Federal Tax Update for the Week of March 8, 2010

1. IRS Extends Comment Period For Disclosure Project, Gives Additional Details
(Announcement 2010-17, 3/5/10)

2. Attorney Suspended From Practice for 48 Months for Failure to File and Late Filing of Income Tax Returns
(IR-2010-027, Opr V. Kilduff, 3/4/10)

3. Cobra Subsidy Program Modified, Granting Relief to Employees Who Terminate Employment Folloiwng a Reduction in Hours Event
(Temporary Extension Act Of 2009, 3/3/10)

4. IRS Revises Collection Financial Standards Effective March 1, 2010
(IRS Collection Financial Standards, 3/1/10)

5. IRS Extends Relief for Some Individuals for FBAR Filing to June 30, 2011
(Notice 2010-23, 2/26/10)

6. Requirement to File FBAR Reports not to be Applied to Persons Who are not United States Citizens, United States Residents, or Domestic Entities
(Announcement 2010-16, 2/26/10)

7. Spouse Was Particpant in "Shared Enterprise" Rather Than Employee, Medical Reimbursement Deduction Denied
(Shellito V. Commissioner, TC Memo 2010-41, 3/3/10)

8. IRS Waives Penalty on Failure to Take Minimum Distribution in Case Where Distribution Delayed by Murder Charge Against Beneficiary
(PLR 201008049, 2/26/10)

9. Taxpayer Can Use Deferral Method of Revenue Procedure 2004-34 for Prepaid Royalties Received In Lawsuit Settlement
(CCA 201008035, 2/26/10)

10. IRS Outlines Safe Harbor Method of Reporting Gains or Losses When §1031 Exchange Collapses Due to Failure of Qualified Intermediary
(Revenue Procedure 2010-14, 3/5/10)

11. IRS No Longer to Contest Claims for Refunds of FICA Taxes Paid to Medical Residents Prior to April 1, 2005
(IR-2010-025, 3/2/10)

12. Credits Carried Back After Release of Credit From Net Operating Loss Carryback to Later Year Do Open Year to Assessment
(CC E-mail 201008044, 2/26/10)

13. IRS Issues Temporary Regulations on 2009 Small Business Estimated Tax Rule
(Reg. §1.6654-2t, TD 9480, 3/1/10)

14. IRS Suspends Enforcement of §6707a Penalties Pending Congressional Action to Revise Penalty
(Statement From IRS Commissioner, 3/4/10)

15. Taxpayer Not Allowed to Assert Fifth Amendment Against Production of Records on Offshore Credit Cards IRS Was Independently Aware Of.
(United States V. Bright, Ca9 Nos. 07-17027, 08-16912, 08-16913, 2/26/10)

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