Accrued Bonuses
Prepaid Service Contracts
S Corporations
General Tax
Tax Partners
100
This ruling states accrual basis employer can “establish the fact of a liability” under all events test for bonuses payable to group of employees even though employer has not identified employee recipients or amount to be paid to each recipient
What is Rev. Rul. 2011-29
100
This ruling clarifies when economic performance occurs for certain service contracts.
What is Rev. 2012-1?
100
Per IRS instructions taxpayers must attach this to their individual tax returns when claiming a loss from an S Corporation
What is basis schedule?
100
Subchapter of the code governing partnership
What is sub chapter K?
100
Tallest tax partner who saves money by not using shampoo
Who is Kevin?
200
Fact of liability is established Amount of liability reasonably determinable Economic Performance occurs
What is all events test
200
The 12-month rule under Reg. 1.263(a)-4(f) allows taxpayers to deduct qualifying prepaid expenditures which do not provide a right or benefit extending beyond the earlier of
What is 12 months after the first date on which the taxpayer realizes the right or benefit, or End of the taxable year following the taxable year in which the payment is made
200
Rule that prevents taxpayers from recategorizing trade or business activity income by renting property to yourself
What is self rental rule?
200
Common name of new tax impacting taxpayer this year
What is net investment income tax?
200
This partner's nick name is "slick"
Who is Bill?
300
This planning idea can provide taxpayer's with audit protection for previous years
What is filing a Form 3115?
300
Requirements that an accual basis taxpayer needs to meet for a prepaid to be deductible under the 12 month rule
What is All events test and Economic performance?
300
Type of property rented in the Dirico Case.
What are telecommunications towers?
300
Form used to report income paid to independent contractors
What is From 1099?
300
The partner with the most children
Who is Jim?
400
Provision that kicks back unpaid bonuses to the company
What is a clawback provision?
400
List 3 steps we need to take to comply with Rev. Rul 2012-1
What is 1. Educate clients on this rule 2. Analyze all prepaid maintenance and service contracts 3. Evaluate if accounting method change should be filed
400
Rule discussed in claiming limited S Corporation losses that is not codified
What is Tax Benefit Rule?
400
Court case governing material participation rules of Trustee
What is Mattie Carter?
400
The only partner to have ridden a scooter in office.
Who is Mark "Scooter" Wilkerson?
500
Assume a calendar year employer accrues $1,000,000 of bonuses at year end payable to a group of 10 employees ($100,000 each). One of the employees leaves after year-end before bonus is paid on March 15th. If $100,000 of accrued bonus to the terminated employee reverts back to company, this is the amount of the bonus deductible
What is none?
500
IRS implied that this means an occurrence of a unique or irregular circumstance necessitating the repair or replacement of property
What are specified circumstances?
500
In a recent ruling the IRS allowed disproportionate distributions when the corporation
What is catch-up distributions upon liquidation?
500
dollar amount taxpayers are now allowed to carryover each year from their flexible spending account
What is $500?
500
This partner enjoys catching carp and catch fish at his lake house using illegal chumming bait methods
Who is Mike?
M
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