the news stories listed here, visit the Journal of Accountancy Web site at www.aicpa. org/pubs/jofa/joahome.htm.
|Printer friendly Cite/link Email Feedback|
|Publication:||Journal of Accountancy|
|Date:||Nov 1, 2002|
|Previous Article:||Nondeductible alimony.|
|Next Article:||The constitutionality of the parsonage allowance.|