Investigation of United Church of Christ Shows IRS Rules Need Fixing Mar 5, 2008
IRS Revenue Ruling 2007-41, Candidate Appearances, and the Complaint. The IRS uses an undefined "facts and circumstances test" to enforce the ban on partisan intervention in elections by 501(c)(3) organizations. (OMB Watch)
Rev Up Your IRA May 9, 2007
IRS Revenue Ruling 66-106 holds that unrelated business taxable income (UBTI) is not usually generated by a REIT for IRA owners who are shareholders. However, your particular situation should be individually analyzed by a tax specialist who is familiar with IRAs. (Forbes)
Coming cleanWhat to do if you have money in an offshore bank account Apr 19, 2007
Barclays bank in Guernsey was the target of a Revenue ruling last year. Examples would be where people have been trading abroad and effectively generating profits from a business which has not been declared in their UK tax returns. (BBC News -- Business)
Claiming a child as a dependent Feb 12, 2007
SCp experts also address business meals, Homestead Tax Credit By Jim Wilhelm, Stuart Rudo and Greg Horning Special to Baltimoresun. com Originally published February 12, 2007 Baltimoresun. (SunSpot.net)
Expanded Tax Talk Feb 11, 2007
The first involves making sure that the retirement plan(s) and distribution(s) follow IRS Code Section 107 and the outline of Revenue Ruling 75-22 as it pertains to eligibility of housing allowances from pension funds for retired clergy. If those hurtles are cleared, the issue now appears to be where to place the amounts from IRAs and retirement plans on the Form 1040. (Pensacola News Journal)
Eligible expenses for FSAs Feb 1, 2007
Christine Keller, a principal with Groom Law Group, says a pill-cutter should be covered by an IRS revenue ruling that allowed reimbursement for crutches, band-aids and other types of durable medical goods. "Generally, if something can only be used for one purpose, it's not much of a problem," says Keller. (San Francisco Chronicle -- Business)
IRS ruling threatens down-payment-assistance industry Jun 17, 2006
On May 4, the IRS issued Revenue Ruling 2006-27, which says that a nonprofit that transfers down-payment money from seller to buyer "is not operated exclusively for charitable purposes, and, consequently, does not qualify for exemption from federal income tax.". An IRS spokesman says the ruling does not revoke any organization's tax-exempt status. (Pittsburgh Post-Gazette, PA)
FHA Ready If Congress Acts Jun 14, 2006
And he is hoping the recent IRS Revenue Ruling that downpayment assistance providers are not non-profit corporations will give a shot in the arm to efforts to revamp the 74-year-old mortgage insurance program. Noting that 25-30 percent of all FHA's volume is from loans in which the seller "donates" all or part of the downpayment through a third-party entity, the FHA Commissioner said he's "not sure what will fill the void" if Congress fails to give the FHA permission to back 100 percent... (RealtyTimes)
Weichert Relocation Resources Executives Honored Jun 6, 2006
Steve Jones, SCRP, Senior Vice President, Global Supplier Solutions and General Counsel, received the Presidents Award, ERCs most prestigious honor, in recognition of his efforts leading to IRS Revenue Ruling 2005-74. The issuance of this ruling, which concerns the tax treatment of home sales using employer-provided relocation service programs, is considered a landmark event in the history of the relocation industry. (RisMedia.com)
IRS Eyes Some Down Payment Assistance Providers May 9, 2006
Revenue Ruling 2006-27 addresses limited circumstances where some organizations that represent themselves as tax-exempt entities provide down payment assistance to qualified individuals ... The revenue ruling can be accessed. (Realtor Magazine Online)
Orrick Explains Why Public Finance Is Going Private Feb 10, 2006
In Washington, they want to sell more debt through the use of non-profit corporations, using so-called 63-20 financings (the numbers refer to a 1963 revenue ruling issued by the Internal Revenue Service). The state legislature asked Treasurer Michael Murphy to look into the situation. (Bloomberg -- Columnists)
