Private Company Services Tax Insight

This publication provides timely insight on emerging tax issues for private companies and individuals. PCS tax insight primarily focuses on significant tax developments for mid size nonpublic companies, partnerships, S-corporations, LLCs and high-net worth individuals.

April 2013

• Beneficial extension of 'enhanced' deduction for charitable contributions of food inventory

February 2013

• Understanding the Net Investment Income Tax, also known as the Medicare Contribution Tax
• IRS is beginning to issue notices to small business taxpayers based on information reported on Form 1099-K

January 2013

• Fiscal cliff legislation offers many changes to private companies and their owners

November 2012

• IRS continues to challenge compensation paid to S corporation shareholder-employees that is not considered reasonable

October 2012

• Recent tax developments involving business aircraft may present both challenges and opportunities

August 2012

• Private companies should analyze the impact of the new tangible property regulations
• Penalty relief for delinquent FBARs and international information returns adds certainty for private companies

June 2012

• Supreme Court upholds health care law; tax provisions remain in place

February 2012

• New Form 8937 Requires Reporting of Stock Basis
• IRS reopens offshore OVDI program for indefinite time period

January 2012

• New Form 8938 for financial asset reporting adds significant complexity to this year's individual income tax return preparation

December 2011

• New material participation proposed regulations provide taxpayer-favorable guidance

October 2011

• IRS announces voluntary worker reclassification program
• Increasing emphasis on international withholding tax issues by the IRS

August 2011

• August 31 deadline is fast approaching for certain voluntary disclosures of foreign bank accounts and international information returns

July 2011

• IRS updates Schedule UTP FAQs