Federal Tax Update for the Week of February 1, 2010

1.  Repair Costs Designated a Tier I Issue (Tax Analysts “Tax Notes Today”; 2010 TNT 15-3)

2. IRS Moving Forward on Implementing Return Preparer Review Recommendations (Tax Analysts “Tax Notes Today”; 2010 TNT 15-5)

3.  Employment Tax Audit Program to Begin in Next Two Months (Tax Analysts Tax Notes Today”; 2010 TNT 15-8)

4.  IRS Designates Haiti Earthquake as Qualified Disaster (Notice 2010-16; 2010-6 IRB 1)
[Taxpayers who itemize deductions on their 2009 return qualify for a special tax relief provision, enacted Jan. 22. Cash contributions made to these charities for Haiti disaster relief after Jan. 11, 2010, and before March 1, 2010, are eligible to be treated as having been made in 2009. This includes contributions made by text message, check, credit card or debit card.]
5. IRS Releases Notice on Contributions for Haiti Relief (Notice 1396, 1/23/2010) 

6. Club Must Pay Tax on Gain From Sale of Its Assets (LTR 201003022, 10/29/2009, rel. 1/22/2010) 

7. Shulman Announces Proposal for Reporting Uncertain Tax Positions (Tax Analysts “Tax Notes Today”;  2010 TNT 17-2) 

8. IRS Unveils Proposal to Require Reporting of Large Corporations' Uncertain Tax Positions (Announcement 2010-9; 2010-7 IRB 1) 

9. Debtor's Tax Liabilities Not Dischargeable; Trusts Were Nominees (United States et al. v. Gary Krause et al.; USDC Kansas) 

10. Text of Letter Sent to Return Preparers  ( Tax Analysts “Tax Notes Today”; 2010 TNT 15-67)

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