Federal Tax Update for the Week of January 4, 2010

1. The “Big Story” this week was the release of Final and Temporary regulations explaining more about the operation of IRC Sec. 7216 along with two Revenue Rulings and an information release providing guidance to tax practitioners.

Guidance on Tax Information Disclosures by Return Preparers
(IR-2009-121) 

Return Preparers May Disclose Information in Limited Circumstances Without Penalty
(Rev. Rul. 2010-4; 2010-4 IRB 1) 

Return Preparers Won't Be Penalized for Some Information Disclosures to Liability Insurers
(Rev. Rul. 2010-5; 2010-4 IRB 1) 

Final, Temporary Regs on Information Disclosures by Return Preparers
(T.D. 9478) 

Proposed Regs on Information Disclosures by Return Preparers
(REG-131028-09) 

2. Publication on Residential Rental Property
(Publication 527) 

3. Recreational Gambling Winnings Must Be Included in Income
(George D. Shollenberger; T.C. Memo. 2009-306) 

4. Textron Asks Supreme Court to Review First Circuit Workpaper Decision
(United States v. Textron Inc. et al.; US SC) 

5. Cancellation of Debt Income Treated as Investment Income
(LTR 200952018) 

6. Paying Salary to IRA Owner Is Prohibited
(ECC 200952049) 

7. Payments Musician Receives When Songs Are Downloaded Are Royalties
(ECC 200952048) 

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